Tiffany & Co Financial Information
First Quarter 2009 vs. 2008 GAAP Reported Translation Constant- Net Sales: (7)% (13)% Comparable Store Sales: (9)% ASSETS LIABILITIES AND STOCKHOLDERS' EQUITY
Effect
Exchange-
Rate BasisWorldwide (22)% (4)% (18)% Americas (31)% (1)% (30)% U.S. (31)% -- (31)% Asia-Pacific (9)% (2)% Japan (7)% 6% Other Asia-Pacific (11)% (15)% 4% Europe (8)% (26)% 18% Worldwide (24)% (3)% (21)% Americas (34)% (2)% (32)% U.S. (34)% -- (34)% Asia-Pacific (10)% (1)% 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 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 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
Second Quarter 2009 vs. 2008 | First Half 2009 vs. 2008 | |||||||||||||||||||
GAAP Reported | Translation Effect | Constant- Exchange- Rate Basis | GAAP Reported | Translation Effect | Constant- Exchange- Rate Basis | |||||||||||||||
Net Sales: | ||||||||||||||||||||
| Worldwide | (16 | )% | (2 | )% | (14 | )% | (19 | )% | (3 | )% | (16 | )% | ||||||||
| Americas | (23 | )% | (1 | )% | (22 | )% | (27 | )% | (1 | )% | (26 | )% | ||||||||
| U.S. | (25 | )% | - | (25 | )% | (28 | )% | - | (28 | )% | ||||||||||
| Asia-Pacific | (1 | )% | 2 | % | (3 | )% | (5 | )% | - | (5 | )% | |||||||||
| Japan | (4 | )% | 9 | % | (13 | )% | (5 | )% | 8 | % | (13 | )% | ||||||||
Other Asia-Pacific | 6 | % | (8 | )% | 14 | % | (3 | )% | (12 | )% | 9 | % | ||||||||
| Europe | (4 | )% | (17 | )% | 13 | % | (6 | )% | (21 | )% | 15 | % | ||||||||
Comparable Store Sales: | ||||||||||||||||||||
| Worldwide | (17 | )% | (1 | )% | (16 | )% | (20 | )% | (2 | )% | (18 | )% | ||||||||
| Americas | (26 | )% | (1 | )% | (25 | )% | (30 | )% | (1 | )% | (29 | )% | ||||||||
| U.S. | (27 | )% | - | (27 | )% | (30 | )% | - | (30 | )% | ||||||||||
| Asia-Pacific | (2 | )% | 2 | % | (4 | )% | (6 | )% | 1 | % | (7 | )% | ||||||||
| Japan | (1 | )% | 10 | % | (11 | )% | (4 | )% | 8 | % | (12 | )% | ||||||||
| Other Asia-Pacific | (3 | )% | (8 | )% | 5 | % | (10 | )% | (10 | )% | - | |||||||||
| Europe | (10 | )% | (15 | )% | 5 | % | (14 | )% | (18 | )% | 4 | % | ||||||||
| TIFFANY & CO. AND SUBSIDIARIES | |||||||||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS | |||||||||||||||||
| (Unaudited, in thousands, except per share amounts) | |||||||||||||||||
Three Months Ended July 31, | Six Months Ended July 31, | ||||||||||||||||
2009 | 2008 | 2009 | 2008 | ||||||||||||||
| Net sales | $ | 612,493 | $ | 729,634 | $ | 1,130,108 | $ | 1,395,114 | |||||||||
| Cost of sales | 275,041 | 307,758 | 503,437 | 593,220 | |||||||||||||
| Gross profit | 337,452 | 421,876 | 626,671 | 801,894 | |||||||||||||
| Selling, general and administrative expenses | 247,898 | 287,547 | 477,603 | 560,879 | |||||||||||||
| Earnings from continuing operations | 89,554 | 134,329 | 149,068 | 241,015 | |||||||||||||
| Interest and other expenses, net | 12,132 | 3,340 | 24,572 | 4,845 | |||||||||||||
