A rapid plunge in quarterly sales at Tiffany was even deeper than feared.
The high-end retailer announced Tuesday sales were cut nearly in half during a quarter in which its physical stores were shut as it was deemed a non-essential retailer.
That wiped out any chance of a profit. It lost nearly $65 million in the first quarter.
Tiffany's results are likely to further complicate its engagement to French luxury goods maker LVMH.
The two sides are odds over their $16 billion deal. Sources told Reuters LVMH is exploring ways to potentially pressure Tiffany to agree to a lower price tag.
But Tiffany is trying to prove that it is worth every penny. The company announced it amended some debt obligations, has enough cash on hand, and was in compliance with all debt terms as of April 30th.
The CEO had a message for LVMH and investors: "I am confident that Tiffany's best days remain ahead of us."
But Tiffany, with its iconic robin's-egg blue boxes, was having trouble before health concerns prompted a near shutdown of the global economy earlier this year...
And now there are questions about how quick sales will rebound as spending patterns shift and international travel, which is the lifeblood of its landmark New York City midtown location, suffers a nosedive.