American jewelry retailer Tiffany & Co. is scheduled to report its fourth quarter and full-year earnings before the markets open Friday. The luxury retailer, a huge chunk of whose sales depend on spending by foreign tourists, is expected to feel the pinch of a strong dollar that has made its products more expensive in other currencies.

According to a Reuters consensus estimate, Tiffany, which recently cut its financial outlook, is expected to report quarterly earnings of $1.40 per share, down 7 percent from the same period last year. The company’s revenue is expected to fall 5.2 percent to $1.2 billion, while its earnings before interest, taxes, depreciation and amortization are forecast to come in at $341 million, down 3.6 percent from the quarter ending January 2015.

For the full-year, the jeweler is expected to report revenue of $4.1 billion, down from $4.25 billion last year, and earnings of $3.78 per share, down 10 percent over the year.

In January, Tiffany warned of a difficult holiday period and cut its financial outlook, blaming a strong dollar and weak tourist spending. For the two month “holiday period” ending Dec. 31, its worldwide net sales dropped 3 percent due to declines in the Americas and Asia-Pacific regions, while its comparable store sales, which measures changes in revenue generated by a retail location over the past year, declined 5 percent.

Reported in U.S. dollars, Tiffany’s worldwide net sales of $961 million in the period were 6 percent lower than the previous year.

“We continued to feel pressure from the strong U.S. dollar on the translation of non-U.S. sales into dollars and on foreign tourist spending in the U.S., which we expect will continue into 2016,” Tiffany CEO Frederic Cumenal said in a statement. “We believe overall sales results were negatively affected by restrained consumer spending tied to challenging and uncertain global economic conditions and we expect 2015 earnings to come in at the low end of our previously-set range of expectations.”

So far this year, Tiffany has underperformed the broad markets with the stock down nearly 9 percent. Over the past year, the company’s shares have dropped over 18 percent.