For Fashion

Located adjacent to the world's largest Polo store, the Chicago Flagship on Michigan Avenue, RL Restaurant represents Ralph Lauren's debut into the restaurant industry. Opened in 1999, the restaurant features the vision and décor of Ralph Lauren and modern city-club cuisine.

The food is inspired by American classics - seafood, steaks, chops, salads, sandwiches - a menu that stands apart from fashion and trends. Some of our more popular items are prepared tableside. Our cuisine combines with a unique club atmosphere-- where even the first time diner is treated as a member.

Our dress code is smart business casual. Reservations are suggested and walk-ins are welcomed. We accept American Express, Visa, MasterCard and Diners Club.

To make a reservation, you may either reserve online now or simply call us a 312-475-1100.

http://rlrestaurant.polo.com/about.asp

http://www.rugby.com/cafe/default.aspx?ab=bottomnav_r_RugbyCafe

TIFFANY TO OPEN SECOND BOUTIQUE AT LONDON'S HEATHROW AIRPORT

NEW YORK, NY (September 25, 2009) -- Tiffany & Co. (NYSE: TIF) today announced plans to open a second boutique at London's Heathrow Airport in December 2009. The approximately 86 square meters (900-square-feet) boutique will be located at the airport's Terminal 3 that is designed to provide the increasing flow of passengers with comforts and amenities to enhance their travel experience.

The new boutique, the jeweler's eighth location in London, follows the success of the Tiffany & Co. boutique that opened at Terminal 5 in 2008. Like its predecessor, the new boutique will feature architectural details of the famous New York flagship store, including ebonized Makore and mahogany woods and brushed stainless steel showcases.

"Based on the success of our boutique at Heathrow's Terminal 5, we have seen that visitors traveling through Heathrow are delighted by the presence and convenience of a Tiffany airport boutique," said Melvyn Kirtley, Tiffany & Co. group vice president Europe. "We look forward to welcoming travelers and providing them with the quality, craftsmanship and outstanding service for which Tiffany is renowned."

The celebrated TIFFANY & CO. collections that will be offered in the new boutique include diamonds in platinum and 18 karat gold settings, fine and fashion jewelry, as well as sterling silver jewelry and gifts.

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. Additional information can be found on Tiffany's web site, uk.tiffany.com.

In response to the events of September 11, 2001, Polo Ralph Lauren raised $4 million for relief efforts and established a college scholarship fund for children of victims of the attacks.

In addition to the scholarship fund, Polo Ralph Lauren bestowed major gifts to the Twin Towers Fund, the American Red Cross and the New York Police and Fire Widows’ & Children’s Benefit Fund

Polo Ralph Lauren Employees share their time and talents as
volunteers with non-profit community-based organizations.

Polo Volunteers comprises company-wide initiatives, the Polo
Adopt-a-School program and special projects.

Recent Initiatives include:
Habitat for Humanity
God’s Love We Deliver
Polo’s Adopt-a-School Program
AIDS WALK
Free Arts Day
Light the Night Walk
Park Improvement
Race to Deliver
Ralph Lauren Center
City Harvest
Food Banks

With a focus on breast cancer, Pink Pony supports programs for early diagnosis, education, treatment and research and is dedicated to bringing patient navigation and quality cancer care to medically underserved communities. Ten percent of proceeds from Pink Pony products benefits the Pink Pony Fund.

In the United States, Tiffany & Co. is also working to support reform of the
General Mining Law of 1872 and to pass legislation to assist in cleaning up
abandoned hardrock mines.

We agree with many in the environmental community, the mining industry and
Congress that an overhaul of federal mining law is long overdue. Tiffany also
understands that achieving mining law reform will require hard work, negotiation,
compromise and creativity in a public, transparent process.

We believe that mining on our public lands should be a privilege and must be carefully
measured against alternative uses, including recreation and conservation. Most
importantly, we recognize that some public lands are simply not suitable for
mining, and that their value for recreation and conservation is far greater than
their value as a source of materials.

If reforms are to succeed, we believe taxpayers must be fairly compensated
for minerals taken from public lands, that protection of the environment must
be enhanced and that business certainty for companies and communities
dependent on mining must be improved.

Tiffany & Co. has publicly—and actively—opposed inappropriate mine
development on environmentally and culturally sensitive lands. We will
continue to do so in the future.