| Earnings from continuing operations before income taxes | 77,422 | 130,989 | 124,496 | 236,170 | |||||||||||||
| Provision for income taxes | 20,705 | 48,349 | 40,336 | 86,984 | |||||||||||||
| Net earnings from continuing operations | 56,717 | 82,640 | 84,160 | 149,186 | |||||||||||||
| Net earnings (loss) from discontinued operations | 59 | (1,870 | ) | (3,043 | ) | (4,026 | ) | ||||||||||
| Net earnings | $ | 56,776 | $ | 80,770 | $ | 81,117 | $ | 145,160 | |||||||||
| Net earnings from continuing operations per share: | |||||||||||||||||
| Basic | $ | 0.46 | $ | 0.66 | $ | 0.68 | $ | 1.18 | |||||||||
| Diluted | $ | 0.46 | $ | 0.64 | $ | 0.68 | $ | 1.16 | |||||||||
| Net earnings per share: | |||||||||||||||||
| Basic | $ | 0.46 | $ | 0.64 | $ | 0.65 | $ | 1.15 | |||||||||
| Diluted | $ | 0.46 | $ | 0.63 | $ | 0.65 | $ | 1.13 | |||||||||
| Weighted-average number of common shares: | |||||||||||||||||
| Basic | 124,081 | 125,714 | 124,041 | 126,086 | |||||||||||||
| Diluted | 124,523 | 128,177 | 124,343 | 128,451 | |||||||||||||
| TIFFANY & CO. AND SUBSIDIARIES | ||||||||||||
| CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||||||
| (Unaudited, in thousands) | ||||||||||||
July 31, | January 31, | July 31, | ||||||||||
2009 | 2009 | 2008 | ||||||||||
ASSETS | ||||||||||||
| Current assets: | ||||||||||||
| Cash and cash equivalents | $ | 333,603 | $ | 160,445 | $ | 152,156 | ||||||
| Accounts receivable, net | 140,025 | 164,447 | 181,109 | |||||||||
| Inventories, net | 1,538,514 | 1,601,236 | 1,511,921 | |||||||||
| Deferred income taxes | 12,303 | 13,640 | 30,774 | |||||||||
| Prepaid expenses and other current assets | 99,473 | 108,966 | 69,484 | |||||||||
| Total current assets | 2,123,918 | 2,048,734 | 1,945,444 | |||||||||
| Property, plant and equipment, net | 707,176 | 741,048 | 745,304 | |||||||||
| Other assets, net | 314,375 | 312,501 | 341,928 | |||||||||
| $ | 3,145,469 | $ | 3,102,283 | $ | 3,032,676 | |||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||||||
| Current liabilities: | ||||||||||||
| Short-term borrowings | $ | 40,754 | $ | 242,966 | $ | 240,535 | ||||||
| Current portion of long-term debt | - | 40,426 | 104,560 | |||||||||
| Accounts payable and accrued liabilities | 155,659 | 223,566 | 189,714 | |||||||||
| Income taxes payable | 18,245 | 27,653 | 14,956 | |||||||||
| Merchandise and other customer credits | 64,607 | 67,311 | 67,816 | |||||||||
| Total current liabilities | 279,265 | 601,922 | 617,581 | |||||||||
| Long-term debt | 710,994 | 425,412 | 294,096 | |||||||||
| Pension/postretirement benefit obligations | 209,158 | 200,603 | 83,390 | |||||||||
| Other long-term liabilities | 142,945 | 152,334 | 142,063 | |||||||||
| Deferred gains on sale-leasebacks | 129,665 | 133,641 | 139,438 | |||||||||
| Stockholders' equity | 1,673,442 | 1,588,371 | 1,756,108 | |||||||||
| $ | 3,145,469 | $ | 3,102,283 | $ | 3,032,676 | |||||||
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