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 29, 2006 - Tiffany & Co. (NYSE: TIF) today reported its
results for the third quarter ended  October 31, 2006.  Net sales  increased 10%
due to growth in the U.S. and most international markets. Net earnings rose 23%.

In  the  third  quarter,   net  sales  increased  10%  to  $547,786,000.   On  a
constant-exchange-rate   basis  which   excludes   the  effect  of   translating
foreign-currency-denominated  sales into U.S.  dollars (see  attached  "Non-GAAP
Measures"  schedule),  net sales rose 10% and worldwide  comparable  store sales
rose 4%.

Net earnings in the third  quarter  increased 23% to  $29,142,000,  or $0.21 per
diluted share. Third quarter earnings included gains associated with the sale of
investments  (see  "Other  Expenses,  Net"),  as well as  favorable  tax reserve
adjustments.

In the nine-month  (year-to-date)  period ended October 31, 2006, net sales rose
8% to $1,661,967,000.  On a constant-exchange-rate basis, net sales increased 9%
and worldwide comparable store sales rose 5%.

Net earnings of $113,428,000 in the  year-to-date  were 1% below the prior year.
Net earnings per diluted share of $0.80 were  slightly  above $0.79 in the prior
year,  primarily due to increased share repurchases.  Earnings in the prior year
included 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 ("AJCA").

Sales by channel of distribution were as follows:
- -------------------------------------------------
     o    U.S.  Retail sales  increased 9% to  $270,373,000 in the third quarter
          and  comparable  store  sales rose 6% (sales  rose 13% in the New York
          flagship  store  and  4%  in  comparable   branch   stores).   In  the
          year-to-date,  U.S.  Retail  sales  increased 6% to  $819,509,000  and
          comparable store sales rose 3% (sales rose 4% in the New York flagship
          store and 3% in  comparable  branch  stores).  Comparable  store sales
          growth in both periods was due to higher spending per transaction.


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     o    International  Retail  sales  rose  9% to  $221,681,000  in the  third
          quarter  and  11%  to   $659,998,000   in  the   year-to-date.   On  a
          constant-exchange-rate  basis,  sales  increased 9% in the quarter and
          14% in the  year-to-date,  and comparable store sales rose 4% and 10%,
          respectively, as strong growth in many international markets more than
          compensated  for weaker  results in Japan.  Detailed  sales results by
          geographical  region  are noted on the  attached  "Non-GAAP  Measures"
          schedule.

     o    At the end of the third  quarter,  the Company  operated 164 TIFFANY &
          CO. stores and boutiques (compared with 152 a year ago),  including 63
          in the U.S. and 101 internationally.

     o    Direct  Marketing  sales  increased  11% to  $30,308,000  in the third
          quarter and 11% to $96,007,000 in the  year-to-date.  In both periods,
          sales growth was generated by increases in the number of orders and in
          the amounts spent per order.

     o    Other  sales rose 23% to  $25,424,000  in the third  quarter and 5% to
          $86,453,000  in the  year-to-date.  The majority of the third  quarter
          increase  resulted  from  increased  wholesale  sales of diamonds.  In
          addition, LITTLE SWITZERLAND sales rose 9% and 4%, respectively, which
          continued to be below the Company's  expectations.  The opening of new
          IRIDESSE stores also contributed to growth.

Other financial highlights were as follows:
- -------------------------------------------
     o    Gross margin  (gross profit as a percentage of net sales) in the third
          quarter was 53.6%  (versus  54.1% a year ago) and in the  year-to-date
          was 54.8% (versus  54.5% a year ago).  The decrease in the quarter was
          due to wholesale  sales of diamonds and higher product  costs,  partly
          offset  by sales  leverage  on fixed  costs.  Included  in the  higher
          product costs were LIFO inventory  charges of $10,444,000 in the third
          quarter and  $19,911,000 in the  year-to-date,  versus  $4,178,000 and
          $8,347,000 in the respective prior-year periods.

