<PAGE>
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
-------------
FORM 11-K
-------------
ANNUAL REPORT
PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
(Mark One):
[X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 [FEE REQUIRED].
For the fiscal year ended January 31, 1996.
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 [NO FEE REQUIRED].
Commission file number 1-9494
A. Full title of the plan and the address of the plan, if
different from that of the issuer named below:
Tiffany & Co. Employee Profit Sharing and Retirement Savings Plan
B. Name of issuer of the securities held pursuant to the plan and the
address of its principal executive office:
Tiffany & Co.
727 Fifth Avenue
New York, NY 10022
(212) 755-8000
<PAGE>
TIFFANY & CO.
EMPLOYEE PROFIT SHARING AND RETIREMENT SAVINGS PLAN
CONTENTS
Page
REPORT OF INDEPENDENT ACCOUNTANTS 3
FINANCIAL STATEMENTS:
Statement of Net Assets Available for Plan Benefits
with Fund Information, January 31, 1996 4
Statement of Net Assets Available for Plan Benefits
with Fund Information, January 31, 1995 5
Statement of Changes in Net Assets Available for
Plan Benefits with Fund Information
for the year ended January 31, 1996 6
Notes to Financial Statements 7-12
SUPPLEMENTAL SCHEDULES:
Item 27a Schedule of Assets Held for
Investment Purposes as of January 31, 1996 13
Item 27d (Part I) - Schedule of Reportable
Transactions - Individual Transactions by Issue
for the year ended January 31, 1996 14
Item 27d (Part II) - Schedule of Reportable
Transactions - Series of Transactions by Issue
for the year ended January 31, 1996 15
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<PAGE>
REPORT OF INDEPENDENT ACCOUNTANTS
--------------------------
To the Tiffany & Co. Employee Profit Sharing
and Retirement Savings Plan Committee:
We have audited the accompanying statements of net assets available for plan
benefits of the Tiffany & Co. Employee Profit Sharing and Retirement Savings
Plan (the "Plan") as of January 31, 1996 and 1995 and the related statement of
changes in net assets available for plan benefits for the year ended January 31,
1996. These financial statements are the responsibility of the Plan's
management. Our responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the net assets available for plan benefits as of January
31, 1996 and 1995 and the change in net assets available for plan benefits for
the year ended January 31, 1996 in conformity with generally accepted accounting
principles.
Our audits were performed for the purpose of forming an opinion on the financial
statements taken as a whole. The supplemental schedules of assets held for
investment purposes as of January 31, 1996 and transactions or series of
transactions in excess of five percent of the current value of Plan assets for
the year then ended, are presented for the purpose of additional analysis and
are not a required part of the basic financial statements, but are supplementary
information required by the Department of Labor's Rules and Regulations of
Reporting and Disclosure under the Employee Retirement Income Security Act of
1974. The supplemental schedules have been subjected to the auditing procedures
applied in the audits of the basic financial statements and, in our opinion, are
fairly stated in all material respects in relation to the basic financial
statements taken as a whole.
COOPERS & LYBRAND L.L.P.
/s/ Coopers & Lybrand L.L.P.
