Tiffany & Co | Earnings Announcements in Brief

Report Date:

November 26, 2013

Ticker Symbol:

TIF : NYSE

Company Name:

Tiffany & Co.

Reporting period:

Q3-2013

REPORTING HIGHLIGHTS

• For the 3rd quarter, Tiffany & Co reported a 50% increase in Net Earnings, or $95M ($0.73/Diluted Share) largely as a result of a 7% increase in worldwide net sales and improved operating margins. This compares to $63M ($0.49/Diluted Share) from last year
• On a year-to-date basis (9 months ending Oct 31), Net Earnings came in at $285M or $2.21/Diluted Share. This represents a 20% improvement over the $237M ($1.85/Diluted Share) from a year ago
• Geographically, Total Sales in the Americas rose 4%, while those in Asia-Pacific increased by a healthy 27%. Total Sales from Europe increased 7%
• Gross Margins for the 3rd quarter increased to 57.0% compared to 54.4% last year. On a YTD basis though, Gross Margins rose to 56.9% compared to 56% a year earlier.

As at the reporting date, Tiffany & Co operated 283 stores globally, including 6 new locations opened this year – in Paramus, New Jersey, Cleveland, Ohio, West Edmonton, Canada and Curitiba, Brazil; in Stuttgart, Germany; and in Jinan, China.

As a result of this strong showing, company Management has revised the full-year Net Earnings outlook for its fiscal year ending Jan 1, 2014 from the previous estimate of $3.50-$3.60/Diluted Share to $3.65-$3.75/Diluted Share.