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): January 7, 2003


                                  TIFFANY & CO.

             (Exact name of Registrant as specified in its charter)



           Delaware                        1-9494                13-3228013
(State or other jurisdiction of    (Commission File Number)   (I.R.S. Employer
        incorporation)                                         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 January 7, 2003, Registrant issued the following press release announcing its
preliminary,  unaudited sales figures for the period from November 1 to December
31, 2002:


                   TIFFANY'S HOLIDAY SALES INCREASE 8 PERCENT;
                    SALES INCREASE IN U.S., DECLINE IN JAPAN

NEW YORK, January 7, 2003 - Tiffany & Co. (NYSE-TIF)  reported that net sales in
the holiday  period from  November 1 - December 31  increased 8 percent over the
prior year to $509,054,000.  On a constant-exchange-rate basis that excludes the
effect of translating  local-currency-denominated  sales into U.S. dollars,  net
sales rose 6 percent and  comparable  worldwide  store sales declined 1 percent.
Sales increased in each channel of distribution.  Results are based on unaudited
sales.

Michael J. Kowalski,  president and chief executive  officer,  said, "We believe
that these holiday season results,  which were below our  expectations,  reflect
the same consumer  sentiments  that are adversely  affecting  other retailers in
U.S. and international markets."

o        U.S. Retail sales increased 3 percent to $257,183,000. Comparable store
         sales rose 1 percent, comprised of a 6 percent increase in November and
         a 1 percent decline  in December. Comparable  store sales resulted from
         an  increase in the  number of transactions offset by a  decline in the
         average  dollars spent per  transaction. Sales  at Tiffany's  New  York
         flagship store were equal to the prior year and comparable branch store
         sales rose 1 percent.

o        International Retail sales rose 6 percent to $183,925,000.On a constant
         -exchange-rate basis, International Retail sales rose 2 percent;on that
         basis,  comparable store sales  declined 10 percent in Japan, increased
         9 percent in other Asia-Pacific markets, increased 11 percent in Europe
         and rose in Canada and Latin America.








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o        Direct  Marketing sales increased 11  percent to  $56,948,000. Combined
         Internet/catalog sales rose 20 percent due to strong e-commerce  sales.
         Business sales declined 3 percent.

o        Specialty  Retail  sales  were  $10,998,000,  primarily  reflecting the
         consolidated  net  sales of  Little Switzerland, Inc. stores  which the
         Company acquired in October 2002.

Mr.  Kowalski  added,  "Based on an  assumption of generally  similar  trends in
January,  we should  expect net sales in the fourth  quarter  to  increase  8-10
percent over the prior year. Combined with an expected lower gross margin and an
increased  expense  ratio,  we now expect net earnings in a range of 57-62 cents
per diluted share in the fourth  quarter  ending January 31, 2003 (compared with
our  previous  expectation  of 60-65  cents).  This  would  result  in full year
earnings of $1.25-$1.30 per diluted share, compared with $1.15 per diluted share
in 2001."

"From an external  perspective,  we are dealing with  uncertain  times,  but the
appeal of Tiffany's  extraordinary  products remains strong. We are still in the
planning  process for 2003, but our  preliminary  thoughts call for increases of
8-12  percent  in both net sales and net  earnings  (excluding  the  effect of a
non-recurring  tax  benefit  in the third  quarter  of 2002) for the year.  That
assumes  weaker  first  half  results  with  growth  accelerating  as  the  year
progresses.  Strategically, we fully intend to use our strong financial position
to maintain our normal,  selective  rate of expansion  in  distribution  and new
product offerings,  which ultimately  strengthen  Tiffany's potential to achieve
sustainable,  longer-term growth. We plan to report fourth quarter and full year
results on February 26," Mr. Kowalski concluded.

The Company will host a conference  call today at 8:30 a.m.  (EST) to review its
holiday sales results and outlook.  Interested parties may listen to a broadcast
on the Internet at www.shareholder.com/tiffany and www.streetevents.com.







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Tiffany & Co. is the  internationally  renowned jeweler and specialty  retailer.
Sales are made  primarily  through  company-operated  TIFFANY & CO.  stores  and
boutiques in the Americas,  Asia-Pacific and Europe.  Direct Marketing  includes
Tiffany's Business Sales division,  Internet and catalog sales. Specialty Retail
primarily includes the retail sales made in Little Switzerland,  Inc. stores and
also  includes  consolidated  results  from other  ventures now or in the future
operated  under  non-TIFFANY  &  CO.  trademarks  or  trade  names.   Additional
information  can be found on  Tiffany's  Web site,  www.tiffany.com,  and on its
shareholder information line (800) TIF-0110.


This press release  contains  certain  "forward-looking"  statements  concerning
expectations  for sales,  margins and  earnings.  Actual  results  might  differ
materially from those projected in the forward-looking  statements.  Information
concerning  factors that could cause actual results to differ materially are set
forth in  Tiffany's  2001 Annual  Report and in Form 10-K,  10-Q and 8-K Reports
filed with the Securities  and Exchange  Commission.  The Company  undertakes no
obligation  to  update or  revise  any  forward-looking  statements  to  reflect
subsequent events or circumstances.
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                                    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/ James N. Fernandez
                                              ____________________________
                                              James N. Fernandez
                                              Executive Vice President and
                                              Chief Financial Officer


Date: January 7, 2003











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