0000098246-12-000004.txt : 20120110 0000098246-12-000004.hdr.sgml : 20120110 20120110161534 ACCESSION NUMBER: 0000098246-12-000004 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20120110 ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20120110 DATE AS OF CHANGE: 20120110 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: 12520217 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_011012.htm form8k_011012.htm

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, 2012

TIFFANY & CO.

(Exact name of Registrant as specified in its charter)



Delaware
(State or other jurisdiction
of incorporation)
 
1-9494
(Commission
File Number)
 
13-3228013
  (I.R.S. Employer Identification No.)
 

727 Fifth Avenue, New York, New York
(Address of principal executive offices)
 
  
10022
 (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, 2012, 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, 2012 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, 2012.























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, Secretary and 
   General Counsel

                                    

 
 
 
 

Date:  January 10, 2012


























2

 
 
 

EXHIBIT INDEX


Exhibit No.                    Description

99.1                                Press Release dated January 10, 2012.





 
 
 
 
 
 EX-99.1 2 exhibit99_1.htm exhibit99_1.htm

EXHIBIT 99.1

TIFFANY & CO.
NEWS RELEASE

Fifth Avenue & 57th Street                                                                                                                                                                         Contact:
New York, N.Y. 10022                                                                                                                                                          Mark L. Aaron
                                    212-230-5301

TIFFANY REPORTS HOLIDAY SALES RESULTS

New York, N.Y., January 10, 2012 – Tiffany & Co. (NYSE: TIF) today announced that its worldwide net sales in the two months ended December 31st increased 7% over the prior year, and that management has updated its full year earnings forecast accordingly.

Worldwide net sales rose 7% to $952 million in the holiday period, the result of double-digit sales growth in Asia-Pacific and Japan and smaller increases in the Americas and Europe. On a constant-exchange-rate basis excluding the effect of translating foreign-currency-denominated sales into U.S. dollars, worldwide net sales rose 6% and comparable store sales increased 4% (see “Non-GAAP Measures” schedule).

Net sales highlights by segment:
·  
In the Americas region, which includes the United States, Canada and Latin America, sales rose 4% to $503 million. On a constant-exchange-rate basis, total sales increased 4% and comparable store sales rose 2% (comparable Americas’ branch store sales rose 3% and New York flagship store sales declined 1%). Higher sales to tourists from outside the U.S. were partly offset by weakness in spending by U.S. customers. Combined Internet and catalog sales in the Americas were 4% below last year.

·  
Sales in the Asia-Pacific region increased 19% to $165 million. On a constant-exchange-rate basis, total sales increased 18% and comparable store sales increased 12% due to growth in most countries.

·  
In Japan, sales increased 13% to $160 million.  On a constant-exchange-rate basis, total sales rose 5% and comparable store sales increased 6%.

 
 
 
 
 
 
 
1
 
·  
Sales in Europe increased 1% to $117 million. On a constant-exchange-rate basis, total sales increased 2% and comparable store sales declined 4%, reflecting modest sales growth in Continental Europe and lower sales in the U.K.

·  
At December 31, 2011, the Company operated 246 stores (102 in the Americas, 57 in Asia-Pacific, 55 in Japan and 32 in Europe), versus 232 (96 in the Americas,  51 in Asia-Pacific, 56 in Japan and 29 in Europe) a year ago.

·  
Other sales, which primarily include wholesale sales of finished products to independent distributors within emerging markets and wholesale sales of rough diamonds, increased 8% to $8 million.

Michael J. Kowalski, chairman and chief executive officer, said “After achieving very strong and better-than-expected sales and earnings growth in the first three quarters of 2011, sales weakened markedly in the United States and Europe during the holiday season, reflecting restrained spending by consumers for fine jewelry. We are now estimating that earnings per diluted share for the fiscal year ending January 31, 2012 will increase 23% - 25% to a range of $3.60 - $3.65. This estimate compares with a prior forecast made in November of $3.70 - $3.80 per diluted share and our initial fiscal 2011 outlook provided last March of $3.35 - $3.45 per diluted share. All estimates do not include $0.20 per diluted share of nonrecurring expenses.”

He added, “We are in the preliminary stages of financial planning for 2012 and will provide more detailed guidance when we report our full year financial results in March. We remain confident of our ability to expand our worldwide presence, to serve the growing global demand for TIFFANY & CO. products and to achieve a solid rate of annual growth in sales and earnings in 2012 despite economic challenges.”

Next Scheduled Announcement:
The Company expects to report its financial results for the fourth quarter and year ending January 31, 2012 on Tuesday March 20, 2012. To be notified of future announcements, 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 TIFFANY & CO. retail stores and boutiques in the Americas, Asia-Pacific, Japan and Europe and engages in direct selling through Internet, catalog and business gift
 
 
 
 
 
 
 
 
 
2
 
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 growth. 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 2010 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

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, 2011
 
 
 
GAAP
Reported
 
Translation
Effect
 
Constant-
Exchange-Rate
Basis
Net Sales:
      
Worldwide
 7 %
 1 %
 6 %
Americas
 4 %
 — %
 4 %
Asia-Pacific
 19 %
 1 %
 18 %
Japan
 13 %
 8 %
 5 %
Europe
 1 %
 (1)%
 2 %
 
 
Comparable Store Sales:
    
Worldwide
 5 %
 1 %
 4 %
Americas
 2 %
 — %
 2 %
Asia-Pacific
 13 %
 1 %
 12 %
Japan
 13 %
 7 %
 6 %
Europe
 (4)%
 — %
 (4)%

 
 

 


4