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Tiffany Comparable store sales decline in Q4 2007

24
Mar '08
(ii) In the fourth quarter, the Company recorded a pre-tax impairment charge of $15,532,000, or $0.07 per diluted share after tax, in selling, general and administrative (“SG&A”) expenses; this charge resulted from lower-than-expected store performance and a related reduction in future cash flow projections associated with the Company's IRIDESSE subsidiary.

(iii) In the fourth quarter, the Company recorded a pre-tax impairment charge of $47,981,000, or $0.22 per diluted share after tax, in SG&A expenses to reflect the expectation that loans made by the Company to Tahera Diamond Corporation (“Tahera”) will not be repaid. This charge represents the full amount of loans to Tahera, inclusive of accrued interest. In January 2008, Tahera sought judicial protection from creditors.

(iv) In the third quarter, the Company completed the sale-leaseback of the multi-tenant building housing its Tokyo flagship store for proceeds of $327,537,000. The Company recorded as other operating income a pre-tax gain of $105,051,000, or $0.48 per diluted share after tax; a deferred pre-tax gain of $75,244,000 will be amortized in SG&A expenses over the 15-year lease period. The Company contributed $10,000,000, or $0.04 per diluted share after tax, of the proceeds to The Tiffany & Co. Foundation.

(v) In the third quarter, the Company sold its Little Switzerland business for proceeds of $32,870,000. The Company's full year pre-tax loss associated with Little Switzerland of $59,661,000, or $0.20 per diluted share after tax, included a pre-tax charge of $54,260,000, or $0.16 per diluted share after tax, tied to the sale. In the prior year, a full year loss associated with Little Switzerland of $15,873,000, or $0.11 per diluted share after tax, included a pre-tax charge of $6,893,000, or $0.05 per diluted share after tax, in the fourth quarter related to the impairment of total goodwill. In both years, these results are recorded in losses from discontinued operations.

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