Exhibit 99.1
                                  TIFFANY & CO.
                                  NEWS RELEASE

Fifth Avenue & 57th Street                                  Contacts:
New York, N.Y. 10022                                        ---------
                                                            James N. Fernandez
                                                            (212) 230-5315
                                                            Mark L. Aaron
                                                            (212) 230-5301

                      TIFFANY REPORTS THIRD QUARTER RESULTS
                      -------------------------------------

New York,  N.Y.,  November 30, 2005 - Tiffany & Co. (NYSE:  TIF) today  reported
increases of 8% in net sales and 37% in net earnings for its third quarter ended
October 31,  2005.  Earnings  growth  benefited  from a 5% increase in worldwide
comparable store sales, a higher gross margin and a lower effective tax rate.

Net earnings in the three months (third quarter) ended October 31, 2005 rose 37%
to $23,789,000,  or $0.16 per diluted share,  versus  $17,358,000,  or $0.12 per
diluted share,  in the prior year.  For the nine-month  period ended October 31,
2005, net earnings  increased 31% to  $114,398,000,  or $0.79 per diluted share,
compared with $87,259,000, or $0.59 per diluted share.

Net sales in the third quarter increased 8% to $500,105,000, versus $461,152,000
in  the  prior  year.  Net  sales  for  the   nine-month   period  rose  10%  to
$1,536,707,000,    compared   with    $1,394,709,000    a   year   ago.   On   a
constant-exchange-rate  basis that excludes  currency  effects from  translating
foreign-denominated sales into U.S. dollars, net sales increased 9% in the third
quarter and 10% in the nine-month period, with worldwide  comparable store sales
increasing 5% and 4% (see attached Non-GAAP Measures).

Sales in the Company's channels of distribution were as follows:
- ----------------------------------------------------------------

     o    U.S.  Retail sales  increased 9% to $247,782,000 in the third quarter;
          comparable  store  sales  rose  7% due to  growth  of 12% in New  York
          flagship  store sales and 6% in branch store sales.  In the nine-month
          period,  U.S. Retail sales rose 10% to $771,344,000;  comparable store
          sales  rose 8% with  equivalent  growth in both the New York store and
          branch  stores.  Tiffany  opened a store in San Antonio,  Texas in the
          quarter and operated 57 TIFFANY & CO. stores in the U.S. at the end of
          the quarter.

     o    International  Retail sales  increased 7% to $204,287,000 in the third
          quarter  and  7%  to  $596,707,000  in  the  nine-month  period.  On a
          constant-exchange-rate basis,


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          sales rose 7% in the third quarter and 6% in the nine-month period and
          comparable  store sales increased 1% in the quarter and declined 1% in
          the nine-month  period. On that same basis,  comparable store sales in
          Japan in the quarter  were equal to the prior year and  declined 3% in
          the nine-month period;  increased 4% and 5% in the Asia-Pacific region
          outside  Japan;  and  declined 1% and rose 1% in Europe.  Total retail
          sales in Japan rose 5% in the third  quarter and 2% in the  nine-month
          period,  which  reflects  the opening of two retail  locations  in the
          quarter  (Yokohama and Osaka) and the closing of five older  locations
          this  year.   The  Company   currently   operates  95  TIFFANY  &  CO.
          international stores and boutiques.

     o    Direct  Marketing  sales  increased  4% to  $27,308,000  in the  third
          quarter  and  7% to  $86,598,000  in  the  nine-month  period  due  to
          increased average amounts spent for Internet and catalog orders.

     o    Other sales  increased 22% to $20,728,000 in the third quarter and 43%
          to  $82,058,000  in the  nine-month  period.  More  than  half  of the
          increase in both  periods was due to wholesale  sales of diamonds.  In
          addition,  sales  increased  10%  and  12%  in  the  Company's  LITTLE
          SWITZERLAND  stores.  The Company's  IRIDESSE stores,  which commenced
          operations  in  late-2004  and which  focus  exclusively  on the pearl
          jewelry category, added to sales growth.