     o    Selling,  general and administrative  ("SG&A") expenses rose 8% in the
          third quarter and 10% in the year-to-date.  As expected,  the majority
          of the  increases  were due to  higher  store-  and  marketing-related
          costs.  As a  percentage  of net  sales,  SG&A  expenses  in the third
          quarter  and  year-to-date  were 45.5%  (versus  46.1% a year ago) and
          43.4% (versus 42.8% a year ago). SG&A expenses in 2005's third quarter
          had included charges of $4,316,000 for business dispositions.

     o    Other  expenses,  net in the third quarter and  year-to-date  included
          income of $5,185,000 associated with the sale of equity investments in
          an on-line retailer and a manufacturer;  both of these investments had
          been written-off in previous years.  Other expenses,  net in the third
          quarter  also  included  a  $1,589,000  gain  on  the  disposition  of
          marketable securities.

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     o    The  Company's  effective  tax rate was 35.6% in the third quarter and
          38.0% in the  year-to-date,  versus 33.0% and 31.8% in the  respective
          prior-year periods.  The lower rate in 2005's  year-to-date  reflected
          tax benefits of $8,100,000, or $0.06 per diluted share, from the AJCA.
          In  addition,  the  Company  recorded  favorable  reserve  adjustments
          relating  to the  expiration  of  certain  statutory  periods  in both
          third-quarter periods.

     o    Net  inventories  at October 31, 2006 were 19% higher than a year ago,
          due to new store openings,  broadened  product  assortments and higher
          precious metal costs.  This increase was also attributable to expanded
          internal manufacturing and diamond sourcing operations.

     o    The Company  repurchased  and retired  3,008,200  shares of its Common
          Stock in the third  quarter  at a total  cost of  $100,525,000,  or an
          average  cost of $33.42 per share.  In the  year-to-date,  the Company
          repurchased  and  retired  7,712,607  shares of its Common  Stock at a
          total cost of  $264,115,000,  or an average  cost of $34.24 per share.
          There is approximately  $712 million available for future  repurchases
          through December 2009 under the currently authorized program.

     o    At October  31,  2006,  total debt as a  percentage  of  stockholders'
          equity  rose  to  39%,  compared  with  24%  a  year  ago,  reflecting
          borrowings for share repurchases and higher inventory levels.

Michael J. Kowalski, chairman and chief executive officer, said, "We are pleased
with   these   overall   results.   We  are  now  almost   one-month   into  the
November-December  holiday  period and have seen net sales growth higher than we
expected.  Comparable store sales growth in the U.S. is currently  exceeding our
high-single-digit  expectation  and  international  comp store  sales  growth is
exceeding our mid-single digit expectation. It's a good start to the season, but
the vast majority of holiday business is still ahead of us."

He  added,  "We  are  modestly  increasing  our  full  year  2006  net  earnings
expectation to a range of $1.79-$1.84  per diluted share.  For the full year, we
are assuming the following:  net sales growth of approximately 10%; gross margin
slightly lower than the prior year;  high-single-digit  SG&A expense growth;  an
effective tax rate of approximately 37%; and a low-double-digit  increase in net
inventories. Customers are enthusiastic about the new stores we have opened this
year and the extraordinary products we have introduced. We believe Tiffany & Co.
is well-positioned."

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.


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Next Scheduled Announcement
- ---------------------------
The Company anticipates reporting its November-December holiday sales results on
January  10,  2007 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 believes this constant-exchange-rate measure 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 sales percentage  increases  (decreases),  versus
the prior year, from the GAAP to the non-GAAP basis:




                                 Third Quarter 2006 vs. 2005                      Year-to-Date 2006 vs. 2005
                         --------------------------------------------      ------------------------------------------
                                          Trans-        Constant-                           Trans-       Constant-
                             GAAP         lation       Exchange-              GAAP          lation      Exchange-
                            Reported      Effect       Rate Basis            Reported       Effect      Rate Basis
                         --------------------------------------------      ------------------------------------------
                                                                                         
Net Sales:
- ----------
Worldwide                     10%            -             10%                  8%           (1%)           9%
U.S. Retail                    9%            -              9%                  6%             -            6%

