Tiffany & Co. (TIF, Financial) filed Quarterly Report for the period ended 2009-10-31.
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. Tiffany & Co. has a market cap of $5.34 billion; its shares were traded at around $43.07 with a P/E ratio of 24 and P/S ratio of 1.8. The dividend yield of Tiffany & Co. stocks is 1.6%. Tiffany & Co. had an annual average earning growth of 10.9% over the past 10 years. GuruFocus rated Tiffany & Co. the business predictability rank of 4-star.
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ASSETS
Current assets:
Cash and cash equivalents $ 374,871 $ 160,445 $ 160,376
Accounts receivable, less allowances
of $10,204, $9,934 and $7,403 150,895 164,447 164,269
Inventories, net 1,541,888 1,601,236 1,638,479
Deferred income taxes 12,521 13,640 33,069
Prepaid expenses and other current assets 126,400 108,966 70,375
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Total current assets 2,206,575 2,048,734 2,066,568
Three Months Ended Nine Months Ended
October 31, October 31,
- -
2009 2008 2009 2008
- - - -
Net sales $ 598,212 $ 616,152 $ 1,728,320 $ 2,011,266
Cost of sales 270,409 269,027 773,846 862,247
- - - -
Gross profit 327,803 347,125 954,474 1,149,019
Selling, general and administrative expenses 260,986 265,622 738,589 826,501
- - - -
Earnings from continuing operations 66,817 81,503 215,885 322,518
Interest and other expenses, net 11,326 14,449 35,898 19,294
- - - -
Earnings from continuing operations before 55,491 67,054 179,987 303,224
income taxes
Provision for income taxes 12,182 21,498 52,518 108,482
- - - -
Net earnings from continuing operations 43,309 45,556 127,469 194,742
Net earnings (loss) from discontinued operations 30 (1,779) (3,013) (5,805)
- - - -
Net earnings $ 43,339 $ 43,777 $ 124,456 $ 188,937
= = = =
Earnings per share:
Basic
Net earnings from continuing operations $ 0.35 $ 0.37 $ 1.03 $ 1.56
Net loss from discontinued operations - (0.02) (0.03) (0.05)
- - - -
Net earnings $ 0.35 $ 0.35 $ 1.00 $ 1.51
= = = =
Diluted
Net earnings from continuing operations $ 0.34 $ 0.36 $ 1.02 $ 1.53
Net earnings (loss) from discontinued operations - (0.01) (0.02) (0.04)
- - - -
Net earnings $ 0.35 $ 0.35 $ 1.00 $ 1.49
= = = =
Accumulated
Total Other Additional
Stockholders' Retained Comprehensive Common Stock Paid-In
Equity Earnings (Loss) Gain Shares Amount Capital
-
Balances, January 31, 2009 $ 1,588,371 $ 971,299 $ (71,433) 123,844 $ 1,238 $ 687,267
Exercise of stock options and vesting of
restricted stock units ("RSUs") 6,347 - - 460 5 6,342
Tax effect of exercise of stock options and
vesting of RSUs (881) - - - - (881)
Share-based compensation expense 18,407 - - - - 18,407
Purchase of noncontrolling interests (20,460) - - - - (20,460)
Cash dividends on Common Stock (63,384) (63,384) - - - -
Deferred hedging gain, net of tax 5,632 - 5,632 - - -
Unrealized gain on marketable securities, net
of tax 3,815 - 3,815 - - -
Foreign currency translation adjustments, net
of tax 48,363 - 48,363 - - -
Net unrealized loss on benefit plans,
net of tax (22) - (22) - - -
Net earnings 124,456 124,456 - - - -
-
Balances, October 31, 2009 $ 1,710,644 $ 1,032,371 $ (13,645) 124,304 $ 1,243 $ 690,675
