-----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, P3nlxBROXgZwbuF0s/YNABSWM/VXBgivgdqL7wfBKJcC6BpBuJB5JE4WyNZijzki dOL2wWq9l8bvZGTLBwVQYA== 0000098246-00-000010.txt : 20000518 0000098246-00-000010.hdr.sgml : 20000518 ACCESSION NUMBER: 0000098246-00-000010 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20000516 ITEM INFORMATION: FILED AS OF DATE: 20000517 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: 638528 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): May 16, 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 May 16, 2000, Registrant issued the following press release announcing its sales and earnings for the three-month period ended April 30, 2000: NEW YORK, May 16, 2000 - Tiffany & Co. (NYSE-TIF) announced that 26 percent growth in worldwide sales in its first quarter, combined with improved margins, resulted in net earnings growth of 88 percent. The sales performance was highlighted by U.S. comparable store sales growth of 28 percent, as well as strong increases in international markets. In the first quarter ended April 30, 2000, net sales of $343,252,000 were 26 percent higher than $272,277,000 in the prior year. Net earnings rose 88 percent to $30,425,000, or 40 cents per diluted share, compared with $16,157,000, or 22 cents per diluted share, in 1999's first quarter. Net earnings per share in 1999 are adjusted to reflect a two-for-one stock split in July 1999. Sales results in Tiffany's three channels of distribution were as follows: o U.S. Retail sales rose 28 percent to $169,192,000. Comparable store sales increased 28 percent due to geographically broad-based growth. Four new stores also generated strong initial results; however, such new store sales were offset by the Company's discontinuation of its U.S. wholesale trade business in January 2000. o International Retail sales increased 26 percent to $147,446,000. Comparable store sales growth was strong in all key regions, highlighted by a 15 percent increase in local currency in Japan, Tiffany's largest international market. o Direct Marketing sales rose 15 percent to $26,614,000 primarily due to growth in corporate and catalog sales, along with results from Tiffany's e-commerce initiative that commenced in November 1999. Michael J. Kowalski, President and Chief Executive Officer, said, "These results are certainly an excellent way to start 2000. They confirm both the consistent strength of worldwide demand for fine jewelry and gifts, as well as Tiffany's continuing ability to gain share in a very large market." Tiffany & Co. is the internationally renowned jeweler and specialty retailer. Sales are made primarily through TIFFANY & CO. stores and boutiques 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 Tiffany's Web site, www.tiffany.com, and on its shareholder information line (800) TIF-0110. The Company will host a conference call today to review these results at 8:30 a.m. (EST). Interested parties may listen to the Web broadcast by accessing www.shareholder.com/tiffany on the Internet. # # # TIFFANY & CO. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (Unaudited, in thousands, except per share amounts)
Three months ended April 30, --------------------------------- 2000 1999 ------------ ------------- Net sales $ 343,252 $ 272,277 Cost of sales 147,734 123,981 ------------ ------------- Gross profit 195,518 148,296 Selling, general and administrative expenses 142,123 118,857 ------------ ------------- Earnings from operations 53,395 29,439 Other expenses, net 2,685 1,582 ------------ ------------- Earnings before income taxes 50,710 27,857 Provision for income taxes 20,285 11,700 ------------ ------------- Net earnings $ 30,425 $ 16,157 ============ ============= Net earnings per share: Basic $ 0.42 $ 0.23 ============ ============= Diluted $ 0.40 $ 0.22 ============ ============= Weighted average number of common shares: Basic 72,549 70,080 Diluted 75,918 72,702 Note: Shares and net earnings per share have been adjusted to reflect a two-for-one stock split in July 1999.
3 TIFFANY & CO. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited, in thousands)
April 30, January 31, April 30, 2000 2000 1999 ------------------ ------------------ ------------------ ASSETS Current assets: Cash and cash equivalents $ 199,167 $ 216,936 $ 140,250 Accounts receivable, net 106,423 119,356 92,599 Inventories, net 525,594 504,800 523,480 Deferred income taxes 35,005 30,212 23,393 Prepaid expenses and other current assets 26,591 20,357 24,887 -------------- -------------- -------------- Total current assets 892,780 891,661 804,609 Property and equipment, net 326,368 322,400 194,352 Deferred income taxes 6,141 6,235 8,574 Other assets, net 132,336 123,266 47,022 -------------- -------------- -------------- $ 1,357,625 $ 1,343,562 $ 1,054,557 ============== ============== ============== LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Short-term borrowings $ 28,964 $ 20,646 $ 82,729 Accounts payable and accrued liabilities 178,897 176,101 144,897 Income taxes payable 25,146 53,954 9,896 Merchandise and other customer credits 30,060 30,275 22,619 -------------- -------------- -------------- Total current liabilities 263,067 280,976 260,141 Long-term debt 250,179 249,581 193,465 Postretirement/employment benefit obligations 23,924 23,165 21,908 Other long-term liabilities 33,854 32,764 32,946 Stockholders' equity 786,601 757,076 546,097 -------------- -------------- -------------- $ 1,357,625 $ 1,343,562 $ 1,054,557 ============== ============== ==============
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 Date: May 17, 2000 and Secretary -----END PRIVACY-ENHANCED MESSAGE-----