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 6, 2000
TIFFANY & CO.
(Exact name of Registrant as specified in its charter)
Delaware 1-9494 13-3228013
(State or other jurisdiction (Commission File Number) (I.R.S. Employer
of incorporation) 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 6, 2000, Registrant issued the following press release
announcing its preliminary, unaudited sales figures for the period from November
1 to December 31, 1999:
TIFFANY ENJOYS STRONG HOLIDAY SEASON;
U.S. COMPARABLE STORE SALES RISE 27%;
EARNINGS PROJECTED TO EXCEED EXPECTATIONS
NEW YORK, January 6, 2000 - Tiffany & Co. (NYSE-TIF) reported substantial sales
growth for its November 1 - December 31, 1999 holiday period. Worldwide net
sales increased 28 percent over the prior year due to strength in the U.S. and
in all key markets around the world.
o U.S. Retail sales rose 29 percent in the holiday period primarily due to a
27 percent comparable store sales increase, as well as strong new store
sales results. Sales growth was wide-ranging throughout Tiffany's U.S.
store locations.
o International Retail sales increased 28 percent. Comparable store sales in
Japan in local currency rose 13 percent. Substantial increases were also
achieved in other Asia-Pacific markets and in Europe, as well as in Canada
and Mexico.
o Direct Marketing sales rose 24 percent primarily due to growth in Tiffany's
corporate and catalog divisions. Internet sales, which began in November,
also contributed.
All results are based on preliminary, unaudited sales.
Michael J. Kowalski, President and Chief Executive Officer, said, "This
exceptional performance caps another very successful year for Tiffany. As a
result, we estimate that net earnings for the fourth quarter ending January 31
will be at least $1.08 per diluted share, versus the current consensus of
security analysts of 88 cents per diluted share and the prior year's 74 cents
per diluted share. We are delighted by the increasing numbers of customers who
are embracing Tiffany's range of exceptional product offerings and we enter 2000
with great confidence as we continue to pursue many exciting growth
opportunities."
Tiffany & Co. is the internationally renowned jewelry 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 includes Tiffany's corporate division, catalog and
Internet sales. Additional information can be found on the Company's Web site at
www.tiffany.com and on its shareholder information line (800) TIF-0110.
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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
Executive Vice President
Date: January 6, 2000 and Chief Financial Officer