Parsippany, New Jersey
July 26, 1996
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<PAGE>
Tiffany & Co. Employee Profit Sharing and Retirement Savings Plan
Statement of Net Assets Available for Plan Benefits with Fund Information
<TABLE>
<CAPTION>
January 31, 1996
------------------------------------------------------------------------------
Participant Directed
Guaranteed
Balanced Common Special Investment Tiffany & Co. Loan
Blend Fund Stock Fund Capital Fund Contract Fund Stock Fund Fund
<S> <C> <C> <C> <C> <C> <C>
Assets
Investments, at fair value:
Harris Trust and Savings Bank:
common and collective trust funds $1,248,016 $1,592,815 $631,461 $712,140 $ - $ -
Tiffany & Co. common stock - - - - 414,316 -
Cash and cash equivalents - - - 56,766 5,387 -
------------ ------------ ------------ ------------ ------------ ------------
Total investments 1,248,016 1,592,815 631,461 768,906 419,703 -
Receivables:
Employer's contribution - - - - - -
Participant contributions 87,476 106,805 42,440 47,046 21,647 -
Participant loans - - - - - 47,879
------------ ------------ ------------ ------------ ------------ ------------
Total receivables 87,476 106,805 42,440 47,046 21,647 47,879
Net assets available for plan benefits $1,335,492 $1,699,620 $673,901 $815,952 $441,350 $47,879
------------ ------------ ------------ ------------ ------------ ------------
------------ ------------ ------------ ------------ ------------ ------------
<CAPTION>
January 31, 1996
-----------------------------
Non-Participant
Directed
Employee
Stock
Ownership Total
<S> <C> <C>
Assets
Investments, at fair value:
Harris Trust and Savings Bank:
common and collective trust funds $ - $4,184,432
Tiffany & Co. common stock 2,290,144 2,704,460
Cash and cash equivalents 3,673 65,826
-------------- -------------
Total investments 2,293,817 6,954,718
Receivables:
Employer's contribution 1,000,045 1,000,045
Participant contributions - 305,414
Participant loans - 47,879
-------------- -------------
Total receivables 1,000,045 1,353,338
Net assets available for plan benefits $3,293,862 $8,308,056
-------------- -------------
-------------- -------------
</TABLE>
The accompanying notes are an integral part of these financial statements.
-4-
<PAGE>
Tiffany & Co. Employee Profit Sharing and Retirement Savings Plan
Statement of Net Assets Available for Plan Benefits with Fund Information
<TABLE>
<CAPTION>
January 31, 1995
-------------------------------------------------------------------------
Participant Directed
-------------------------------------------------------------------------
Guaranteed
Balanced Common Special Investment Tiffany & Co.
Blend Fund Stock Fund Capital Fund Contract Fund Stock Fund
<S> <C> <C> <C> <C> <C>
Assets
Investments, at fair value:
Harris Trust and Savings Bank:
common and collective trust funds $301,325 $337,021 $149,244 $211,649 -
Tiffany & Co. common stock - - - - $53,582
Cash and cash equivalents - - - - 2,323
------------- ------------- -------------- -------------- --------------
Total investments 301,325 337,021 149,244 211,649 55,905
------------- ------------- -------------- -------------- --------------
Receivables:
Employer's contribution - - - - -
Participant contributions 78,539 82,314 34,443 48,317 14,874
------------- ------------- -------------- -------------- --------------
Total receivables 78,539 82,314 34,443 48,317 14,874
------------- ------------- -------------- -------------- --------------
Net assets available for plan benefits $379,864 $419,335 $183,687 $259,966 $70,779
------------- ------------- -------------- -------------- --------------
------------- ------------- -------------- -------------- --------------
<CAPTION>
-----------------------------
Non-Participant
Directed
-----------------------------
Employee
Stock
Ownership Plan Total
<S> <C> <C>
Assets
Investments, at fair value:
Harris Trust and Savings Bank:
common and collective trust funds $ - $ 999,239
Tiffany & Co. common stock 702,742 756,324
Cash and cash equivalents 25,166 27,489
---------------- ------------
Total investments 727,908 1,783,052
---------------- ------------
Receivables:
Employer's contribution 599,986 599,986
Participant contributions - 258,487
---------------- ------------
Total receivables 599,986 858,473
---------------- ------------
Net assets available for plan benefits $1,327,894 $2,641,525
---------------- ------------
---------------- ------------
</TABLE>
The accompanying notes are an integral part of these financial statements.
