Tiffany & Co. is the internationally renowned retailer, designer, manufacturer and distributor. The Company's merchandise offerings include an extensive selection of fine jewelry (80% of fiscal 2002 sales), timepieces, sterling silverware, china, crystal, stationery, fragrances and accessories

URL : http://www.tiffany.com 

TIFFANY & CO. TO OPEN FIRST NEW CONCEPT STORE IN GLENDALE, CA,
Smaller Format Designed for Easy Access to Contemporary Fashion Jewelry
New York, NY (February 28, 2008) - Tiffany & Co. (NYSE: TIF) today announced plans to open a smaller-format store in Glendale, California, in mid-October 2008. The approximately 2,600 square foot store will be located in The Americana at Brand, a new 900,000-square foot retail and residential environment developed by Caruso Affiliated. Covering 15.5 acres that are beautifully landscaped with fountains, plazas and walkways, the expansive property is designed as an ultimate lifestyle and leisure destination, with shops and boutiques, casual cafes, fine dining, and luxury residences.

TIFFANY PROVIDES FISCAL 2008 FINANCIAL PLANS
New York, N.Y., February 8, 2008 - Tiffany & Co. (NYSE: TIF) today announced its expectations for sales and earnings growth for the fiscal year that began on February 1. 
Michael J. Kowalski, chairman and chief executive officer, said, "Having completed our planning process for the new fiscal year, we now think it is appropriate to share our thinking with investors. Our U.S. sales results for the month of January were modestly improved from December and we are seeing ongoing strength in Asia-Pacific outside Japan and in Europe. Generally speaking, we are planning our U.S. businesses cautiously for the first half of 2008 while planning for continued healthy international sales growth throughout the year." 
For fiscal 2008, the Company is planning at least a 10% increase in worldwide net sales. This is composed of: (i) a high-single-digit percentage increase in U.S. Retail sales, reflecting a low-single-digit increase in comparable store sales and the planned opening of six stores; (ii) a mid-teens percentage increase in International Retail sales, which reflects a mid-single-digit increase in comparable store sales (on a constant-exchange-rate basis that excludes the effect of translating foreign-currency-denominated sales into U.S. dollars) and the opening of 15-20 stores and boutiques (net of closings); (iii) a mid-single-digit percentage increase in Direct Marketing sales; and (iv) a low-single-digit percentage increase in Other sales. 
Based on these sales assumptions, the Company is planning for a mid-single-digit percentage increase in net earnings and a low-double-digit increase in diluted earnings per share (reflecting fewer shares outstanding).
Therefore, the Company's plan calls for net earnings in fiscal 2008 to increase to a range of $2.50 - $2.55 per diluted share. This compares with an estimated range of $2.25-$2.28 per diluted share (excluding various one-time items) in fiscal 2007 that the Company forecasted on January 11th when it reported its holiday sales results.
Mr. Kowalski added, "We enter the new fiscal year with confidence in our store expansion opportunities, our line-up of new product designs and our ability to enhance customer awareness through our marketing program.  We believe our 2008 financial expectations appropriately reflect current macro-related challenges in the U.S. as well as the benefit of our global, geographical diversification which, combined with planned margin and expense levels, can generate low-double-digit net earnings per share growth for the year."
Next Scheduled Announcement
The Company expects to report its fourth quarter and full year results on March 24, 2008 with a conference call at 8:30 a.m. (EST) that day. To receive notifications of conference calls and news release alerts, please register at http://investor.tiffany.com (click on "E-Mail Alerts"). 

Tiffany & Co. to Open Two New Boutiques in Tokyo and Fukuoka, Japan
NEW YORK, Jan 17, 2008 (BUSINESS WIRE) -- Tiffany & Co. (NYSE: TIF) today announced plans to open a boutique in Tokyo's Matsuzakaya Ginza department store, and a boutique in Fukuoka's Hakata Daimaru department store on March 1, 2008. 
The approximately 5,000-square-foot Matsuzakaya Ginza boutique is designed on two levels and is within the Matsuzakaya Ginza department store, located at 6-10-1 Ginza Chuo-ku, in Tokyo's center of high fashion and luxury retail. The approximately 1,700-square-foot Fukuoka boutique is ideally situated in the Daimaru department store at 1-4-1 Tenjin Chuo-ku, a mainstay of luxury shopping in the city's downtown business district. 

