-----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, QryOqzvQZuVGWRKaM87owhSbrlb9gYF1K2ZKUr8shlXvlXtQUSuQz0nm7j9d0Svw +XnDAm8kB42gA7m0g5qpMw== 0000098246-07-000005.txt : 20070110 0000098246-07-000005.hdr.sgml : 20070110 20070110152542 ACCESSION NUMBER: 0000098246-07-000005 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20070110 ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20070110 DATE AS OF CHANGE: 20070110 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: 07523168 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_101007.txt FORM 8-K UNITED STATES 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: January 10, 2007 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 No.) 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 Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Item 7.01. Regulation FD Disclosure. On January 10, 2007, Registrant issued a press release announcing its unaudited sales figures for the period from November 1 to December 31. A copy of the January 10, 2007 press release is attached hereto as Exhibit 99.1 to this Form 8-K. The information in this Current Report on Form 8-K is being furnished pursuant to Item 7.01 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 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, as amended, or the Exchange Act, except as expressly stated by specific reference in such filing. Item 9.01. Financial Statements and Exhibits. (c) Exhibits 99.1 Press Release dated January 10, 2007. 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: January 10, 2007 EXHIBIT INDEX Exhibit No. Description 99.1 Text of Press Release issued by Tiffany & Co., dated January 10, 2007. EX-99 2 ex99_1.txt EXHIBIT 99.1 PRESS RELEASE 1-10-07 HOLIDAY SALES Exhibit 99.1 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'S HOLIDAY SALES INCREASE 15% ------------------------------------ New York, N.Y., January 10, 2007 - Tiffany & Co. (NYSE: TIF) today reported geographically broad-based sales growth in its holiday period from November 1 - December 31, 2006. Net sales increased 15% to $818,087,000, due to strong growth in the U.S. and most international markets. 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 increased 7%. These results are based on unaudited sales. Sales by channel of distribution were as follows: o U.S. Retail sales increased 12% to $432,430,000. Comparable store sales rose 8%, due to sales growth of 15% in Tiffany's New York flagship store and 7% in comparable branch stores, resulting from increases both in the number of transactions and in the average amount spent per transaction. Five new U.S. stores opened in 2006 also meaningfully contributed to sales growth. o International Retail sales increased 18% to $283,549,000. On a constant-exchange-rate basis, sales rose 14% and comparable store sales rose 6%. Strong sales growth was achieved in most international markets, which more than offset a comparable store sales decline in Japan. Detailed sales results by geographical region are noted on the attached "Non-GAAP Measures" schedule. o Direct Marketing sales rose 10% to $69,738,000, due to increases in both the number of orders and in the amounts spent per order. o Other sales rose 51% to $32,370,000. The increase was largely due to increased wholesale sales of diamonds, as well as increased specialty retail sales in IRIDESSE and LITTLE SWITZERLAND stores. 1 Michael J. Kowalski, chairman and chief executive officer, said "We are delighted to report such strong overall sales growth for the holiday season which exceeded our expectations. We saw healthy sales increases in many product categories ranging from diamonds to silver jewelry. Based on these results and no meaningful change in sales or margin trends in the rest of the fiscal year ending January 31st, our full year expectation calls for 11-12% growth in earnings before income taxes and net earnings in a range of $1.82 - $1.85 per diluted share." Mr. Kowalski added, "Based on the success of new stores and numerous opportunities, our plans for 2007 include accelerating the pace of TIFFANY & CO. store openings to 5-7 in the U.S. and 10 internationally. We will also introduce a wide range of new products. We are still engaged in our financial planning, but our preliminary expectation for 2007 calls for low-double-digit net sales growth and approximately 13-15% growth in earnings per diluted share. We will elaborate further when we report our full year 2006 results." 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. Investors may listen to the call at www.tiffany.com (click on "About Tiffany," "Shareholder Information," "Conference Call") and www.streetevents.com. Next Scheduled Announcement - --------------------------- The Company intends to report its fourth quarter and full year results on March 26, 2007 with 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 of conference calls and news release alerts, please register at www.tiffany.com (click on "About Tiffany," "Shareholder Information," "Calendar of Events" and "News by E-Mail"). Company Description - ------------------- Tiffany & Co. operates jewelry and specialty retail stores and manufactures products through its subsidiary corporations. Its principal subsidiary is Tiffany and Company. The Company operates TIFFANY & CO. retail stores and boutiques in the Americas, Asia-Pacific and Europe and engages in direct selling through Internet, catalog and business gift operations. Other operations include consolidated results from ventures operated under trademarks or tradenames other than TIFFANY & CO. For additional information, please visit www.tiffany.com or call our shareholder information line at 800-TIF-0110. This document contains certain "forward-looking" statements concerning the Company's objectives and expectations with respect to sales, store openings, gross margins, expenses and earnings. Actual results might differ materially from those projected in the forward-looking statements. Information concerning risk factors that could cause actual results to differ materially is set forth in the Company's 2005 Annual Report on Form 10-K and in other 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. # # # 2 TIFFANY & CO. AND SUBSIDIARIES (Unaudited) NON-GAAP MEASURES - ----------------- The Company reports information in accordance with U.S. Generally Accepted Accounting Principles ("GAAP"). Internally, management monitors the sales performance of its international stores and boutiques on a non-GAAP basis that eliminates the positive or negative effects that result from translating international sales into U.S. dollars ("constant-exchange-rate basis"). Management believes this constant-exchange-rate measure is a more representative assessment of the sales performance of its international stores and boutiques and provides better comparability between reporting periods. The Company's management does not, nor does it suggest that investors should, consider such non-GAAP financial measures in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. The Company presents such non-GAAP financial measures in reporting its financial results to provide investors with an additional tool to evaluate the Company's operating results. The following tables reconcile sales percentage increases (decreases), versus the prior year, from the GAAP to the non-GAAP basis:
Two Months Ended December 31, 2006 ------------------------------------------------------------------ Constant- GAAP Translation Exchange-Rate Reported Effect Basis ------------------------------------------------------------------ Net Sales: - --------- Worldwide 15% 1% 14% U.S. Retail 12% - 12% International Retail 18% 4% 14% Japan Retail 1% 1% - Other Asia- Pacific 29% 4% 25% Europe 37% 13% 24% Comparable Store Sales: - ---------------------- Worldwide 9% 2% 7% U.S. Retail 8% - 8% International Retail 10% 4% 6% Japan Retail (4%) - (4%) Other Asia- Pacific 28% 5% 23% Europe 32% 13% 19%
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