-----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, DcNKP2YY1PJTGJnFDAuQo5FXtzIL037hITm5o7VCqgsR3U5S5bar3s1YaXaJprKY Okuho/IF/weqz2p90hmRyA== 0000098246-04-000002.txt : 20040108 0000098246-04-000002.hdr.sgml : 20040108 20040108161359 ACCESSION NUMBER: 0000098246-04-000002 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040108 ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20040108 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: 1934 Act SEC FILE NUMBER: 001-09494 FILM NUMBER: 04515667 BUSINESS ADDRESS: STREET 1: 727 FIFTH AVE CITY: NEW YORK STATE: NY ZIP: 10022 BUSINESS PHONE: 2122305317 MAIL ADDRESS: STREET 1: 727 FIFTH AVENUE CITY: NEW YORK STATE: NY ZIP: 10022 8-K 1 form8k_010804.txt 8-K HOLIDAY SALES 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 8, 2004 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 Identification incorporation) 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 9. Regulation FD Disclosure. On January 8, 2004, Tiffany & Co. issued a press release announcing its preliminary, unaudited sales figures for the period from November 1 to December 31, 2003. A copy of the press release containing the announcement is included as Exhibit 99.1 to this Current Report. The information in this Current Report on Form 8-K is being furnished pursuant to Item 9 Regulation FD Disclosure. In accordance with General Instruction B.2 of Form 8-K, the information in this report shall not be deemed "filed" for the purposes of Section 18 of the Securities and Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that Section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, or the Exchange Act, except as expressly stated by specific reference in such filing. 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, Secretary and General Counsel Date: January 8, 2004 EXHIBIT INDEX Exhibit No. Description 99.1 Text of Press Release issued by Tiffany & Co., dated January 8, 2004. EX-99 3 exhibit99_1.txt EX-99 PRESS RELEASE Exhibit 99.1 1 TIFFANY & CO. NEWS RELEASE Fifth Avenue & 57th Street Contacts: New York, N.Y. 10022 --------- James N. Fernandez (212)230-5315 Mark L. Aaron (212)230-5301 TIFFANY POSTS STRONG HOLIDAY SEASON RESULTS; -------------------------------------------- COMPARABLE U.S. STORE SALES INCREASE 16%; ----------------------------------------- COMPANY UPDATES ITS BUSINESS OUTLOOK ------------------------------------ NEW YORK, January 8, 2004 - Tiffany & Co. (NYSE-TIF) reported that its net sales for the holiday period from November 1 - December 31 rose 18% over the prior year to $601,171,000. Worldwide, on a constant-exchange-rate basis that excludes the effect of translating local-currency-denominated sales into U.S. dollars, net sales rose 14% and comparable store sales increased 10%. Total sales growth exceeded the Company's expectations, causing the Company to increase its estimate for fourth quarter earnings. Results are based on unaudited sales. Sales in Tiffany's four channels of distribution were as follows: o U.S. Retail sales increased 19% to $306,179,000. Comparable store sales increased 16% (up 14% in November and 16% in December), comprised of a 22% increase in Tiffany's New York flagship store and a geographically broad-based 14% increase in branch stores.Comparable store sales growth was driven by an increase in the average amount spent per transaction. o International Retail sales increased 18% to $217,174,000.On a constant- exchange-rate basis, total International Retail sales rose 7%. On that basis, comparable retail store sales declined 7% in Japan (total retail sales declined 3% in Japan), rose 25% in other Asia-Pacific markets and increased 13% in Europe. Strong comparable store sales growth was also achieved in Canada, Mexico and Brazil. o Direct Marketing sales increased 14% to $65,003,000. Combined Internet/ catalog sales rose 27% due to continued strength in e-commerce 1 sales. Business sales declined 13%,reflecting the Company's previously- announced decision to exit the market for employee service award programs. o Specialty Retail sales rose 17% to $12,815,000, due to sales growth in LITTLE SWITZERLAND stores. Michael J. Kowalski, chairman and chief executive officer, said, "We are obviously pleased with the considerable strength in U.S. Retail sales which exceeded our most-recently announced expectations. Sales in many international regions also rose significantly, although results in Japan continued to be disappointing primarily due to declining unit sales of silver jewelry which also hurts gross margin. At the same time, we were delighted to see strong sales growth of diamond jewelry in each of our major markets." Current Outlook: - ---------------- Mr. Kowalski added, "We expect net earnings in the fourth quarter ending January 31 to be in a range of 68 - 71 cents per diluted share, versus year-ago earnings of 60 cents per diluted share and our previous expectation of 64 - 69 cents. This would result in full year earnings in a range of $1.39 - $1.42 per diluted share, representing growth of 9% - 11% over the $1.28 earned in the prior year. The revised fourth quarter estimates are based on: a mid-teens percentage sales increase, a modest gross margin decline and an unchanged expense ratio. We are still engaged in our planning process for 2004, but our preliminary thoughts call for healthy sales growth in the U.S., gradually improving international sales results and continued business development spending. We look for overall growth in net sales and net earnings in a range of 12% - 15%, which, at the high end, would achieve our long-term objective that calls for annual earnings growth of at least 15%. We will provide more detailed guidance when we report our full year results on February 25." Today's Conference Call: - ------------------------ The Company will host a conference call today at 8:30 a.m. (EST) to review these results and its outlook. Interested parties may listen to a broadcast on the Internet at www.tiffany.com (click on "About Tiffany," "Shareholder Information," "Conference Call") and at www.streetevents.com. 2 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 stores and also includes consolidated results from other ventures now operated or to be 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. Next Earnings Announcement: - --------------------------- The Company anticipates reporting its fourth quarter and full year results on February 25, 2004 and conducting a conference call at 8:30 a.m. (EST) that day, to be broadcast at www.tiffany.com and www.streetevents.com. To receive future notifications for conference calls and/or news release alerts, interested parties may register at www.tiffany.com (click on "About Tiffany," "Shareholder Information," "Calendar of Events" and "News by E-Mail"). This press release contains certain "forward-looking" statements concerning expectations for sales, store openings, 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 2002 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. # # # 3 -----END PRIVACY-ENHANCED MESSAGE-----