Michael J. Kowalski,  Tiffany's chairman and chief executive officer,  said, "We
were pleased to see continued  comparable  store sales  strength in the U.S. and
progress in Japan.  Tiffany's  extraordinary  product  offerings,  including new
jewelry  designs  which  complement  our  core  designs,   ensure  that  we  are
competitively well-positioned."

Other Financial Highlights:
- ---------------------------

     o    Gross margin  (gross profit as a percentage of net sales) was 54.1% in
          the third  quarter  (versus  53.2% in the prior year) and 54.5% in the
          nine-month period (versus 55.1%).  These results were due to a variety
          of  factors,  including  changes in  geographic/product  sales mix and
          product  costs,  as well as wholesale  sales of diamonds  which earn a
          minimal  or no gross  margin.  The  Company  recorded  LIFO  inventory
          charges of $4,178,000 in the third quarter and  $8,347,000 in the nine
          months, compared with $8,682,000 and $17,708,000 in the prior year.

     o    Selling,  general and administrative  ("SG&A") expenses rose 9% in the
          third quarter and 7% in the nine-month  period. The Company recorded a
          charge of  $4,316,000  (or $0.02 per  diluted  share after tax) in the
          third quarter as a result of

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          the  sale  of a  glassware  manufacturing  facility  and  the  sale of
          Tiffany's equity interest in a specialty  retailer.  The ratio of SG&A
          expenses as a percentage  of net sales was 46.1% in the third  quarter
          (versus 46.0% a year ago) and 42.8% in the nine months (versus 44.1% a
          year ago), and reflect the underlying  leverage effect of sales growth
          on fixed SG&A expenses.

     o    Earnings from  operations rose 19% in the third quarter and 17% in the
          nine-month  period and, as a percentage of net sales,  was 8.0% in the
          third  quarter  (versus  7.2% in the  prior  year)  and  11.7%  in the
          nine-month period (versus 11.0% in the prior year).

     o    The effective tax rate was 33.0% in the third quarter and 31.8% in the
          nine-month  period,  versus  38.2% and 38.0% in the  prior  year.  The
          decrease in the third quarter was due to favorable reserve adjustments
          relating to the  expiration of certain  statutory  periods  during the
          quarter. In addition,  the lower rate in the nine-month period was due
          to tax benefits of $8,100,000,  or $0.06 per diluted share, related to
          the repatriation provisions of the American Jobs Creation Act of 2004.

     o    Net  inventories  at October  31,  2005 were 2% lower than a year ago.
          Finished  goods  inventories  declined  1%.  Combined raw material and
          work-in-process  inventories  declined 6% due to the timing in 2004 of
          internal jewelry manufacturing and rough diamond sourcing.

     o    The Company repurchased and retired 790,997 shares of its Common Stock
          in the third  quarter  at an average  cost of $38.42  per  share,  and
          repurchased  and retired  3,366,309  shares of its Common Stock in the
          nine-month   period  at  an   average   cost  of  $33.97   per  share.
          Approximately  $295 million remains  available for future  repurchases
          under the authorized plan.

     o    The Company's  strong  balance sheet at October 31, 2005 included cash
          and cash equivalents of $111,586,000  (versus  $129,776,000 at October
          31,  2004)  and  stockholders'   equity  of   $1,692,647,000   (versus
          $1,516,334,000).    Total   debt   declined   to   $403,971,000   from
          $660,583,000,  and, as a percentage of stockholders' equity,  declined
          to 24% from 44% a year ago.

Mr. Kowalski added,  "Based on these results and our  expectations  for customer
demand   during  the   Holiday   selling   season,   we  are   maintaining   our
previously-published  expectations  for full year 2005 net sales growth of 8-10%
and net earnings in a range of $1.55-$1.65 per diluted share."


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Today's Conference Call
- -----------------------
The Company will conduct a  conference  call today at 8:30 a.m.  (EST) to review
results and its  outlook.  Interested  parties may listen to a broadcast  on the
Internet   at   www.tiffany.com   (click   on  "About   Tiffany,"   "Shareholder
Information," "Conference Call") and at www.streetevents.com.