The toxic legacy of abandoned mines in the American West is also a matter of
great concern to Tiffany. Under current law, government entities, nonprofits,
private parties and other organizations may incur liability for voluntarily cleaning
up mine-related pollution they did not cause. Tiffany supports protection of
these "Good Samaritans" to encourage efforts to effectively deal with these
mines and to establish a permanent source of funding for them.

http://www.tiffany.com/sustainability/conservation.aspx

While some companies tout their eco and green moves above all things, Tiffany & Co. has made small, incremental and lasting changes in the way they do business. The company's work in environmental protection and sustainability was recently honored with the Corporate Responsibility Award from theEnvironmental Media Association. The awards, held earlier this month in Los Angeles, honor projects in the entertainment world and responsible institutions that bring eco-minded issues to light. Tiffany Chairman and Chief Executive Officer Mike Kowalski said in his acceptance speech that Tiffany will continue to focus on ways to obtain precious metals and gemstones and craft jewelry that are socially and environmentally responsible. Tiffany's Foundation has supported many smaller jewelry companies which are working on sustainable projects through grants. While I still wish that Tiffany put these in brighter focus on their consumer website there is no denying the powerful force for good they can be and hopefully will continue to be in the jewelry world.

POLO RALPH LAUREN CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS

March 28,

2009 March 29,

2008 March 31,

2007

Fiscal Years Ended

(millions, except per share data)

Net sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 4,823.7 $ 4,670.7 $ 4,059.1

Licensing revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 195.2 209.4 236.3

Net revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,018.9 4,880.1 4,295.4

Cost of goods sold(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2,288.2) (2,242.0) (1,959.2)

Gross profit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,730.7 2,638.1 2,336.2

Other costs and expenses:

Selling, general and administrative expenses(a) . . . . . . . . . . . . . . . . . . . . (2,036.0) (1,932.5) (1,663.4)

Amortization of intangible assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (20.2) (47.2) (15.6)

Impairments of assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (55.4) (5.0) —

Restructuring charges . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (23.6) — (4.6)

Total other costs and expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2,135.2) (1,984.7) (1,683.6)

Operating income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 595.5 653.4 652.6

Foreign currency gains (losses) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.6 (6.4) (1.5)

Interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (26.6) (25.7) (21.6)

Interest and other income, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22.0 24.7 26.1

Equity in income (loss) of equity-method investees . . . . . . . . . . . . . . . . . (5.0) (1.8) 3.0

Minority interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — (2.1) (15.3)

Income before provision for income taxes . . . . . . . . . . . . . . . . . . . . . . 587.5 642.1 643.3

Provision for income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (181.5) (222.3) (242.4)

Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 406.0 $ 419.8 $ 400.9

Net income per common share:

Basic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 4.09 $ 4.10 $ 3.84

Diluted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 4.01 $ 3.99 $ 3.73

Weighted average common shares outstanding:

Basic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 99.2 102.3 104.4

Diluted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 101.3 105.2 107.6

Dividends declared per share . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 0.20 $ 0.20 $ 0.20

(a)

Includes total depreciation expense of: . . . . . . . . . . . . . . . . . . . . . . . . $ (164.2) $ (154.1) $ (129.1)

POLO RALPH LAUREN CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

March 28,

2009 March 29,

2008 March 31,

2007

Fiscal Years Ended

(millions)

Cash flows from operating activities:

Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 406.0 $ 419.8 $ 400.9

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 184.4 201.3 144.7

Deferred income tax expense (benefit) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (35.1) (7.7) (112.4)

Minority interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 2.1 15.3

Equity in loss (income) of equity-method investees, net of dividends received . . . . . 5.0 1.8 (1.0)

Non-cash stock-based compensation expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49.7 70.7 43.6

Non-cash impairments of assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55.4 5.0 —

Non-cash provision for bad debt expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13.9 2.6 1.9

Loss on disposal of property and equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — 3.3

Non-cash foreign currency (gains) losses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.3 (1.3) 6.2

Non-cash restructuring charges . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.6 — 1.1

Non-cash litigation-related charges (reversals of excess reserves) . . . . . . . . . . . . . . 5.6 (4.1) 3.0

Changes in operating assets and liabilities:

Accounts receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.1 10.0 26.4

Inventories . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (10.5) 81.8 (32.2)

Accounts payable and accrued liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55.2 (10.8) 38.7

Deferred income liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (25.7) (2.7) 202.6

Other balance sheet changes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65.3 (73.1) 54.0

Net cash provided by operating activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 774.2 695.4 796.1

Cash flows from investing activities:

Acquisitions and ventures, net of cash acquired and purchase price settlements . . . . (46.3) (188.7) (176.1)

Purchases of investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (623.1) (96.8) —