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<PAGE>
Tiffany & Co. Employee Profit Sharing and Retirement Savings Plan
Statement of Changes In Net Assets Available for Plan Benefits
with Fund Information
<TABLE>
<CAPTION>
January 31, 1996
--------------------------------------------------------------------------
Participant Directed
--------------------------------------------------------------------------
Guaranteed
Balanced Common Special Investment Tiffany & Co Loan
Blend Fund Stock Fund Capital Fund Contract Fund Stock Fund Fund
<S> <C> <C> <C> <C> <C> <C>
Additions
Net appreciation in fair value of investments $160,817 $291,240 $79,537 $7 $137,924 $ -
Interest and dividend income 1,792 233 101 147 2,028 -
Collective fund income earned & retained 31,797 30,715 10,296 31,019 - -
Loan repayments 46 100 - - 162 (308)
-------------- ------------ ------------- ------------ ---------- ---------
194,452 322,288 89,934 31,173 140,114 (308)
Contributions
Employee 787,862 985,767 409,170 568,257 282,697 -
Employer - - - - - -
Intra-fund transfers 18,964 31,731 12,549 (20,705) (42,539) -
-------------- ------------ ------------- ------------ ---------- ---------
806,826 1,017,498 421,719 547,552 240,158 -
-------------- ------------ ------------- ------------ ---------- ---------
Total additions 1,001,278 1,339,786 511,653 578,725 380,272 (308)
Deductions
Distributions to participants 22,940 41,777 12,163 13,395 4,864 -
Administrative expenses 4,081 4,718 2,294 2,856 1,755 -
Loan advances 18,629 13,006 6,982 6,488 3,082 (48,187)
-------------- ------------ ------------- ------------ ---------- ---------
Total deductions 45,650 59,501 21,439 22,739 9,701 (48,187)
-------------- ------------ ------------- ------------ ---------- ---------
Increase in net assets available for plan benefits 955,628 1,280,285 490,214 555,986 370,571 47,879
Net ssets available for plan benefits, beginning of year 379,864 419,335 183,687 259,966 70,779 -
-------------- ------------ ------------- ------------ ---------- ---------
Net assets available for plan benefits, end of year $1,335,492 $1,699,620 $673,901 $815,952 $441,350 $47,879
-------------- ------------ ------------- ------------ ---------- ---------
-------------- ------------ ------------- ------------ ---------- ---------
<CAPTION>
Non-Participant
Directed
---------------
Employee
Stock
Ownership Total
<S> <C> <C>
Additions
Net appreciation in fair value of investments $1,055,310 $1,724,835
Interest and dividend income 12,888 17,189
Collective fund income earned & retained - 103,827
Loan repayments - -
--------------- -----------
1,068,198 1,845,851
Contributions
Employee - 3,033,753
Employer 1,002,275 1,002,275
Intra-fund transfers - -
--------------- -----------
1,002,275 4,036,028
--------------- -----------
Total additions 2,070,473 5,881,879
Deductions
Distributions to participants 99,304 194,443
Administrative expenses 5,201 20,905
Loan advances -
--------------- -----------
Total deductions 104,505 215,348
--------------- -----------
Increase in net assets available for plan benefits 1,965,968 5,666,531
Net assets available for plan benefits, beginning of year 1,327,894 2,641,525
--------------- -----------
Net assets available for plan benefits, end of year $3,293,862 $8,308,056
--------------- -----------
--------------- -----------
</TABLE>
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<PAGE>
Tiffany & Co.
Employee Profit Sharing and Retirement Savings Plan
Notes to Financial Statements
-------------
1. Description of Plan:
The following is a description of the Tiffany & Co. Employee Profit
Sharing and Retirement Savings Plan (the "Plan").
General:
The Plan is a defined contribution plan covering all eligible employees
of Tiffany & Co. (the "Company"). The Plan was originally established
on February 1, 1988 as the Tiffany & Co. Employee Stock Ownership Plan
("ESOP"). On May 19, 1994, the ESOP was amended to include a cash or
deferred savings arrangement under Section 401(k) of the Internal
Revenue Code of 1986, as amended (the "Code"), and was renamed the
"Tiffany & Co. Employee Profit Sharing and Retirement Savings Plan,"
effective August 1, 1994.
The assets of the Plan are maintained and transactions therein are
executed by Harris Trust and Savings Bank, the trustee of the Plan
("Trustee"). The Plan is administered by the Employee Profit Sharing
and Retirement Savings Plan Committee ("Plan Committee") appointed by
the Board of Directors of the Company. The Plan is subject to the
provisions of the Employee Retirement Income Security Act of 1974
("ERISA").
Eligibility:
Employees become participants in the profit sharing (ESOP) feature of
the Plan on February 1st following their initial date of employment.
Employees become eligible to participate in the 401(k) feature of the
Plan after they have completed one year of service. A year of service
is determined by reference to the date on which the participant's
employment commenced or recommenced and consists of 12 consecutive
monthly periods, commencing with such date, during which the employee
has attained at least 1,000 hours of service. Persons who are
designated executive officers of the Company are not eligible to
participate in the profit sharing feature of the Plan.
