-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, EvfynO5XiRVBX7bBAJhbyWfFUzCPnUYoFyzLnHOKp1Q7YPMgcjzg3Nch0b2oYZ7r Y9pxpw7LDBWLC7dYNwQ80Q== 0000098246-00-000005.txt : 20000307 0000098246-00-000005.hdr.sgml : 20000307 ACCESSION NUMBER: 0000098246-00-000005 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20000301 ITEM INFORMATION: FILED AS OF DATE: 20000303 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TIFFANY & CO CENTRAL INDEX KEY: 0000098246 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-JEWELRY STORES [5944] IRS NUMBER: 133228013 STATE OF INCORPORATION: DE FISCAL YEAR END: 0131 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 001-09494 FILM NUMBER: 560823 BUSINESS ADDRESS: STREET 1: 727 FIFTH AVE CITY: NEW YORK STATE: NY ZIP: 10022 BUSINESS PHONE: 2127558000 8-K 1 TIFFANY & CO.: FORM 8-K SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ----------------------- FORM 8-K CURRENT REPORT ----------------------- Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): March 1, 2000 TIFFANY & CO. (Exact name of Registrant as specified in its charter) Delaware 1-9494 13-3228013 (State or other jurisdiction (Commission (I.R.S. Employer of incorporation) File Number) Identification Number) 727 Fifth Avenue, New York, New York 10022 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (212) 755-8000 Item 5. Other Events. On March 1, 2000, Registrant issued the following press release announcing its sales and earnings for the three-month period and fiscal year ended January 31, 2000: TIFFANY'S 1999 SALES AND EARNINGS REACH RECORD LEVELS; CONTINUED STRONG GROWTH IN COMPARABLE STORE SALES NEW YORK, March 1, 2000 - Tiffany & Co. (NYSE-TIF) reported substantial growth in 1999's fourth quarter and full year, with net sales and net earnings increasing to record levels. Worldwide net sales increased 26 percent in the quarter and 25 percent in the year due to strength in the U.S. and international markets. Net earnings increased 59 percent in the quarter and rose 62 percent in the year. Michael J. Kowalski, President and Chief Executive Officer, said, "We are extremely pleased that Tiffany continued to set new records in 1999 and that we finished the year on such a strong note. Tiffany's appeal is clearly growing among a worldwide customer base that appreciates extraordinary product offerings." In the fourth quarter ended January 31, 2000, net sales rose 26 percent to $559,807,000, from $442,803,000 a year ago. Net earnings rose 59 percent to $84,579,000, or $1.11 per diluted share, versus $53,295,000, or 74 cents per diluted share, in the prior year. For the year ended January 31, 2000, net sales rose 25 percent to $1,461,857,000, versus $1,169,244,000 a year ago. Net earnings increased 62 percent to $145,679,000, or $1.95 per diluted share, compared with $90,062,000, or $1.25 per diluted share, a year ago. Earnings per share reflect a 2-for-1 split of the Company's Common Stock in July 1999. Strong sales growth was achieved in all three of Tiffany's channels of distribution: o U.S. Retail sales rose 27 percent to $288,620,000 in the fourth quarter and increased 26 percent to $741,314,000 in the year. Comparable store sales increased 26 percent in the quarter and 20 percent in the year, which included strength throughout Tiffany's store locations. The addition of four new stores in 1999 further contributed to the overall sales growth. o International Retail sales rose 27 percent in both the fourth quarter and the year to $217,690,000 and $589,607,000, respectively. In Japan, comparable store sales in local currency rose 13 percent in both the quarter and the year. Strong growth was also seen in other Asia-Pacific markets and Europe, as well as in Canada and Mexico. o Direct Marketing sales increased 21 percent in the fourth quarter to $53,497,000 and rose 13 percent to $130,936,000 in the year, due to growth in Tiffany's corporate and catalog sales. Internet sales, which began in November 1999, also contributed to the increase in sales. Mr. Kowalski added, "We have entered 2000 with great excitement about substantial opportunities for store expansion, product development and marketing communications. With clear competitive advantages, we will maintain our long-term strategic direction with focused execution in order to strengthen Tiffany's position as an industry leader." Tiffany & Co. is the internationally renowned jewelry and specialty retailer. Sales are made through TIFFANY & CO. stores and boutiques, and to select retailers and distributors, in the Americas, Asia-Pacific, Europe and the Middle East. Direct Marketing includes Tiffany's corporate division, catalog and Internet sales. Additional information can be found on the Company's Web site at www.tiffany.com and on its shareholder information line (800) TIF-0110. # # # TIFFANY & CO. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (Unaudited, in thousands, except per share amounts)
Three Months Ended January 31, Year Ended January 31, ----------------------------- ------------------------------- 2000 1999 2000 1999 ------------ ------------- ------------- -------------- Net sales $ 559,807 $ 442,803 $ 1,461,857 $ 1,169,244 Cost of sales 210,785 183,792 608,012 514,947 ------------ ------------- ------------- -------------- Gross profit 349,022 259,011 853,845 654,297 Selling, general and administrative expenses 203,013 165,790 596,962 493,175 ------------ ------------- ------------- -------------- Earnings from operations 146,009 93,221 256,883 161,122 Other expenses, net 2,655 1,333 8,825 5,474 ------------ ------------- ------------- -------------- Earnings before income taxes 143,354 91,888 248,058 155,648 Provision for income taxes 58,775 38,593 102,379 65,586 ------------ ------------- ------------- -------------- Net earnings $ 84,579 $ 53,295 $ 145,679 $ 90,062 ============ ============= ============= ============== Net earnings per share: Basic $ 1.17 $ 0.77 $ 2.04 $ 1.29 ============ ============= ============= ============== Diluted $ 1.11 $ 0.74 $ 1.95 $ 1.25 ============ ============= ============= ============== Weighted average number of common shares: Basic 72,435 69,344 71,484 69,930 Diluted 76,057 71,600 74,833 71,968 Note: Shares and net earnings per share have been adjusted to reflect a 2-for-1 stock split in July 1999. 3
TIFFANY & CO. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited, in thousands)
January 31, January 31, 2000 1999 ---------------- ----------------- ASSETS Current assets: Cash and cash equivalents $ 216,936 $ 188,593 Accounts receivable, net 119,356 108,381 Inventories 504,800 481,439 Deferred income taxes 30,212 18,061 Prepaid expenses and other current assets 20,357 19,170 -------------- -------------- Total current assets 891,661 815,644 Property and equipment, net 322,400 189,795 Deferred income taxes 6,235 9,032 Other assets, net 123,266 42,552 -------------- -------------- $ 1,343,562 $ 1,057,023 ============== ============== LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Short-term borrowings $ 20,646 $ 97,370 Accounts payable and accrued liabilities 176,101 140,660 Income taxes payable 53,954 32,485 Merchandise and other customer credits 30,275 22,202 -------------- -------------- Total current liabilities 280,976 292,717 Long-term debt 249,581 194,420 Postretirement/employment benefit obligations 23,165 21,539 Other long-term liabilities 32,764 31,894 Stockholders' equity 757,076 516,453 -------------- -------------- $ 1,343,562 $ 1,057,023 ============== ==============
4 SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. TIFFANY & CO. BY: /s/ Patrick B. Dorsey -------------------------------------- Patrick B. Dorsey Senior Vice President-General Counsel, and Secretary Date: March 3, 2000 -----END PRIVACY-ENHANCED MESSAGE-----