=
Three Months Ended Nine Months Ended
October 31, October 31,
- -
2009 2008 2009 2008
- -
Comprehensive earnings are as follows:
Net earnings $ 43,339 $ 43,777 $124,456 $188,937
Other comprehensive gain (loss), net of tax:
Deferred hedging gain (loss) 1,808 (9,450) 5,632 (8,875)
Foreign currency translation adjustments 20,645 (39,469) 48,363 (32,803)
Unrealized gain (loss) on marketable securities 915 (4,633) 3,815 (5,701)
Net unrealized (loss) gain on benefit plans (40) 34 (22) 207
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Comprehensive earnings $ 66,667 $ (9,741) $182,244 $141,765
= = = =
Three Months Ended October 31, Nine Months Ended October 31,
-
(in thousands) 2009 2008 2009 2008
-
Net sales $ 1,044 $ 2,078 $ 13,231 $ 7,516
=
Earnings (loss) before 13 (2,986) (5,894) (9,204)
income taxes
Benefit from income taxes 17 1,207 2,881 3,399
-
Net earnings (loss) from $ 30 $ (1,779) $ (3,013) $ (5,805)
discontinued operations
=
October 31, January 31, October 31,
(in thousands) 2009 2009 2008
-
Finished goods $ 1,046,648 $ 1,115,333 $ 1,142,827
Raw materials 438,360 416,805 402,824
Work-in-process 56,880 69,098 92,828
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Inventories, net $ 1,541,888 $ 1,601,236 $ 1,638,479
=
Read the The complete ReportTIF is in the portfolios of John Rogers of ARIEL CAPITAL MANAGEMENT LLC, Brian Rogers of T Rowe Price Equity Income Fund, Ron Baron of Baron Funds, Kenneth Fisher of Fisher Asset Management, LLC, John Hussman of Hussman Economtrics Advisors, Inc., Chuck Royce of ROYCE & ASSOCIATES, Paul Tudor Jones of The Tudor Group, Bruce Kovner of Caxton Associates, George Soros of Soros Fund Management LLC.
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. Tiffany & Co. has a market cap of $5.34 billion; its shares were traded at around $43.07 with a P/E ratio of 24 and P/S ratio of 1.8. The dividend yield of Tiffany & Co. stocks is 1.6%. Tiffany & Co. had an annual average earning growth of 10.9% over the past 10 years. GuruFocus rated Tiffany & Co. the business predictability rank of 4-star.
Highlight of Business Operations:
October 31, 2009 January 31, 2009 October 31, 2008- - -
ASSETS
Current assets:
Cash and cash equivalents $ 374,871 $ 160,445 $ 160,376
Accounts receivable, less allowances
of $10,204, $9,934 and $7,403 150,895 164,447 164,269
Inventories, net 1,541,888 1,601,236 1,638,479
Deferred income taxes 12,521 13,640 33,069
Prepaid expenses and other current assets 126,400 108,966 70,375
- - -
Total current assets 2,206,575 2,048,734 2,066,568
Three Months Ended Nine Months Ended
October 31, October 31,
- -
2009 2008 2009 2008
- - - -
Net sales $ 598,212 $ 616,152 $ 1,728,320 $ 2,011,266
Cost of sales 270,409 269,027 773,846 862,247
- - - -
Gross profit 327,803 347,125 954,474 1,149,019
Selling, general and administrative expenses 260,986 265,622 738,589 826,501
- - - -
Earnings from continuing operations 66,817 81,503 215,885 322,518
Interest and other expenses, net 11,326 14,449 35,898 19,294
- - - -
Earnings from continuing operations before 55,491 67,054 179,987 303,224
income taxes
Provision for income taxes 12,182 21,498 52,518 108,482
- - - -
