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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): May 16, 2000
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 May 16, 2000, Registrant issued the following press release
announcing its sales and earnings for the three-month period ended April 30,
2000:
NEW YORK, May 16, 2000 - Tiffany & Co. (NYSE-TIF) announced that 26 percent
growth in worldwide sales in its first quarter, combined with improved margins,
resulted in net earnings growth of 88 percent. The sales performance was
highlighted by U.S. comparable store sales growth of 28 percent, as well as
strong increases in international markets.
In the first quarter ended April 30, 2000, net sales of $343,252,000 were 26
percent higher than $272,277,000 in the prior year. Net earnings rose 88 percent
to $30,425,000, or 40 cents per diluted share, compared with $16,157,000, or 22
cents per diluted share, in 1999's first quarter. Net earnings per share in 1999
are adjusted to reflect a two-for-one stock split in July 1999.
Sales results in Tiffany's three channels of distribution were as follows:
o U.S. Retail sales rose 28 percent to $169,192,000. Comparable store sales
increased 28 percent due to geographically broad-based growth. Four new
stores also generated strong initial results; however, such new store sales
were offset by the Company's discontinuation of its U.S. wholesale trade
business in January 2000.
o International Retail sales increased 26 percent to $147,446,000. Comparable
store sales growth was strong in all key regions,
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highlighted by a 15 percent increase in local currency in Japan, Tiffany's
largest international market.
o Direct Marketing sales rose 15 percent to $26,614,000 primarily due to
growth in corporate and catalog sales, along with results from Tiffany's
e-commerce initiative that commenced in November 1999.
Michael J. Kowalski, President and Chief Executive Officer, said, "These results
are certainly an excellent way to start 2000. They confirm both the consistent
strength of worldwide demand for fine jewelry and gifts, as well as Tiffany's
continuing ability to gain share in a very large market."
Tiffany & Co. is the internationally renowned jeweler and specialty retailer.
Sales are made primarily through TIFFANY & CO. stores and boutiques 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 Tiffany's Web site, www.tiffany.com, and on its shareholder
information line (800) TIF-0110.
The Company will host a conference call today to review these results at 8:30
a.m. (EST). Interested parties may listen to the Web broadcast by accessing
www.shareholder.com/tiffany on the Internet.
# # #
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TIFFANY & CO. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(Unaudited, in thousands, except per share amounts)
<TABLE>
<CAPTION>
Three months ended April 30,
---------------------------------
2000 1999
------------ -------------
<S> <C> <C>
Net sales $ 343,252 $ 272,277
Cost of sales 147,734 123,981
------------ -------------
Gross profit 195,518 148,296
Selling, general and administrative expenses 142,123 118,857
------------ -------------
Earnings from operations 53,395 29,439
Other expenses, net 2,685 1,582
------------ -------------
Earnings before income taxes 50,710 27,857
Provision for income taxes 20,285 11,700
------------ -------------
Net earnings $ 30,425 $ 16,157
============ =============
Net earnings per share:
Basic $ 0.42 $ 0.23
============ =============
Diluted $ 0.40 $ 0.22
============ =============
Weighted average number of common shares:
Basic 72,549 70,080
Diluted 75,918 72,702
Note: Shares and net earnings per share have been adjusted to reflect a two-for-one stock split in July 1999.
</TABLE>
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TIFFANY & CO. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited, in thousands)
<TABLE>
<CAPTION>
April 30, January 31, April 30,
2000 2000 1999
------------------ ------------------ ------------------
<S> <C> <C> <C>
ASSETS
Current assets:
Cash and cash equivalents $ 199,167 $ 216,936 $ 140,250
Accounts receivable, net 106,423 119,356 92,599
Inventories, net 525,594 504,800 523,480
Deferred income taxes 35,005 30,212 23,393
Prepaid expenses and other current assets 26,591 20,357 24,887
-------------- -------------- --------------
Total current assets 892,780 891,661 804,609
Property and equipment, net 326,368 322,400 194,352
Deferred income taxes 6,141 6,235 8,574
Other assets, net 132,336 123,266 47,022
-------------- -------------- --------------
$ 1,357,625 $ 1,343,562 $ 1,054,557
============== ============== ==============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Short-term borrowings $ 28,964 $ 20,646 $ 82,729
Accounts payable and accrued liabilities 178,897 176,101 144,897
Income taxes payable 25,146 53,954 9,896
Merchandise and other customer credits 30,060 30,275 22,619
-------------- -------------- --------------
Total current liabilities 263,067 280,976 260,141
Long-term debt 250,179 249,581 193,465
Postretirement/employment benefit obligations 23,924 23,165 21,908
Other long-term liabilities 33,854 32,764 32,946
Stockholders' equity 786,601 757,076 546,097
-------------- -------------- --------------
$ 1,357,625 $ 1,343,562 $ 1,054,557
============== ============== ==============
</TABLE>
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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/ Patrick B. Dorsey
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Patrick B. Dorsey
Senior Vice President, General Counsel
Date: May 17, 2000 and Secretary