Tiffany To Open Store In Pittsburgh
Jeweler to open in newly expanded upscale retail center in October 2008 
NEW YORK, NY (December 11, 2007) -- Tiffany & Co. (NYSE: TIF) today announced plans to open an approximately 5,700-square-foot store in Ross Park Mall, an upscale shopping center in Pittsburgh, Pennsylvania, in October 2008. The center's owner, Simon Property Group, Inc. (NYSE:SPG), is currently expanding the center with an additional 65,000 square feet of luxury retailing and restaurants. 
"Ross Park Mall is a premier destination for shopping and we have a prime location within what will be an expanded center with a spacious environment," said Beth O. Canavan, executive vice president of Tiffany & Co. "We look forward to serving our customers with convenient access to Tiffany's renowned product quality and craftsmanship." 

TIFFANY TO OPEN STORE IN CENTRAL CONNECTICUT RETAIL CENTER
Jeweler set to enter Westfarms luxury retail center in May 2008
NEW YORK, NY (November 1, 2007) -- Tiffany & Co. (NYSE:TIF) today announced plans to open an approximately 6,000-square-foot store in Westfarms, central Connecticut's premier luxury retail center, in May 2008. Owned and managed by Taubman Centers, Inc. (NYSE:TCO), the center is bounded by West Hartford and Farmington, Connecticut.
"Westfarms is ideally situated to serve our growing customer base in the important New England market, and now these customers will have the convenience of shopping at Tiffany closer to home," said Beth O. Canavan, executive vice president of Tiffany & Co. "We look forward to serving them, as well as visitors to the area, with the product quality and craftsmanship for which Tiffany is renowned." 

Tiffany To Open New Store In Topanga Canyon, California
Jeweler will occupy prime location in Westfield Topanga center in Canoga Park
NEW YORK, NY (September 12, 2007) -- Tiffany & Co. (NYSE: TIF) today announced plans to open an approximately 5,100-square-foot store in Westfield Topanga, a luxury retail center in the Topanga Canyon area of Los Angeles, California, in April 2008.

