-----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, VBWnnIet8CquMmkiNcffMB2GVcrqgJt7yUzv+JHVTW1JYAqlRV8iH0NzNdjNctVk eziAAu/8vTyRJBaxxkrUCQ== 0000098246-09-000006.txt : 20090114 0000098246-09-000006.hdr.sgml : 20090114 20090114155047 ACCESSION NUMBER: 0000098246-09-000006 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20090114 ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20090114 DATE AS OF CHANGE: 20090114 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: 09526327 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 form8k011409.txt PRESS RELEASE
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 14, 2009 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 Identification of incorporation) File Number) 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 14, 2009, Registrant issued a press release announcing its unaudited sales figures for the period from November 1 to December 31. A copy of the January 14, 2009 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 14, 2009. 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 14, 2009 EXHIBIT INDEX Exhibit No. Description 99.1 Text of Press Release issued by Tiffany & Co., dated January 14, 2009. EX-99 2 ex99_1.txt PRESS RELEASE 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 REPORTS HOLIDAY SEASON RESULTS; -------------------------------------- SALES DOWN 21% FROM PRIOR YEAR ------------------------------ New York, N.Y., January 14, 2009 - Tiffany & Co. (NYSE: TIF) today reported worldwide sales results for the November-December 2008 holiday period. As expected, sales declined most significantly in Tiffany's U.S. stores and to a lesser degree in Asia-Pacific and Europe. Results are based on unaudited sales. Worldwide net sales in the holiday period declined 21% to $687.4 million, from $867.3 million a year ago. 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 and comparable store sales declined 20% and 24%. Michael J. Kowalski, chairman and chief executive officer, said, "Deteriorating global economic conditions were clearly reflected in cautious spending by Tiffany customers across the entire range of jewelry categories and price points. We believe these conditions will continue well into 2009. Nevertheless, we are committed to maintaining healthy profitability and are reviewing all elements of our cost structure." Net sales by segment were as follows: - ------------------------------------- o In the Americas, sales of $385.9 million in the holiday period were 30% lower than a year ago. Comparable U.S. store sales decreased 35% with similar declines experienced in the New York flagship store and across the branch stores. Combined Internet and catalog sales in the U.S. declined 21%. Sales in local currencies rose in Tiffany's stores in Canada and declined in Latin America. o In Asia-Pacific, sales declined 2% to $216.0 million in the holiday period. On a constant-exchange-rate basis, sales and comparable store sales declined 8% and 1 13% in the holiday period. Sales softened progressively in many countries over the course of the holiday period. o In Europe, sales decreased 4% to $79.2 million in the holiday period. On a constant-exchange-rate basis, a 19% sales increase included a 3% comparable store sales decline and incremental sales from new stores. o The Company operated 206 TIFFANY & CO. stores and boutiques at December 31, 2008 (86 in the Americas, 96 in Asia-Pacific and 24 in Europe), versus 185 locations a year ago (81 in the Americas, 87 in Asia-Pacific and 17 in Europe). o Other sales decreased 53% to $6.3 million in the holiday period primarily due to reduced wholesale sales of diamonds. Mr. Kowalski added that, "The holiday season represents the largest portion of fourth quarter sales, so we do not expect any improvement for the quarter that will end on January 31st. Based on that, net earnings will decline in the fourth quarter. For the full year, we expect net sales of approximately $2.85 billion and net earnings of $2.25 - $2.30 per diluted share. These estimates do not include any one-time charges in the fourth quarter related to the Company's previously-announced early retirement program or other charges that will be incurred to align Tiffany's on-going cost structure with the anticipated retail environment for luxury goods. We will quantify the annual savings to be realized from such cost reductions when we report full year results in March; we will provide sales and earnings estimates for 2009 at that time." "While we are taking a cautious approach to planning our business for 2009, we will also continue to prudently pursue growth opportunities to further strengthen Tiffany's global presence and increase sales over the longer-term," he concluded. Today's Conference Call - ----------------------- The Company will host a conference call today at 8:30 a.m. (Eastern Time) for management to review these results and its outlook. Investors may listen at http://investor.tiffany.com ("Events and Presentations"). Next Scheduled Announcement - --------------------------- 2 The Company expects to report its fourth quarter and full year results on Monday, March 23, 2009 with a conference call at 8:30 a.m. (Eastern Time) that day. To receive notifications of conference calls and news release alerts, please register at http://investor.tiffany.com ("E-Mail Alerts"). 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, operating margin 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 2007 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. # # # 3 TIFFANY & CO. AND SUBSIDIARIES (Unaudited) NON-GAAP MEASURES 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 Company's reported sales reflect either a translation-related benefit from strengthening foreign currencies or a detriment from a strengthening U.S. dollar. The Company reports information in accordance with U.S. Generally Accepted Accounting Principles ("GAAP"). Internally, management monitors its international sales performance 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 provides a more representative assessment of the sales performance and provides better comparability between reporting periods. The following table reconciles sales percentage increases (decreases) from the GAAP to the non-GAAP basis versus the previous year:
Two Months Ended December 31, 2008 -------------------------------------------------------------------- Constant- GAAP Translation Exchange-Rate Reported Effect Basis -------------------------------------------------------------------- Net Sales: - ---------- Worldwide (21)% (1)% (20)% Americas (30)% (1)% (29)% U.S. (31)% - (31)% Asia-Pacific (2)% 6 % (8)% Japan 5 % 17 % (12)% Other Asia-Pacific (14)% (12)% (2)% Europe (4)% (23)% 19 % Comparable Store Sales: - ----------------------- Worldwide (25)% (1)% (24)% Americas (34)% (1)% (33)% U.S. (35)% - (35)% Asia-Pacific (6)% 7 % (13)% Japan 2 % 17 % (15)% Other Asia-Pacific (19)% (10)% (9)% Europe (20)% (17)% (3)%
4 -----END PRIVACY-ENHANCED MESSAGE-----