Tiffany Reports Third Quarter EPS of $.43

Tiffany & Co. TIF reported a 14% increase in its worldwide net sales for the third quarter ended October 31, 2010, with growth occurring in all geographic regions.

• Worldwide net sales increased 14% to $681.7 million. On a constant-exchange-rate basis, which excludes the effect of translating foreign-currency-denominated sales into U.S. dollars, worldwide net and comparable store sales increased 12% and 7% (see “Non-GAAP Measures” schedule).
• Net earnings from continuing operations increased 27% to $55.1 million, or $0.43 per diluted share, versus $43.3 million, or $0.34 per diluted share, last year.
• Earnings in 2010's third quarter include $0.03 per diluted share of expenses (see SG&A expenses below) related to the pending relocation of Tiffany's New York headquarters staff. Earnings in 2009's third quarter included a nonrecurring net benefit of $0.01 per diluted share from tax benefits that were partly offset by a charge related to a diamond sourcing agreement. Excluding those items, net earnings from continuing operations rose 43%.