TIFFANY REPORTS ITS FIRST QUARTER RESULTS; NET SALES RISE 15% AND E.P.S. INCREASES 20% TO $0.36; COMPANY TO EXPAND WHOLESALE DISTRIBUTION OF WATCHES
New York, N.Y., May 31, 2007 - Tiffany & Co. (NYSE: TIF) reported 15% increases in both net sales and net earnings in its first quarter ended April 30, 2007. 
Net sales rose 15% to $620,875,000. Growth was geographically broad-based, with the exception of Japan. On a constant-exchange-rate basis which excludes the effect of translating foreign-currency-denominated sales into U.S. dollars (see attached "Non-GAAP Measures" schedule), net sales increased 14% and worldwide comparable store sales rose 8%. 
Net earnings in the first quarter rose 15% to $49,659,000 from $43,142,000 a year ago, and earnings per diluted share rose 20% to $0.36 from $0.30 in the prior year. 
Sales by channel of distribution were as follows:
-       U.S. Retail sales rose 15% to $298,684,000, primarily due to increased spending per transaction. Comparable store sales growth of 12% was achieved through a 26% increase in the New York flagship store and a 9% increase in branch store sales. Results from six new stores opened in the past year meaningfully contributed. The Company opened a store in Austin, Texas in the first quarter and operated 65 TIFFANY & CO. U.S. stores at the end of the period.
-       International Retail sales rose 15% to $248,007,000. On a constant-exchange-rate basis, sales rose 13% (4% on a comparable store sales basis) due to growth in most international markets except Japan. Detailed sales results by geographical region are noted on the attached "Non-GAAP Measures" schedule. Tiffany added a net of three Company-operated retail locations, including three in Japan (and closed two), one in Korea and one in Singapore, and operated 106 TIFFANY & CO. international stores and boutiques at quarter-end.
-       Direct Marketing sales rose 11% to $33,296,000 due to growth in both the number of orders and in the average amount spent per order. 
-       Other sales increased 22% to $40,888,000. The increase was due to a $5.2 million increase in wholesale sales of diamonds, as well as growth in the Company's specialty retail sales at LITTLE SWITZERLAND and IRIDESSE stores.
Other financial highlights were:
-       Gross margin (gross profit as a percentage of net sales) was 54.5% versus 55.8% in 2006's first quarter. The decline largely reflected higher product costs, as well as increased wholesale sales of diamonds and changes in sales mix toward higher-ticket, lower-gross margin jewelry. The Company recorded a LIFO inventory charge of $6,889,000, versus a charge of $1,366,000 in the prior year's quarter.
-       Selling, general and administrative ("SG&A") expenses rose 13%, primarily due to planned increases in store- and marketing-related costs. As a percentage of net sales, SG&A expenses were 41.4% in the first quarter, versus 42.1% a year ago.
-       The Company's effective tax rate was 36.5%, versus 38.6% in the prior year. The lower rate in 2007 reflected the Company's recording of favorable reserve adjustments related to the expiration of certain statutory periods. 
-       Net inventories at April 30, 2007 were 14% above the prior year, due to new store openings, broadened product assortments, higher precious metal costs and expanded diamond manufacturing and sourcing operations.
-       The Company repurchased and retired 520,618 shares of its Common Stock in the first quarter at a total cost of $24,997,000, or an average cost of $48.01 per share. Approximately $670 million remains available for repurchases through December 2009 under the currently authorized program.
-       Total debt as a percentage of stockholders' equity was 28% at April 30, 2007 versus 27% a year ago.
Michael J. Kowalski, chairman and chief executive officer, said, "We are pleased to start 2007 with these results and excited about our plans for the full year. We will increase the number of our company-operated TIFFANY & CO. locations by approximately 10%, and introduce a wide range of new product designs." 
He added, "We are now one month into the second quarter and sales in May are achieving our overall expectation. Strong sales growth in the U.S. and in most international markets is offsetting continued weakness in Japan. Based on our planned initiatives and a continued favorable retail environment, our full year 2007 expectation now calls for approximately 12% sales growth, an improved operating margin and earnings per diluted share in a range of $2.10 - $2.15."

