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 (Date of earliest event reported): January 8, 2002
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
Item 5. Other Events.
On January 8, 2002, Registrant issued the following press release
announcing its preliminary, unaudited sales figures for the period from November
1 to December 31, 2001:
TIFFANY U.S. COMPARABLE STORE SALES RISE IN DECEMBER;
OVERALL SALES DECLINE 2 PERCENT IN HOLIDAY SEASON
NEW YORK, January 8, 2002 - Tiffany & Co. (NYSE-TIF) reported that net sales in
its holiday season from November 1 - December 31, 2001 were $472,708,000, or 2
percent lower than the same period a year ago. On a constant-exchange-rate basis
which excludes the effect of translating local-currency-denominated sales into
U.S. dollars, net sales increased 1 percent and worldwide comparable store sales
declined 2%. Results reported today are based on unaudited sales.
Michael J. Kowalski, president and chief executive officer, said, "Considering
the challenging external environment, we are pleased with these holiday season
results which, in total, exceeded our expectations going into the season. While
customers continued to exhibit varying degrees of restraint in their holiday
spending, there was a noticeable improvement in store traffic as the holiday
season progressed."
o U.S. Retail sales of $248,583,000 in the holiday season were fractionally
below the prior year. Comparable U.S. store sales declined 3 percent:
comparable branch store sales were approximately equal to the prior year,
while sales declined 12 percent in the flagship New York store due to
reduced store traffic. However, comparable U.S. store sales improved
markedly as the holiday season progressed, with a low-single-digit
percentage increase in December following a mid-teens percentage decline in
November.
o International Retail sales were $172,969,000, or 4 percent below the prior
year. On a constant-exchange-rate basis, International Retail sales
increased 5 percent. Comparable store sales on a constant-exchange-rate
basis declined in major markets as follows: 1 percent in Japan (total sales
in local currency rose 5 percent); 3 percent in other Asia-Pacific markets;
and 4 percent in Europe.
o Direct Marketing sales of $51,156,000 were 2 percent lower than a year ago.
Combined Internet/catalog sales rose 25 percent while the Business Sales
division declined 28 percent.
Mr. Kowalski added, "Holiday season sales represent the largest portion of our
fourth quarter, although investors should not overlook the importance of
January. At this time, we expect that net sales in the fourth quarter ending
January 31st will finish approximately 3 percent lower than the prior year. We
expect to benefit from a higher gross margin resulting from changes in product
sales mix, as well as ongoing expense control. Therefore, we anticipate that net
earnings will be at the upper end of the previously-announced (on November 14th)
expected ranges of 49 - 56 cents per diluted share for the fourth quarter
(versus 56 cents last year) and $1.09 - $1.16 per diluted share for the full
year (versus a 31 percent increase to $1.26 last year). We are still in the
process of constructing and evaluating our plans for 2002, but we expect a
mid-to-high single-digit percentage increase in net earnings for the year. We
are encouraged by rising U.S. consumer confidence, and expect improving sales
trends in the second half of 2002 as the external environment improves. We plan
to report fourth quarter and full year results on Thursday February 28th."
The Company will host a conference call today at 8:30 a.m. (EST) to review these
results and the Company's outlook. Interested parties may listen to a broadcast
on the Internet at www.shareholder.com/tiffany or www.vcall.com.
Tiffany & Co. is the internationally renowned jeweler and specialty retailer.
Sales are made primarily through company-operated TIFFANY & CO. stores and
boutiques in the Americas, Asia-Pacific and Europe. Direct Marketing includes
Tiffany's Business Sales 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.
This press release contains certain "forward-looking" statements concerning
expectations for sales, margins, expenses and earnings. Actual results might
differ materially from those projected in the forward-looking statements.
Information concerning factors that could cause actual results to differ
materially are set forth in Tiffany's 2000 Annual Report and in Form 10-K, 10-Q
and 8-K 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.
# # #
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
____________________________
James N. Fernandez
Executive Vice President and
Chief Financial Officer
Date: January 8, 2002