International
 Retail                        9%            -              9%                 11%           (3%)          14%

Japan Retail                  (8%)         (5%)            (3%)                (1%)          (7%)           6%

Other Asia-
 Pacific                      24%           2%             22%                 22%            1%           21%

Europe                        32%           7%             25%                 23%             -           23%


Comparable Store Sales:
- -----------------------
Worldwide                      4%            -              4%                  4%           (1%)           5%
U.S. Retail                    6%            -              6%                  3%             -            3%

International
 Retail                        3%          (1%)             4%                  6%           (4%)          10%

Japan Retail                  (9%)         (4%)            (5%)                (4%)          (7%)           3%

Other Asia-
 Pacific                      19%           2%             17%                 22%            1%           21%

Europe                        27%           6%             21%                 20%             -           20%





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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,
                                                -----------------------------------  -------------------------------------
                                                          2006              2005                2006              2005
                                                   --------------    --------------      --------------    ---------------
                                                                                                 
Net sales                                       $        547,786  $        500,105    $      1,661,967  $       1,536,707

Cost of sales                                            254,311           229,575             750,388            699,272
                                                   --------------    --------------      --------------    ---------------

Gross profit                                             293,475           270,530             911,579            837,435

Selling, general and administrative expenses             249,419           230,735             720,640            657,261
                                                   --------------    --------------      --------------    ---------------

Earnings from operations                                  44,056            39,795             190,939            180,174

Other (income) expenses, net                              (1,225)            4,289               8,057             12,353
                                                   --------------    --------------      --------------    ---------------

Earnings before income taxes                              45,281            35,506             182,882            167,821

Provision for income taxes                                16,139            11,717              69,454             53,423
                                                   --------------    --------------      --------------    ---------------

Net earnings                                    $         29,142  $         23,789    $        113,428  $         114,398
                                                   ==============    ==============      ==============    ===============


Net earnings per share:

 Basic                                          $           0.21  $           0.17    $           0.81  $            0.80
                                                   ==============    ==============      ==============    ===============

 Diluted                                        $           0.21  $           0.16    $           0.80  $            0.79
                                                   ==============    ==============      ==============    ===============


Weighted-average number of common shares:

 Basic                                                   136,753           142,280             139,288            143,172
 Diluted                                                 138,872           144,993             141,647            145,472





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






                                                      October 31,          January 31,           October 31,
                                                             2006                 2006                  2005
                                                 -----------------    -----------------    ------------------
ASSETS
- ------
                                                                                 
Current assets:
Cash and cash equivalents                         $        58,185      $       393,609      $        111,586
Accounts receivable, net                                  150,067              142,294               129,454
Inventories, net                                        1,309,466            1,060,164             1,104,326
Deferred income taxes                                      78,727               69,576                74,544
Prepaid expenses and other current assets                  70,977               33,200                73,801
                                                     -------------        -------------        --------------

Total current assets                                    1,667,422            1,698,843             1,493,711

Property, plant and equipment, net                        926,989              866,004               860,712
Other assets, net                                         215,608              212,425               145,523
                                                     -------------        -------------        --------------

                                                  $     2,810,019      $     2,777,272      $      2,499,946
                                                     =============        =============        ==============

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

Current liabilities:
Short-term borrowings                             $       237,447      $        38,942      $         30,365
Current portion of long-term debt                           6,259                6,186                   -
Accounts payable and accrued liabilities                  223,377              202,646               182,831
Income taxes payable                                        9,754               60,364                15,460
Merchandise and other customer credits                     58,722               56,472                54,238
                                                     -------------        -------------        --------------

Total current liabilities                                 535,559              364,610               282,894

Long-term debt                                            416,863              426,548               373,606
Postretirement/employment benefit obligations              43,323               41,982                41,106
Deferred income taxes                                       1,072                  -                     -
Other long-term liabilities                               126,532              113,219               109,693
Stockholders' equity                                    1,686,670            1,830,913             1,692,647
                                                     -------------        -------------        --------------

                                                  $     2,810,019      $     2,777,272      $      2,499,946
                                                     =============        =============        ==============





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