TIFFANY REPORTS NET SALES AND E.P.S. GROWTH IN ITS FOURTH QUARTER AND 2006 FULL YEAR
New York, N.Y., March 26, 2007 - Tiffany & Co. (NYSE: TIF) today reported results for its fourth quarter and fiscal year ended January 31, 2007. 
Net sales in the fiscal year rose 11%, due to geographically broad-based growth in the U.S. and international markets. Earnings from operations rose 9% and net earnings were $1.80 per diluted share.
In the fourth quarter, net sales increased 15% to $986,354,000. On a constant-exchange-rate basis which excludes the effect of translating foreign-currency-denominated sales into U.S. dollars (see attached "Non-GAAP Measures" schedule), net sales rose 14% and worldwide comparable store sales rose 8%. 
Net earnings of $140,499,000 in the fourth quarter were approximately equal to 2005. Net earnings per diluted share increased to $1.02 from $0.97 due to fewer shares outstanding. Net earnings in the quarter and fiscal year included an impairment charge of $0.05 per diluted share related to Little Switzerland Inc. Earnings before income taxes increased 11%. Net earnings in the fourth quarter of 2005 included a tax benefit of $0.10 per diluted share tied to the repatriation provisions of the American Jobs Creation Act of 2004 ("AJCA"). 
In fiscal 2006, net sales rose 11% to $2,648,321,000. On a constant-exchange-rate basis net sales increased 11% and worldwide comparable store sales rose 6%. 
Net earnings of $253,927,000 in fiscal 2006 were approximately equal to 2005. Net earnings per diluted share rose to $1.80 from $1.75 due to fewer shares outstanding. Earnings before income taxes rose 10% in the fiscal year. 2005 included a tax benefit of $0.16 per diluted share related to the AJCA. 
Michael J. Kowalski, chairman and chief executive officer, said, "Tiffany continued to pursue important strategic initiatives in 2006 and achieved the earnings per share expectation we set at the start of the year. We were especially encouraged with customers' response to our new stores and to the wide range of new products we introduced in 2006."
Sales by channel of distribution were as follows:
- U.S. Retail sales increased 13% to $506,932,000 in the fourth quarter and 9% to $1,326,441,000 in the year. Sales benefited from increased spending per transaction and an increase in total store transactions. Comparable store sales increased 9% in the fourth quarter and 5% in the year due to increases of 17% and 9% in the New York flagship store and 8% and 4% in comparable branch stores. In addition, the five new U.S. stores opened in 2006 meaningfully contributed to sales growth. 
- International Retail sales increased 15% to $350,629,000 in the fourth quarter and 12% to $1,010,627,000 in the year. On a constant-exchange-rate basis, sales increased 12% in the quarter and 13% in the year; on that same basis, comparable store sales increased 6% and 8%.  In both the quarter and the year, strong sales growth in most international markets more than offset weaker results in Japan.  Detailed sales results by geographical region are noted on the attached "Non-GAAP Measures" schedule. Tiffany increased by eight the number of Company-operated international locations in 2006.
- At the end of fiscal 2006, the Company operated 167 TIFFANY & CO. stores and boutiques (an 8% increase from 154 at the prior year-end), which included 64 stores in the U.S. and 103 international locations.
- Direct Marketing sales increased 10% to $78,071,000 in the fourth quarter and 11% to $174,078,000 in the year due to strong growth in Internet sales. Direct Marketing sales growth came from increases in the number of orders and in the amounts spent per order.
- Other sales rose 48% to $50,722,000 in the fourth quarter and 18% to $137,175,000 in the fiscal year. In both periods, the increases were largely due to wholesale sales of diamonds. Specialty retail sales also increased: sales in LITTLE SWITZERLAND stores (which represent the largest portion of Other sales) rose 11% in the quarter and 6% in the year, while sales increases in IRIDESSE stores resulted from a doubling of locations in 2006, as well as from comparable store sales growth.
Other financial highlights were as follows:
- Gross margin (gross profit as a percentage of net sales) was 57.2% in the fourth quarter and 55.7% in the fiscal year versus 58.8% and 56.0% in the respective prior-year periods. These decreases resulted from increased wholesale sales of diamonds, higher product costs and changes in sales mix, partly offset by sales leverage on fixed costs. Included in the higher product costs were LIFO inventory charges of $12,966,000 in the quarter and $32,877,000 in the year, compared with $3,219,000 and $11,566,000 in 2005.
- Selling, general and administrative ("SG&A") expenses increased 12% in the fourth quarter and 10% in the fiscal year, largely due to higher store and marketing-related costs. In addition, the Company recorded a pretax charge of $6,893,000 (or $0.05 per diluted share) in the fourth quarter related to the impairment of total goodwill associated Little Switzerland Inc. As a percentage of net sales, SG&A expenses were 34.4% in the quarter and 40.0% in the year, compared with 35.2% and 40.1% in 2005. 
- Other expenses, net in the fiscal year decreased from 2005. In the third quarter of 2006, the Company recorded income of $5,185,000 associated with the sale of equity investments in an on-line retailer and a manufacturer (both of which had been written-off in previous years) and a gain of $1,589,000 on the disposition of marketable securities. 
- The effective tax rates increased to 36.6% in the fourth quarter and 37.2% in the fiscal year compared with 29.9% and 30.8% in 2005. 2005 included AJCA tax benefits of $14,488,000 in the fourth quarter and $22,588,000 in the year. 
- Net inventories increased 15% in 2006 due to new store openings, broadened product assortments, higher precious metal costs and expanded diamond sourcing operations. 
- Capital expenditures were $182,393,000 in fiscal 2006, or 6.9% of net sales, versus $157,036,000, or 6.6% of net sales, in the prior year.
- The Company repurchased and retired 436,435 shares of its Common Stock in the fourth quarter at a total cost of $17,061,000, or an average cost of $39.09 per share. Over the full year, the Company repurchased and retired 8,149,042 shares at a total cost of $281,176,000, or an average cost of $34.50 per share. Approximately $695 million remains available for repurchases through December 2009 under the currently authorized program.
- Total debt as a percentage of stockholders' equity at January 31, 2007 increased to 29% from 26% at the prior year-end. This reflects the effects from share repurchases and higher inventory levels.