Next Scheduled Announcement
- ---------------------------
The Company anticipates  reporting its holiday sales results on January 10, 2006
with a  conference  call at  8:30  a.m.  (EST)  that  day,  to be  broadcast  at
www.tiffany.com   and   www.streetevents.com.   To  receive   notifications  for
conference calls and/or news release alerts,  please register at www.tiffany.com
(click on "About Tiffany," "Shareholder  Information,"  "Calendar of Events" and
"News by E-Mail").

Company Description
- -------------------
Tiffany & Co.  operates  jewelry and specialty  retail  stores and  manufactures
products  through its  subsidiary  corporations.  Its  principal  subsidiary  is
Tiffany  and  Company.  The Company  operates  TIFFANY & CO.  retail  stores and
boutiques in the Americas, Asia-Pacific and Europe and engages in direct selling
through Internet, catalog and business gift operations. Other operations include
consolidated  results from  ventures  operated  under  trademarks or trade names
other   than   TIFFANY  &  CO.  For   additional   information,   please   visit
www.tiffany.com or call our shareholder information line at 800-TIF-0110.

This document  contains  certain  "forward-looking"  statements  concerning  the
Company's  objectives and  expectations  with respect to sales,  store openings,
gross margins, expenses,  earnings and inventories.  Actual results might differ
materially from those projected in the forward-looking  statements.  Information
concerning risk factors that could cause actual results to differ  materially is
set forth in the Company's  2004 Annual  Report and in Forms 10-K,  10-Q and 8-K
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.

                                      # # #

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                         TIFFANY & CO. AND SUBSIDIARIES
                  CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
               (Unaudited, in thousands, except per share amounts)





                                                                       Three Months                          Nine Months
                                                                     Ended October 31,                    Ended October 31,
                                                        -------------------------------------  -------------------------------------
                                                                   2005              2004                  2005              2004
                                                            --------------    ---------------       --------------    --------------
                                                                                                          
Net sales                                                  $      500,105    $       461,152      $     1,536,707    $    1,394,709

Cost of sales                                                     229,575            215,624              699,272           625,817
                                                            --------------    ---------------       --------------    --------------

Gross profit                                                      270,530            245,528              837,435           768,892

Selling, general and administrative expenses                      230,735            212,164              657,261           614,663
                                                            --------------    ---------------       --------------    --------------

Earnings from operations                                           39,795             33,364              180,174           154,229

Other expenses, net                                                 4,289              5,276               12,353            13,398
                                                            --------------    ---------------       --------------    --------------

Earnings before income taxes                                       35,506             28,088              167,821           140,831

Provision for income taxes                                         11,717             10,730               53,423            53,572
                                                            --------------    ---------------       --------------    --------------

Net earnings                                               $       23,789    $        17,358      $       114,398    $       87,259
                                                            ==============    ===============       ==============    ==============


Net earnings per share:

  Basic                                                    $         0.17    $          0.12      $          0.80    $         0.60
                                                            ==============    ===============       ==============    ==============

  Diluted                                                  $         0.16    $          0.12      $          0.79    $         0.59
                                                            ==============    ===============       ==============    ==============


Weighted-average number of common shares:

  Basic                                                           142,280            145,943              143,172           146,376
  Diluted                                                         144,993            147,735              145,472           148,546






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                         TIFFANY & CO. AND SUBSIDIARIES
                      CONDENSED CONSOLIDATED BALANCE SHEETS
                            (Unaudited, in thousands)






                                                                    October 31,           January 31,           October 31,
                                                                           2005                  2005                  2004
                                                              ------------------    ------------------    ------------------
ASSETS
- ------
                                                                                                
