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'S FIRST QUARTER NET EARNINGS RISE 8%;
                  ---------------------------------------------
                EARNINGS INCREASE TO 30 CENTS PER DILUTED SHARE;
                ------------------------------------------------
               SALES GROWTH DRIVEN BY STRONG INTERNATIONAL RESULTS
               ---------------------------------------------------

New York,  N.Y.,  May 31,  2006 -  Tiffany  & Co.  (NYSE:  TIF)  today  reported
increases in net sales and net earnings for the fiscal  quarter  ended April 30,
2006.  Results  benefited  from  international  sales  growth and a higher gross
margin.

Net sales of $539,241,000  were 6% higher than $509,901,000 in the first quarter
of 2005.  On a  constant-exchange-rate  basis  which  excludes  the  effects  of
translating  foreign-currency-denominated  sales into U.S. dollars (see attached
"Non-GAAP Measures" schedule),  net sales rose 9% and worldwide comparable store
sales increased 5%.

Net  earnings  increased 8% to  $43,142,000,  or $0.30 per diluted  share,  from
$40,058,000,  or $0.27 per diluted share.  Earnings in the first quarter of 2005
included a tax benefit of $1,500,000, or $0.01 per diluted share, related to the
repatriation  provisions  of the American  Jobs  Creation Act of 2004.  Earnings
before income taxes increased 13%.

Sales by channel of distribution were as follows:
- -------------------------------------------------
o    U.S. Retail sales increased 2% to $260,580,000  and comparable  store sales
     declined 1%. Comparable branch store sales were equal to the prior year and
     sales in the New York flagship store declined 7%.

o    International Retail sales, in U.S. dollars, increased 13% to $215,164,000.
     On a  constant-exchange-rate  basis, sales rose 21% due to 15% total retail
     sales growth in Japan and increases in other  regions;  on that same basis,
     comparable  international  store sales rose 16% due to  increases of 12% in
     Japan, 20% in the Asia-Pacific region outside Japan and 24% in Europe.

o    Direct  Marketing sales rose 4% to $29,957,000 due to increases both in the
     number of orders shipped and the average order size.

o    Other sales declined 4% to $33,540,000.


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Michael J. Kowalski,  chairman and chief executive  officer,  said, "We are very
pleased with the geographically broad-based strength in our international stores
and are encouraged  with Tiffany's  results in Japan.  U.S. Retail sales results
were disappointing, but it should be viewed relative to a strong 14% increase in
last year's first quarter."

Other Financial Highlights:
- ---------------------------
o    Gross profit as a percentage of net sales ("gross margin") was 55.8% in the
     first quarter,  compared with 53.9% in the prior year. The increased margin
     primarily  reflected  favorable  product sales mix, as well as some benefit
     from  geographical  sales mix.  Sharply  higher  precious metal and diamond
     costs continue to pressure gross margin,  although the Company periodically
     adjusts retail prices to mitigate such effects. The Company recorded a LIFO
     inventory  charge of  $1,366,000 in the first  quarter,  versus a charge of
     $1,218,000 in the prior year, due to increased  inventory  costs during the
     period.

o    Selling,  general and administrative  ("SG&A") expenses increased 9% in the
     quarter.  As a percentage  of net sales,  SG&A  expenses  were 42.1% versus
     40.9% in the prior year.  Sales growth was insufficient to offset increased
     marketing spending and to leverage fixed costs.

o    The effective tax rate was 38.6% in the first quarter compared with 35.5% a
     year ago.  The rate in 2005  included a  $1,500,000,  or $0.01 per  diluted
     share, benefit related to the repatriation  provisions of the American Jobs
     Creation Act of 2004.

o    Net  inventories  at April  30,  2006 were 6% above  the  prior  year.  The
     increase   reflects   inventories  to  support  new  stores,   new  product
     introductions and internal  manufacturing,  as well as  lower-than-expected
     growth in U.S. Retail sales.

o    The Company repurchased and retired 2,179,272 shares of its Common Stock in
     the first  quarter at a total cost of  $79,750,000,  or an average  cost of
     $36.59 per share.  Approximately  $196 million remains available for future
     repurchases under the plan authorized by our Board of Directors.

o    The  Company's  balance sheet is strong.  At April 30, 2006,  cash and cash
     equivalents   and  short-term   investments   were   $226,716,000   (versus
     $213,708,000   a  year  ago),   short-term   and  long-term   debt  totaled
     $482,420,000  (versus $439,666,000 a year ago) and stockholders' equity was
     $1,803,748,000  (versus  $1,710,532,000  a  year  ago).  Total  debt  as  a
     percentage of stockholders'  equity was 27% at April 30, 2006 (versus 26% a
     year ago).

Mr. Kowalski continued,  "Tiffany has exciting  initiatives underway in 2006. We
are expanding our presence this year with five new U.S. stores and new locations
in  Japan  (two),  China  (three),  Austria,  Mexico  and  Canada.  We are  also
maintaining  an active pace of new  product  introductions,  highlighted  by the
recent launch of jewelry designed by the renowned architect Frank Gehry."


