-----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, DxkAQJ+VYvqEJHnlDoHSTiH5jZMygF8bz+XHjqrDk2nl46EP+62QMOZJ6BIidP+3 hXktpBpKyRODpTifgU/qUg== 0000098246-10-000004.txt : 20100112 0000098246-10-000004.hdr.sgml : 20100112 20100112125208 ACCESSION NUMBER: 0000098246-10-000004 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20100112 ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20100112 DATE AS OF CHANGE: 20100112 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: 10522118 BUSINESS ADDRESS: STREET 1: 727 FIFTH AVE CITY: NEW YORK STATE: NY ZIP: 10022 BUSINESS PHONE: 2122305321 MAIL ADDRESS: STREET 1: 727 FIFTH AVENUE CITY: NEW YORK STATE: NY ZIP: 10022 8-K 1 form8k_011210.txt 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 12, 2010 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 12, 2010, Registrant issued a press release announcing its unaudited sales figures for the period from November 1 to December 31. A copy of the January 12, 2010 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 12, 2010. 1 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 12, 2010 2 EXHIBIT INDEX Exhibit No. Description 99.1 Text of Press Release issued by Tiffany & Co., dated January 12, 2010. EX-99 2 ex99_1.txt PRESS RELEASE 1 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 SEASON SALES INCREASE 17%; -------------------------------------------- COMPANY RAISES ANNUAL EARNINGS OUTLOOK -------------------------------------- New York, N.Y., January 12, 2010 - Worldwide sales at Tiffany & Co. (NYSE: TIF) increased 17% in the two months ended December 31, 2009 ("holiday period") due to growth in all three geographic segments. Management now believes that net sales and earnings for the fiscal year ending January 31st will exceed its previous expectations. Net worldwide sales rose 17% to $799.1 million in the holiday period. On a constant-exchange-rate basis, which excludes the effect of translating foreign-currency-denominated sales into U.S. dollars, worldwide net sales and comparable store sales increased 13% and 8% (see attached "Non-GAAP Measures" schedule). Results are based on unaudited sales. Michael J. Kowalski, chairman and chief executive officer, said, "We are extremely pleased by these holiday sales results. Today more than ever, there is an appreciation of those brands that represent genuine, lasting value built upon a recognizable legacy of great design, superior craftsmanship and quality materials. This greatly benefits Tiffany." Net sales by segment were as follows: o In the Americas, sales increased 15% to $443.9 million. Comparable U.S. store sales increased 12% (16% in November and 10% in December). Holiday results included a 20% increase in the New York flagship store and 10% comparable store sales growth for U.S. branch stores. Sales in New York and U.S. branch stores benefited from an increase in the number of transactions, coming from increased sales to both local customers and foreign visitors. Combined Internet and catalog sales in the U.S. increased 17%. The Company's stores in Canada and Latin America also contributed to the increase. 1 o Sales in the Asia-Pacific region increased 11% to $240.8 million. On a constant-exchange-rate basis, net sales rose 4%; comparable store sales rose 1% including a 12% decline in Japan and a 26% increase across the rest of the region. o Sales in Europe increased 30% to $103.0 million. On a constant-exchange-rate basis, net sales increased 19% and comparable store sales rose 16%, resulting from double-digit growth in the U.K. and most other countries. o The Company operated 220 TIFFANY & CO. stores and boutiques at December 31, 2009 (91 in the Americas, 102 in Asia-Pacific and 27 in Europe), versus 206 locations a year ago (86 in the Americas, 96 in Asia-Pacific and 24 in Europe). o Other sales increased to $11.5 million from $3.4 million last year, reflecting increased wholesale sales of rough diamonds that do not meet the Company's requirements. Mr. Kowalski added, "We experienced growth across a wide range of jewelry categories and price points. Overall, these better-than-expected sales results are, in turn, leading us to again increase our sales and earnings outlooks for the year ending January 31st. We now believe that Tiffany is on track to achieve net sales of approximately $2.7 billion for the full year and can achieve net earnings from continuing operations of $2.07 - $2.12 per diluted share, compared with our previously published outlook of $1.88 - $1.98 per diluted share. The current and previous outlooks are and were inclusive of one-time items. We approach the new fiscal year focused on Tiffany's ability to expand its profitability and global presence, and expect to provide our financial and store expansion plans for 2010 when we report fiscal 2009 results. Long-term, we continue to believe that Tiffany has an excellent opportunity to increase its share of the U.S. and global jewelry market." Next Scheduled Announcement - --------------------------- The Company expects to report its fourth quarter and full year results on Monday, March 22, 2010 with a conference call at 8:30 a.m. (Eastern Time) that day. For notifications of news releases, please register at http://investor.tiffany.com ("E-Mail Alerts"). Tiffany & Co. operates jewelry stores and manufactures products through its subsidiary corporations. Its principal subsidiary is Tiffany and Company. The Company operates 2 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. 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 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 2008 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 4 TIFFANY & CO. AND SUBSIDIARIES (Unaudited) NON-GAAP MEASURES - ----------------- Net Sales - --------- 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 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 basis provides a more representative assessment of the sales performance 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 table reconciles sales percentage increases (decreases) from the GAAP to the non-GAAP basis versus the previous year:
Two Months Ended December 31, 2009 -------------------------------------------------------------------- Constant- GAAP Translation Exchange-Rate Reported Effect Basis -------------------------------------------------------------------- Net Sales: - ---------- Worldwide 17 % 4 % 13 % Americas 15 % 1 % 14 % U.S. 13 % - 13 % Asia-Pacific 11 % 7 % 4 % Japan (8)% 3 % (11)% Other Asia-Pacific 54 % 14 % 40 % Europe 30 % 11 % 19 % Comparable Store Sales: - ----------------------- Worldwide 12 % 4 % 8 % Americas 12 % 1 % 11 % U.S. 12 % - 12 % Asia-Pacific 8 % 7 % 1 % Japan (9)% 3 % (12)% Other Asia-Pacific 39 % 13 % 26 % Europe 27 % 11 % 16 %
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