Current assets:
Cash and cash equivalents                                      $        111,586      $        187,681      $        129,776
Short-term investments                                                       -                139,200                    -
Accounts receivable, net                                                129,454               133,545               124,080
Inventories, net                                                      1,104,326             1,057,245             1,130,767
Deferred income taxes                                                    74,544                64,790                57,814
Prepaid expenses and other current assets                                73,801                25,428                43,613
                                                                  --------------        --------------        --------------

Total current assets                                                  1,493,711             1,607,889             1,486,050

Property, plant and equipment, net                                      860,712               917,853               917,837
Other assets, net                                                       145,523               140,376               188,860
                                                                  --------------        --------------        --------------

                                                               $      2,499,946      $      2,666,118      $      2,592,747
                                                                  ==============        ==============        ==============

LIABILITIES AND STOCKHOLDERS' EQUITY
- ------------------------------------

Current liabilities:
Short-term borrowings                                          $         30,365      $         42,957      $        267,389
Accounts payable and accrued liabilities                                182,831               186,013               193,458
Income taxes payable                                                     15,460               118,536                12,619
Merchandise and other customer credits                                   54,238                52,315                50,230
                                                                  --------------        --------------        --------------

Total current liabilities                                               282,894               399,821               523,696

Long-term debt                                                          373,606               397,606               393,194
Postretirement/employment benefit obligations                            41,106                40,220                39,639
Deferred income taxes                                                        -                 33,175                26,256
Other long-term liabilities                                             109,693                94,136                93,628
Stockholders' equity                                                  1,692,647             1,701,160             1,516,334
                                                                  --------------        --------------        --------------

                                                               $      2,499,946      $      2,666,118      $      2,592,747
                                                                  ==============        ==============        ==============




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                         TIFFANY & CO. AND SUBSIDIARIES
                                   (Unaudited)

NON-GAAP MEASURES
- -----------------
The Company  reports  information  in accordance  with U.S.  Generally  Accepted
Accounting  Principles  ("GAAP").  Internally,  management  monitors  the  sales
performance of its  international  stores and boutiques on a non-GAAP basis that
eliminates  the  positive or  negative  effects  that  result  from  translating
international sales into U.S. dollars (constant-exchange-rate basis). Management
uses  this  constant-exchange-rate  measure  because  it  believes  it is a more
representative  assessment of the sales performance of its international  stores
and boutiques and provides better comparability between reporting periods.

The Company's  management  does not, nor does it suggest that investors  should,
consider such non-GAAP  financial measures in isolation from, or as a substitute
for,  financial  information  prepared  in  accordance  with GAAP.  The  Company
presents such non-GAAP  financial measures in reporting its financial results to
provide  investors with an additional  tool to evaluate the Company's  operating
results.

The following table reconciles net sales percentage  increases  (decreases) from
the GAAP to the non-GAAP basis:



                                     Three Months Ended                                Nine Months Ended
                                      October 31, 2005                                 October 31, 2005
                         --------------------------------------------      ------------------------------------------

                                          Trans-          Constant-                        Trans-      Constant-
                             GAAP         lation          Exchange-             GAAP       lation      Exchange-
                           Reported       Effect          Rate Basis          Reported     Effect      Rate Basis
                         --------------------------------------------      ------------------------------------------
Net Sales:
- ----------
                                                                                        
Worldwide                     8%            (1%)            9%                  10%           -            10%
U.S. Retail                   9%             -              9%                  10%           -            10%

International
 Retail                       7%             -              7%                  7%            1%            6%

Japan                         3%            (2%)            5%                  2%            -             2%

Other Asia-
 Pacific                     17%             4%            13%                 20%            5%           15%

Europe                        6%            (1%)            7%                  9%            1%            8%


Comparable Store Sales:
- -----------------------
Worldwide                     5%             -              5%                  5%            1%            4%
U.S. Retail                   7%             -              7%                  8%            -             8%

International
 Retail                       1%             -              1%                  1%            2%           (1%)

Japan                        (2%)           (2%)            -                  (3%)           -            (3%)

Other Asia-
 Pacific                      8%             4%             4%                  9%            4%            5%

Europe                       (2%)           (1%)           (1)%                 2%            1%            1%



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