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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
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Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): January 7, 1999
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
Number)
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
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Item 5. Other Events.
On January 7, 1999, Registrant announced its preliminary, unaudited sales
figures for the period from November 1 to December 31, 1998. The text of the
announcement is attached as Exhibit 99.1 hereto.
On January 7, 1999, Registrant and Mitsukoshi, Ltd. announced that
Registrant intends to file a registration statement with the Securities and
Exchange Commission relating to a proposed underwritten secondary offering of
up to 4,270,000 shares of Registrant's Common Stock held by Mitsukoshi. The
text of the announcement is attached as Exhibit 99.2 hereto.
Item 7. Financial Statements and Exhibits.
Listed below are the exhibits filed as part of this report:
EXHIBIT DESCRIPTION
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99.1 Press release reporting worldwide net sales in
November 1 - December 31, 1998 holiday period.
99.2 Press release announcing intention to register
shares for sale by Mitsukoshi, Ltd.
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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/ James N. Fernandez
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James N. Fernandez
Senior Vice President-Finance
and Chief Financial Officer
Date: January 7, 1999
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EXHIBIT INDEX
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EXHIBIT DESCRIPTION
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99.1 Press release reporting worldwide net sales in
November 1 - December 31, 1998 holiday period.
99.2 Press release announcing intention to register
shares for sale by Mitsukoshi, Ltd.
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EXHIBIT 99.1
TIFFANY CO.
NEWS RELEASE
Fifth Avenue & 57th Street
New York, N.Y. 10022 Contacts:
James N. Fernandez
(212) 605-4015
Mark L. Aaron
(212) 605-4016
TIFFANY REPORTS ANOTHER EXCELLENT HOLIDAY SEASON:
WORLDWIDE SALES INCREASE 20 PERCENT
NEW YORK, January 7, 1999 - Tiffany & Co. (NYSE-TIF) reported that its worldwide
net sales in the November 1 - December 31 holiday period rose 20 percent over
the prior year. Healthy sales growth was achieved in all three of Tiffany's
channels of distribution, led by strong comparable store sales increases in the
U.S. and Japan.
Sales results in Tiffany's three channels of distribution were as follows:
- - U.S. Retail sales rose 22 percent in the holiday period, generated by 12
percent comparable store sales growth and excellent results in new stores.
Comparable store sales growth was geographically broad-based, with solid
increases in most U.S. branch stores and in the New York flagship store.
- - Direct Marketing sales rose 7 percent, with growth in both corporate and
catalog sales.
- - International Retail sales increased 20 percent. In Japan, total retail sales
in local currency rose 15 percent and increased 12 percent on a comparable
store basis. Comparable store sales for the Asia-Pacific region outside Japan
rose modestly, and healthy growth was achieved in Europe and Canada.
All results are based on preliminary and unaudited sales.
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William R. Chaney, chairman, said, "This healthy worldwide performance reflects
the strong appeal of Tiffany's product offerings. With these results, Tiffany
is on track to make 1998 another record year with excellent sales and earnings
growth."
Mr. Chaney added, "Looking forward, we will continue to focus on Tiffany's
proven growth strategies by expanding our distribution around the world and
supporting it with impactful merchandising and marketing initiatives. As we
enter 1999 and approach the new millennium, we are well-positioned to pursue
the many exciting opportunities ahead."
Tiffany & Co. is the internationally renowned jeweler and specialty retailer.
Sales are made through TIFFANY & CO. stores and boutiques, and to select
retailers and distributors, in the Americas, Asia-Pacific, Europe and the
Middle East. Direct Marketing sales are made through Tiffany's Corporate and
Catalog divisions. Additional information can be found on the Company's web
site at www.tiffany.com.
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EXHIBIT 99.2
TIFFANY & CO.
NEWS RELEASE
Fifth Avenue & 57th Street Contacts:
New York, N.Y. 10022 Tiffany & Co.
Mr. Mark Aaron
Vice President-Investor Relations
(212) 605-4016
Mitsukoshi, Ltd.
Mr. Mikio Nagamine
General Manager-Public Relations
03-3274-8006
TIFFANY & CO. ANNOUNCES INTENTION
TO REGISTER SHARES FOR SALE BY MITSUKOSHI, LTD.
NEW YORK, January 7, 1999 - Tiffany & Co. (NYSE - TIF) and Mitsukoshi, Ltd.
announced today that Tiffany intends to file a registration statement with the
Securities and Exchange Commission relating to a proposed underwritten secondary
offering of Tiffany's Common Stock by Mitsukoshi. Mitsukoshi proposes to sell
3,880,000 shares in the offering and, if the underwriters' over-allotment option
is exercised, up to an additional 390,000 shares. The offering, which is subject
to market conditions, is expected to take place prior to the end of February and
will be made only by means of a prospectus. If the offering is completed and all
shares, including those subject to the over-allotment option, are sold,
Mitsukoshi will have sold its entire holding in Tiffany & Co. of approximately
12%.
Tiffany and Mitsukoshi have had a successful business relationship since 1972
and Mitsukoshi has been a significant stockholder of Tiffany since 1989. The
companies expect to continue their excellent business relationship following
the offering. Mitsukoshi intends to use the proceeds from the sale primarily
for general corporate purposes, as well as for store renovation and expansion.
Tiffany is the internationally renowned jeweler and specialty retailer. Sales
are made through TIFFANY & CO. stores and boutiques, and to select retailers
and distributors, in the Americas, Asia-Pacific, Europe and the Middle East.
Direct Marketing sales are made through Tiffany's Corporate and Catalog
divisions.
Mitsukoshi, which traces its origins back to 1673, was incorporated in 1904 and
ranks as one of the largest retail companies in Japan. It operates a chain of
department stores in Tokyo and other major cities in Japan. For its fiscal year
ended February 28, 1998, Mitsukoshi's sales were approximately U.S. $8.0
billion. Mitsukoshi's shares trade on the first section of the Tokyo Stock
Exchange.
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