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Management at Tiffany introduces financial objectives for 2010
24
Mar '10
Tiffany & Co. reported that worldwide sales rose 17% in its fourth quarter ended January 31, 2010. This increase reflected broad-based growth in the Americas, Asia-Pacific and European regions. Net earnings from continuing operations were $1.09 per diluted share in the quarter. Full year sales declined 5% to $2.7 billion and net earnings from continuing operations increased 15% to $2.12 per diluted share (earnings in both years included nonrecurring charges - see attached "Non-GAAP Measures" schedule).

Management also introduced its financial objectives for 2010.

In the three months (fourth quarter) ended January 31, 2010:
- Net sales increased 17% to $981.4 million, compared with $837.6 million in last year's fourth quarter. On a constant-exchange-rate basis, which excludes the effect of translating foreign-currency-denominated sales into U.S. dollars, worldwide net sales rose 13% and comparable store sales rose 8%.

- Net earnings from continuing operations were $138.2 million, or $1.09 per diluted share, versus $37.4 million, or $0.30 per diluted share, in last year's fourth quarter. In last year's fourth quarter, the Company recorded nonrecurring items which, in total, reduced net earnings from continuing operations by $0.56 per diluted share. Net earnings were $140.4 million, or $1.10 per diluted share, versus $31.1 million, or $0.25 per diluted share, in last year's fourth quarter.

In the full year (fiscal 2009) ended January 31, 2010:
- Net sales were $2.71 billion, or 5% below $2.85 billion in the prior year. On a constant-exchange-rate basis, worldwide net sales and comparable store sales declined 5% and 8%.

- Net earnings from continuing operations were $265.7 million, or $2.12 per diluted share, compared with $232.2 million, or $1.84 per diluted share, in the prior year. In fiscal 2009, the Company recorded various nonrecurring items that benefited net earnings from continuing operations by $0.08 per diluted share. In fiscal 2008, the Company recorded nonrecurring items that reduced net earnings from continuing operations by $0.55 per diluted share. Net earnings were $264.8 million, or $2.11 per diluted share, versus $220.0 million, or $1.74 per diluted share, in 2008.

Financial results for the Iridesse subsidiary are classified as discontinued operations for the current and prior-year periods. This change in classification began in the second quarter of 2009.

Michael J. Kowalski, chairman and chief executive officer,said, "We were very pleased with the sales results in the fourth quarter which reflected growth in most countries, product categories and price points. Notwithstanding the global economic challenges over the past year, the decisive measures we took to control spending were successful and, combined with the considerable and growing international awareness of the TIFFANY & CO. brand, helped us to generate strong earnings and free cash flow."

Click here for Net sales by segment:

Tiffany & Co


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