Industry News – Tiffany Reports Sales Increases

Tiffany & Co. (NYSE-TIF) today reported increases in sales and earnings in its fourth quarter and full year which ended January 31, 2003. Results were in line with the Company’s expectations.

In the three months (fourth quarter) ended January 31, 2003, net sales rose 9% to $619,013,000, compared with $565,759,000 a year ago. For the year ended January 31, 2003, net sales of $1,706,602,000 were 6% higher than $1,606,535,000 in the prior year.

The Company opened five stores in 2002, one of which replaced two hotel-based retail locations that were closed.

International Retail sales rose 8% to $231,108,000 in the fourth quarter and rose 4% to $683,489,000 for the year, representing 40% of annual net sales. In 2002, the Company opened two department-store retail locations and closed one in Japan, and opened retail locations in Korea, Taiwan and Paris.

Tiffany & Co. is an internationally renowned jeweler and specialty retailer with stores and boutiques in the Americas, Asia-Pacific and Europe.