Contributions:
The profit sharing feature of the Plan is non-contributory on the part
of the Company's employees and is funded by Company contributions to be
invested exclusively in shares of Tiffany & Co. Common Stock. Company
contributions, if any, are based upon the achievement of certain
targeted earnings objectives established by the Board of Directors in
accordance with, and subject to, the terms and limitations of the Plan.
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<PAGE>
1. Description of Plan (Continued):
The 401(k) feature of the Plan is non-contributory on the part of
the Company and is funded entirely by employee contributions.
Participants may elect to have an amount of between one (1) and
fifteen (15) percent of their annual compensation, not to exceed
$9,240 in 1995, subject to an annual inflation adjustment, contributed
to the 401(k) feature of the Plan as a tax deferred contribution,
subject to certain limitations applicable to highly compensated
employees.
Participants may elect to invest their 401(k) contributions in any one
or a combination of the following five investment funds managed by the
Trustee:
a) Balanced Blend Fund - Invests in a diversified selection of
individual investment funds, including common stock funds,
bond funds and other fixed income funds. The underlying
investments are traded on national securities exchanges.
b) Common Stock Fund - Invests in common or capital stocks of
large publicly traded U.S.
companies and other types of equity investments.
c) Special Capital Fund - Invests in common or capital stocks
of smaller publicly traded U.S. companies (i.e., the
smallest 25% of U.S. publicly traded companies) and other
types of equity investments.
d) Guaranteed Investment Contract Fund - Invests in a
diversified portfolio primarily comprised of guaranteed
investment contracts offered by insurance companies and banks
and other short-term debt obligations. The Trustee is the
contract holder for all the insurance company and bank
guaranteed investment contracts. Under this investment
structure, there is no guaranteed return to the Plan.
e) Tiffany & Co. Stock Fund - Invests only in Tiffany & Co.
Common Stock purchased by the Trustee on a national
securities exchange. This investment option is not
available to executive officers of the Company.
- 8 -
<PAGE>
1. Description of Plan (Continued):
Participant Accounts:
Each participant's 401(k) account is credited with the participant's
contribution, if any, and an allocation of each selected fund's
earnings or losses. Allocations are based on participant account
balances.
The Company's contribution for each Plan year under the profit sharing
feature of the Plan is allocated to participants' accounts on a per
capita basis.
Vesting:
All amounts contributed under the 401(k) feature of the Plan
are immediately 100% vested and nonforfeitable at all times.
Contributions to participant accounts associated with the profit
sharing feature of the Plan become vested and nonforfeitable when the
participant has completed two years of service. A participant also
becomes vested in his or her profit sharing account upon termination of
employment by reason of death, retirement or disability. For purposes
of the Plan, retirement is defined as termination of employment after
age 65. In the event a participant leaves the Company prior to becoming
fully vested, the participant will forfeit the shares in his or her
profit sharing account and such shares will remain in the Plan to be
reallocated amongst the remaining participants in the Plan's profit
sharing feature.
Administrative Expenses:
All administrative expenses incurred in connection with the Plan are
paid by the Company. Investment-related expenses are paid by the Plan.
Participant Withdrawals:
Participants may borrow from their 401(k) accounts up to a maximum
amount equal to the lesser of $50,000 or 50 percent of their 401(k)
account balance. Loan terms range from 1 to 5 years or up to 25 years
for the purchase of a primary residence. Loans are collateralized by
the balance in the participant's account and are also subject to
certain other conditions as to a reasonable rate of interest and
repayment schedules.
Participants may also obtain a withdrawal, in cash, of all or a portion
of the value of their 401(k) account contributions (excluding earnings
thereon) and their rollover contributions, if any, on the basis of
hardship.
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<PAGE>
1. Description of Plan (Continued):
Payment of Benefits:
Upon termination of service, participants will receive the full vested
balance of their Plan account in a lump sum cash distribution, except
with respect to whole shares held in the profit sharing feature of the
Plan which are distributed in the form of a stock certificate. The
balance of the participant's Tiffany & Co. Stock Fund account may also
be distributed in the form of a stock certificate for whole shares if
the participant so elects.