Net earnings from continuing operations 43,309 45,556 127,469 194,742
Net earnings (loss) from discontinued operations 30 (1,779) (3,013) (5,805)
- - - -
Net earnings $ 43,339 $ 43,777 $ 124,456 $ 188,937
= = = =
Earnings per share:
Basic
Net earnings from continuing operations $ 0.35 $ 0.37 $ 1.03 $ 1.56
Net loss from discontinued operations - (0.02) (0.03) (0.05)
- - - -
Net earnings $ 0.35 $ 0.35 $ 1.00 $ 1.51
= = = =
Diluted
Net earnings from continuing operations $ 0.34 $ 0.36 $ 1.02 $ 1.53
Net earnings (loss) from discontinued operations - (0.01) (0.02) (0.04)
- - - -
Net earnings $ 0.35 $ 0.35 $ 1.00 $ 1.49
= = = =
Accumulated
Total Other Additional
Stockholders' Retained Comprehensive Common Stock Paid-In
Equity Earnings (Loss) Gain Shares Amount Capital
-
Balances, January 31, 2009 $ 1,588,371 $ 971,299 $ (71,433) 123,844 $ 1,238 $ 687,267
Exercise of stock options and vesting of
restricted stock units ("RSUs") 6,347 - - 460 5 6,342
Tax effect of exercise of stock options and
vesting of RSUs (881) - - - - (881)
Share-based compensation expense 18,407 - - - - 18,407
Purchase of noncontrolling interests (20,460) - - - - (20,460)
Cash dividends on Common Stock (63,384) (63,384) - - - -
Deferred hedging gain, net of tax 5,632 - 5,632 - - -
Unrealized gain on marketable securities, net
of tax 3,815 - 3,815 - - -
Foreign currency translation adjustments, net
of tax 48,363 - 48,363 - - -
Net unrealized loss on benefit plans,
net of tax (22) - (22) - - -
Net earnings 124,456 124,456 - - - -
-
Balances, October 31, 2009 $ 1,710,644 $ 1,032,371 $ (13,645) 124,304 $ 1,243 $ 690,675
=
Three Months Ended Nine Months Ended
October 31, October 31,
- -
2009 2008 2009 2008
- -
Comprehensive earnings are as follows:
Net earnings $ 43,339 $ 43,777 $124,456 $188,937
Other comprehensive gain (loss), net of tax:
Deferred hedging gain (loss) 1,808 (9,450) 5,632 (8,875)
Foreign currency translation adjustments 20,645 (39,469) 48,363 (32,803)
Unrealized gain (loss) on marketable securities 915 (4,633) 3,815 (5,701)
Net unrealized (loss) gain on benefit plans (40) 34 (22) 207
- - - -
Comprehensive earnings $ 66,667 $ (9,741) $182,244 $141,765
= = = =
Three Months Ended October 31, Nine Months Ended October 31,
-
(in thousands) 2009 2008 2009 2008
-
Net sales $ 1,044 $ 2,078 $ 13,231 $ 7,516
=
Earnings (loss) before 13 (2,986) (5,894) (9,204)
income taxes
Benefit from income taxes 17 1,207 2,881 3,399
-
Net earnings (loss) from $ 30 $ (1,779) $ (3,013) $ (5,805)
discontinued operations
=
October 31, January 31, October 31,
(in thousands) 2009 2009 2008
-
Finished goods $ 1,046,648 $ 1,115,333 $ 1,142,827
Raw materials 438,360 416,805 402,824
Work-in-process 56,880 69,098 92,828
-
Inventories, net $ 1,541,888 $ 1,601,236 $ 1,638,479
=
Read the The complete ReportTIF is in the portfolios of John Rogers of ARIEL CAPITAL MANAGEMENT LLC, Brian Rogers of T Rowe Price Equity Income Fund, Ron Baron of Baron Funds, Kenneth Fisher of Fisher Asset Management, LLC, John Hussman of Hussman Economtrics Advisors, Inc., Chuck Royce of ROYCE & ASSOCIATES, Paul Tudor Jones of The Tudor Group, Bruce Kovner of Caxton Associates, George Soros of Soros Fund Management LLC.