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He added,  "For the full year, we are expecting  sales growth of almost 10%. Our
forecast assumes gradually  improving trends in the U.S. and solid international
sales growth so that we achieve  mid-single-digit  comparable store sales growth
in the U.S. and Japan for the full year.  Continued  increases in precious metal
costs will likely have some adverse effect on gross margins,  but we expect full
year gross margin to approximate the prior year. We will continue to manage SG&A
expenses  prudently and remain  focused on effective  asset use.  Therefore,  we
continue to expect at least 12% growth in earnings before income taxes for 2006,
with virtually all of the year-over-year  growth concentrated in the second half
of the year, and net earnings in a range of $1.77 - $1.82 per diluted share."

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

Next Scheduled Announcement
- ---------------------------
The Company anticipates  reporting its second quarter results on August 31, 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 future  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 tradenames 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, earnings per share and assets. 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  2005 Annual Report on Form 10-K and in
other 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.

                                      # # #


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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  tables  reconcile  net sales  percentage  increases  (decreases),
versus the prior year, from the GAAP to the non-GAAP basis:




                                                     Three Months Ended
                                                       April 30, 2006
                              ------------------------------------------------------------------
                                                                                Constant-
                                      GAAP              Translation           Exchange-Rate
                                    Reported               Effect                Basis
                              ------------------------------------------------------------------
Net Sales:
- ----------
                                                                      
Worldwide                              6%                   (3%)                   9%
U.S. Retail                            2%                    -                     2%
International Retail                  13%                   (8%)                  21%
Japan Retail                           4%                  (11%)                  15%
Other Asia-Pacific                    19%                   (1%)                  20%
Europe                                18%                   (9%)                  27%


Comparable Store Sales:
- -----------------------
Worldwide                              2%                   (3%)                   5%
U.S. Retail                           (1%)                   -                    (1%)
International Retail                   8%                   (8%)                  16%
Japan Retail                           1%                  (11%)                  12%
Other Asia-Pacific                    20%                    -                    20%
Europe                                14%                  (10%)                  24%





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






                                                                     Three Months
                                                                   Ended April 30,
                                                        -------------------------------------
                                                                   2006              2005
                                                            --------------    ---------------
                                                                           
Net sales                                                  $      539,241    $       509,901

Cost of sales                                                     238,115            235,080
                                                            --------------    ---------------

Gross profit                                                      301,126            274,821

Selling, general and administrative expenses                      226,879            208,510
                                                            --------------    ---------------

Earnings from operations                                           74,247             66,311

Other expenses, net                                                 3,975              4,206
                                                            --------------    ---------------

Earnings before income taxes                                       70,272             62,105

Provision for income taxes                                         27,130             22,047
                                                            --------------    ---------------

Net earnings                                               $       43,142    $        40,058
                                                            ==============    ===============


Net earnings per share:

  Basic                                                    $         0.30  $            0.28
                                                            ==============    ===============

  Diluted                                                  $         0.30  $            0.27
                                                            ==============    ===============


Weighted-average number of common shares:

  Basic                                                           141,941            144,248
  Diluted                                                         144,367            146,285





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






                                                          April 30,          January 31,             April 30,
                                                               2006                 2006                  2005
                                                  ------------------    -----------------    ------------------
ASSETS
- ------
                                                                                      
Current assets:
Cash and cash equivalents                            $      180,541      $       393,609      $        213,708
Short-term investments                                       46,175                  -                     -
Accounts receivable, net                                    156,124              142,294               120,713
Inventories, net                                          1,140,829            1,060,164             1,073,605
Deferred income taxes                                        73,501               69,576                69,385
Prepaid expenses and other current assets                    54,180               33,200                41,119
                                                      --------------        -------------        --------------

Total current assets                                      1,651,350            1,698,843             1,518,530

Property, plant and equipment, net                          888,221              866,004               917,415
Other assets, net                                           212,280              212,425               140,512
                                                      --------------        -------------        --------------

                                                     $    2,751,851      $     2,777,272      $      2,576,457
                                                      ==============        =============        ==============

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

Current liabilities:
Short-term borrowings                                $       47,726      $        38,942      $         47,488
Current portion of long-term debt                             6,244                6,186                    -
Accounts payable and accrued liabilities                    210,215              202,646               177,514
Income taxes payable                                         38,040               60,364                35,137
Merchandise and other customer credits                       55,614               56,472                52,084
                                                      --------------        -------------        --------------
Total current liabilities                                   357,839              364,610               312,223

Long-term debt                                              428,450              426,548               392,178
Postretirement/employment benefit obligations                42,429               41,982                40,449
Deferred income taxes                                           797                   -                 21,666
Other long-term liabilities                                 118,588              113,219                99,409
Stockholders' equity                                      1,803,748            1,830,913             1,710,532
                                                      --------------        -------------        --------------

                                                     $    2,751,851      $     2,777,272      $      2,576,457
                                                      ==============        =============        ==============





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