Subject to certain mandatory distribution provisions, in the event of
retirement, a participant may elect to defer his/her distribution until
the next Plan year thereby entitling the participant to his/her
proportionate share of the Company's contribution to the profit sharing
feature of the Plan for the Plan year in which the participant retired.
In the event of a participant's death, the distribution of the
participant's account balance will be made to the participant's
designated beneficiary or the participant's estate, if no beneficiary
has been so designated.
2. Summary of Significant Accounting Policies:
Basis of Accounting:
The Plan's financial statements have been prepared on the accrual basis
of accounting in conformity with generally accepted accounting
principles.
Investment Valuation:
Investments in the trust funds are stated at fair value as determined
by the Trustee. Investments in Tiffany & Co. common stock are stated at
fair value as determined by quoted market prices as of the last day of
the Plan year.
The Plan presents, in the statement of changes in net assets available
for plan benefits, the net appreciation/(depreciation) in the fair
value of its investments, which consists of the realized gains or
losses and the unrealized appreciation/(depreciation) on those
investments.
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<PAGE>
3. Related Party Transactions:
Certain Plan investments include mutual funds managed by Harris Trust
and Savings Bank. Since Harris Trust and Savings Bank is the trustee as
defined by the Plan, these transactions qualify as party-in-interest
transactions.
4. Tax Status:
The Internal Revenue Service has determined and informed the Company by
a letter dated December 28, 1995, that the Plan and related trust are
designed in accordance with applicable sections of the Code and,
accordingly, are exempt from Federal income taxes.
5. Concentrations of Credit and Market Risk
The Plan provides for various investment options in any one or a
combination of common and collective trust funds which invest in a
variety of stocks, bonds, fixed income securities, mutual funds and
other investment securities. Investment securities are exposed to
various risks, such as interest rate, market and credit. Due to the
level of risk associated with certain investment securities and the
level of uncertainty related to changes in the value of investment
securities, it is at least reasonably possible that changes in risks in
the near term would materially affect participants' account balances
and the amounts reported in the statement of net assets available for
plan benefits and the statement of changes in net assets available for
plan benefits.
The Plan's investment in the Guaranteed Investment Contract Fund may be
subject to credit risk. If the underlying insurance companies fail to
perform at the expected rate of return under the terms of the contracts
with the Trustee, the Plan's asset values could be impaired.
6. Plan Termination:
Although it has not expressed any intent to do so, the Board of
Directors of the Company reserves the right to change, amend or
terminate the Plan at any time at its discretion, subject to the
provisions of ERISA. In the event the Plan is terminated, participants
will become 100% vested in their accounts.
In addition, in the event of the dissolution, merger, consolidation or
reorganization of the Company, the Plan will automatically terminate
and the Plan's assets will be liquidated unless the Plan is continued
by a successor to the Company.
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<PAGE>
7. Reconciliation of Financial Statements to Form 5500:
The following is a reconciliation of net assets available for plan
benefits as reflected in the accompanying financial statements to the
Plan's Form 5500:
January 31,
1996 1995
----------- -----------
Net assets available for plan benefits
per the financial statements $ 8,308,056 $ 2,641,525
Amounts allocated to withdrawing
participants (53,428) (37,921)
--------- ---------
Net assets available for plan benefits
per the Form 5500 $ 8,254,628 $ 2,603,604
============= =========
The following is a reconciliation of benefits paid to participants as
reflected in the accompanying financial statements to the Plan's Form
5500:
Year Ended
January 31, 1996
Benefits paid to participants per the
financial statements $ 194,443
Less: Amounts allocated to withdrawing
participants at January 31, 1995 (37,921)
Add: Amounts allocated to withdrawing
participants at January 31, 1996 53,428
------
Benefits paid to participants per the
Form 5500 $ 209,950
=======
Amounts allocated to withdrawing participants are recorded on the Form
5500 for benefit claims that have been processed and approved for
payment prior to January 31, 1996, but not yet paid as of that date.
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<PAGE>
Tiffany & Co.
