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Tiffany Reports Fourth Quarter And Full Year Results

Outlook for 2012:

Management’s outlook for the full year ending January 31, 2013 is based on the following assumptions (which may or may not prove valid):
     

a)

 

Worldwide net sales (in U.S. dollars) increasing by approximately 10%, primarily driven by sales growth in Asia-Pacific and the Americas.

b)

Adding a net of 24 Company-operated stores including nine in the Americas, seven in Asia-Pacific, three in Europe, and commencing operation of five stores in the United Arab Emirates.

c)

The operating margin approximately unchanged from the prior year (excluding nonrecurring items recorded in 2011).

d)

Interest and other expenses, net approximately equal to the prior year.

e)

An effective income tax rate of approximately 34 - 35%.

f)

Net earnings per diluted share in a range of $3.95 - $4.05, or a 16% - 19% increase over the prior year. Excluding the nonrecurring costs recorded in fiscal 2011, this represents growth of 10% - 13% over 2011’s $3.60 per diluted share. Most of the expected earnings growth is expected to occur in the latter part of 2012.

g)

Net inventories increasing approximately 15%.

h)

Capital expenditures of approximately $240 million.

 

Today’s Conference Call:

The Company will hold a conference call today at 8:30 a.m. (Eastern Time) to review these actual results and its outlook. Please click on http://investor.tiffany.com (“Events and Presentations”).

Next Scheduled Announcement:

The Company expects to report its first quarter results on Thursday May 24, 2012. To be notified of future announcements, please register at http://investor.tiffany.com (“E-Mail Alerts”).

Tiffany & Co. operates jewelry stores and manufactures products through its subsidiary corporations. Its principal subsidiary is Tiffany and Company. The Company operates TIFFANY & CO. retail stores in the Americas, Asia-Pacific, Japan and Europe and engages in direct selling through Internet, catalog and business gift operations. 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, operating margin, interest and other expenses, the effective income tax rate, net earnings, inventories and capital expenditures. 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 2010 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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