Proceeds from sales and maturities of investments . . . . . . . . . . . . . . . . . . . . . . . . . 369.5 12.7 —

Capital expenditures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (185.0) (217.1) (184.0)

Change in restricted cash deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26.9 (15.1) (74.5)

Net cash used in investing activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (458.0) (505.0) (434.6)

Cash flows from financing activities:

Proceeds from issuance of debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 168.9 380.0

Repayment of debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (196.8) — (291.6)

Debt issuance costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — (0.3) (2.6)

Payments of capital lease obligations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (6.7) (7.7) (5.0)

Payments of dividends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (19.9) (20.5) (20.9)

Distributions to minority interest holders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — (4.5)

Repurchases of common stock, including shares surrendered for tax withholdings . . . (169.8) (475.4) (231.3)

Proceeds from exercise of stock options . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29.0 40.1 51.4

Termination of interest rate swap agreements . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — (4.4)

Excess tax benefits from stock-based compensation arrangements . . . . . . . . . . . . . . 12.1 34.4 33.7

Net cash used in financing activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (352.1) (260.5) (95.2)

Effect of exchange rate changes on cash and cash equivalents . . . . . . . . . . . . . . . . . . (34.4) 57.7 11.9

Net increase (decrease) in cash and cash equivalents . . . . . . . . . . . . . . . . . . . . . . . . . (70.3) (12.4) 278.2

Cash and cash equivalents at beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . . . 551.5 563.9 285.7

Cash and cash equivalents at end of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 481.2 $ 551.5 $ 563.9

http://investor.RalphLauren.com/

First Quarter 2009 vs. 2008
		GAAP Reported		Translation Effect		Constant- Exchange- Rate Basis
Net Sales:
Worldwide		(22)%		(4)%		(18)%
Americas		(31)%		(1)%		(30)%
U.S.		(31)%		--		(31)%
Asia-Pacific		(9)%		(2)%		(7)%
Japan		(7)%		6%		(13)%
Other Asia-Pacific		(11)%		(15)%		4%
Europe		(8)%		(26)%		18%
Comparable Store Sales:
Worldwide		(24)%		(3)%		(21)%
Americas		(34)%		(2)%		(32)%
U.S.		(34)%		--		(34)%
Asia-Pacific		(10)%		(1)%		(9)%
Japan		(6)%		7%		(13)%
Other Asia-Pacific		(16)%		(11)%		(5)%
Europe		(19)%		(22)%		3%

TIFFANY & CO. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(Unaudited, in thousands, except per share amounts)
			Three Months Ended April 30,
			2009			2008
Net sales		$	523,059		$	668,149
Cost of sales			232,032			286,895
Gross profit			291,027			381,254
Selling, general and administrative expenses			236,587			277,945
Earnings from operations			54,440			103,309
Interest and other expenses, net			12,444			1,508
Earnings from operations before income taxes			41,996			101,801
Provision for income taxes			17,655			37,411
Net earnings		$	24,341		$	64,390
Net earnings per share:
Basic		$	0.20		$	0.51
Diluted		$	0.20		$	0.50
Weighted-average number of common shares:
Basic			124,001			126,458
Diluted			124,164			128,773

TIFFANY & CO. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited, in thousands)
			April 30,		January 31,				April 30,
			2009			2009			2008
ASSETS
Current assets:
Cash and cash equivalents		$	303,729		$	160,445		$	159,625
Accounts receivable, net			135,437			164,447			193,154
Inventories, net			1,553,717			1,601,236			1,466,166
Deferred income taxes			12,130			13,640			27,388
Prepaid expenses and other current assets			120,772			108,966			86,784
Total current assets			2,125,785			2,048,734			1,933,117
Property, plant and equipment, net			721,452			741,048			742,116
Other assets, net			315,015			312,501			334,618
		$	3,162,252		$	3,102,283		$	3,009,851
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Short-term borrowings		$	74,199		$	242,966		$	199,421
Current portion of long-term debt			40,170			40,426			65,728
Accounts payable and accrued liabilities			163,102			223,566			175,777
Income taxes payable			25,324			27,653			49,979
Merchandise and other customer credits			64,239			67,311			68,573
Total current liabilities			367,034			601,922			559,478
Long-term debt			707,477			425,412			346,010
Pension/postretirement benefit obligations			203,550			200,603			81,836
Other long-term liabilities			151,977			152,334			134,422
Deferred gains on sale-leasebacks			125,555			133,641			144,577
Stockholders' equity			1,606,659			1,588,371			1,743,528
		$	3,162,252		$	3,102,283		$	3,009,851