Employee Profit Sharing and Retirement Savings Plan
Item 27a - Schedule of Assets Held for Investment Purposes
January 31, 1996
------------------------
<TABLE>
<CAPTION>
Principal
Amount, # of
Shares or
Units of
Participation Description Cost Fair Value
Harris Trust and Savings
Bank Common and
Collective Trust Funds:
<S> <C> <C> <C>
111,076.423 Balanced Blend Fund $1,189,549 $1,248,016
93,105.463 Common Stock Fund 1,315,394 1,592,815
26,202.108 Special Capital Fund 553,002 631,461
45,640.601 Guaranteed Investment
Contract Fund 712,140 712,140
7,482.000 Tiffany & Co. Stock Fund 297,682 414,316
41,357.000 Tiffany & Co. Employee Stock 1,401,685 2,290,144
Ownership
Invested Cash 65,826 65,826
------------ ------------
$5,535,278 $6,954,718
============ ============
</TABLE>
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<PAGE>
<TABLE>
<CAPTION>
Tiffany & Co. Employee Profit Sharing and Retirement Savings Plan Form 5500, Item 27(d) (Part I)
Schedule of Reportable Transactions - Individual Transactions by Issue for the year ended January 31, 1996
Fair
Value of
Asset on
Description of Purchase Selling Cost of Transaction Net
Asset/Fund Price Price Asset Date Gain
<S> <C> <C> <C> <C> <C>
Tiffany & Company New Common Stock $599,986 $ - $599,986 $599,986 $ -
Invested Cash $201,318 - $201,318 $201,318 -
Invested Cash $235,497 - $235,497 $235,497 -
Invested Cash - $213,787 $213,787 $213,787 -
Invested Cash - $190,944 $190,944 $190,944 -
Harris Bank Collective Invest. Fund
Balanced Blend Fund $1,012,971 - $1,012,971 $1,012,971 -
Harris Bank Collective Invest. Fund
Common Stock Fund - $328,706 $280,064 $328,706 $48,642
Harris Bank Collective Invest. Fund
Marketable Bond Fund - $479,580 $461,084 $479,580 $18,496
</TABLE>
- 14 -
<PAGE>
<TABLE>
<CAPTION>
Tiffany & Co. Employee Profit Sharing and Retirement Savings Plan Form 5500, Item 27(d) (Part II)
Schedule of Reportable Transactions - Series of Transactions by Issue for the year ended January 31, 1996
Fair
Value of
Asset on
Description of Purchase # of Selling # of Cost of Transaction Net
Asset/Fund Price Transactions Price Transactions Asset Date Gain
<S> <C> <C> <C> <C> <C>
Invested Cash $1,900,572 263 $1,900,572 $1,900,572 -
$1,861,829 103 $1,861,829 $1,861,829 -
Harris Bank Collective Invest. Fund
Balanced Blend Fund $1,227,275 23 $1,227,275 $1,227,275 -
$38,634 26 $37,726 $38,634 $908
Harris Bank Collective Invest. Fund
Common Stock Fund $1,300,144 91 $1,300,144 $1,300,144 -
$472,212 61 $404,109 $472,212 $68,103
Harris Bank Collective Invest. Fund
Marketable Bond Fund $366,642 34 $366,642 $366,642 -
$548,947 19 $528,605 $548,947 $20,342
Harris Bank Collective Invest. Fund
Special Capital Fund $482,928 85 $482,928 $482,928 -
$107,101 50 $96,190 $107,101 $10,911
Harris Bank Collective Invest. Fund
Investment Fund - GIC-Fund $597,814 49 $597,814 $597,814 -
$97,330 35 $97,028 $97,330 $302
Tiffany & Co. New Common Stock $928,100 20 $928,100 $928,100 -
$80,674 14 $69,127 $80,674 $11,547
</TABLE>
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<PAGE>
SIGNATURES
The Plan. Pursuant to the requirements of the Securities Exchange Act
of 1934, the trustees (or other persons who administer the employee benefit
plan) have duly caused this annual report to be signed on it behalf by the
undersigned hereunto duly authorized.
Tiffany & Co. Employee Profit Sharing and Retirement Savings Plan
(Name of Plan)
Date: July 31, 1996 /s/ Stephen M. Salyk
Stephen M. Salyk
Member of Plan Administrative Committee
- 16 -
