Tiffany & Co.’s fiscal third-quarter earnings edged down 1% as lower costs nearly offset sales drops. The upscale jeweler enjoyed strong sales in Europe and most of Asia.

Tiffany boosted its earning view for the year, saying November is off to a good start and it is hopeful about sales through the rest of the holiday season.

Results improved in many product categories during the third quarter, especially later in the period, investor-relations chief Mark Aaron said in a conference call.

The change largely reflected easier comparisons to last year’s weak sales, “but we think may also reflect some improvement in underlying demand in some markets,” Mr. Aaron said. Tiffany sales are most soft in its highest-priced products.

The Asia-Pacific region, except for Japan, where demand is still weak, and Europe achieved better-than-expected sales. Those overseas results, combined with ongoing expense restraints, contributed to profit above Tiffany’s prior forecast.

Sales in the Americas dropped 9%, with U.S. sales at stores open at least a year down 10% and off 8% at its New York flagship store. The declines were less sharp than experienced earlier this year.

In Europe, sales rose 16% excluding foreign-exchange effects, with same-store sales up 9%. In the Asia-Pacific region, same-store sales declined 3%, with weak sales in Japan offsetting strength elsewhere in the region.

For the quarter ended Oct. 31, Tiffany posted a profit of $43.3 million, or 35 cents a share, from $43.8 million, or 35 cents a share, a year earlier. Earnings from continuing operations fell to 34 cents from 36 cents. Revenue decreased 2.9% to $598.2 million. Excluding currency changes, sales fell 5% and same-store sales declined 6%.

Analysts surveyed by Thomson Reuters had forecast a profit of 24 cents a share on $575 million in revenue.

For the fourth quarter, Tiffany anticipates a mid-single-digit percentage increase in sales. Analysts’ mean estimate calls for 6% growth to $892 million, according to a survey of analysts by Thomson Reuters.

Tiffany stock, which has almost doubled in 2009, rose 4.9% to $43.89 Wednesday in 4 p.m. composite trading on the New York Stock Exchange.

Tiffany is well-placed to gain market share as the economy improves and other jewelry chains go out of business because Tiffany has kept its cachet with restraint on promotions, said Edward Yruma, retail analyst at KeyBanc Capital Markets.

The jeweler raised its full-year guidance to $1.88 to $1.98 a share with sales down about 8%. The company’s prior forecast, from August, was for a profit of $1.65 to $1.75 on a 10% sales decline.

Gross margin fell to 54.8% from 56.3%. That was largely offset by overhead costs declining 2%, income-tax expenses slumping 43%, and interest and other costs falling 22%.

Credit: By Joan E. Solsman and Karen Talley

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David Luppino didn’t know what kind of a crowd the holidays would bring to the bike shop he opened in June on FishHawk Boulevard.

After all, Santa Claus wasn’t the only one tightening his belt in December.

“I wondered,” Luppino said, “are people gonna buy this year?”

The season, though, heralded a sweet sound: regularly ringing registers.

“We tripled the sales we expected for the month of December,” said Luppino, owner of Just Ride tiffany bracelets.

More people than ever before bought year-end closeout models to save $100 or more on a new bike, he said. Many came to check out used bikes Luppino took in on trade and posted on Craigslist.

“People were really out looking for good deals,” he said.

He also swiped fewer credit cards.

“There was definitely a spike in people paying cash or using debit cards,” he said.

Holiday shoppers also kept the sales staff hopping at The Green Boutique in Valrico.

“Last year was strong, but this year was stronger,” said Matt Creager, co-owner of the store in tiffany on sale Bella on Bloomingdale Avenue.

He thinks a variety of price points on items offered — from a few dollars to hundreds — brought the crowds in.

Creager said the “sink or swim” mentality many business owners have developed is working in their favor.

“There’s an increased enthusiasm, and some people are really going all out,” to market their products and stay in the game, he said. “They’re thinking outside the box and redefining things.”

Charles Tuozzo, owner of Designs in Jewelry in Valrico, didn’t sell much jewelry in December. But the increasing number of people who bring in their old gold to sell is keeping him in business.

“No one is buying jewelry,” he said. “But everyone is selling their old gold, and we melt it down. We have lawyers and doctors coming in to sell their gold.”

At Scuba Quest on State Road 60, a majority of shoppers seemed to have done their homework before they walked in the door.

“It was like people had been wanting certain gear for a long time so they were familiar with it,” said store employee Jerry Richardson.

The store, he said, stocked a lot of sales merchandise during the season.

“We did our best to accommodate people during hard tiffany sale,” he said.

The strategy paid off.

“It really was pretty good,” he said. “We were surprised.”

Reporter Laura Frazier can be reached at (813) 627-4767.

The Bon-Ton Stores, Inc. announced comparable store sales for the five weeks ended January 2, decreased 2.6 percent.

In a January 7 release, the company noted that total sales for the five weeks rings 3.0 percent to $511.1 million compared with $527.2 million for the prior year period.

Year-to-date comparable store sales decreased 6.1 percent. Year-to-date total sales decreased 6.0 percent to $2,779.7 million compared with $2,958.0 million for the same period last year.

Tony Buccina, Vice Chairman and President – Merchandising, said, “We are pleased with our December sales results, which exceeded expectations despite the snow storms that negatively impacted our performance on key selling days. Our eCommerce business continues to be the fastest growing segment of our company. Our best performing businesses were ladies’ accessories and jewelry, shoes, children’s and moderate missy sportswear. Outerwear and cold weather accessories posted strong sales results as well. Our weakest performing businesses were furniture, hard home and better missy sportswear. December end-of-month inventory was down 4 percent on a comparable store basis; this reduction, along with 22 percent less clearance bracelets, will benefit our margin. Our inventories reflect fresh, transitional merchandise and we are pleased with our customer’s positive response.”

Keith Plowman, Executive Vice President and Chief Financial Officer, said, “We ended December with excess borrowing capacity under our revolving credit facility of approximately $488 million, well above the required minimum availability of $75 million.”

Security Jewelers kept knocking on Amazon’s door, but the large Internet retailer wouldn’t let the small Duluth business into its vast marketplace.

After three years, the family-owned business got in — and a windfall followed.

In only four months on Amazon.com, Security Jewelers was named one of the Web site’s top holiday sellers, a tiffany note based on its net sales and customer service reviews.

“They check you out and they check you out and they check you out a little bit more,” said Security co-owner Jay Seiler. “They approved us in October and we sort of scrambled because they require a bit of technology to work with them. You don’t just plug items in and boom, boom, boom. I had some very talented database people working with me and we got the job done. I guess we did it well.”

Once a member of the Amazon community, Seiler said Security Jewelers put on a “full-court press” to capitalize on the enormous marketplace. He said Security Jewelers sold about 100 items in the month leading up to the winter holidays. It wasn’t expensive multi-carat jewelry, but smaller charms that cost less than $500 that were the biggest sellers.

“I was scrambling to fill orders in the last three weeks before Christmas,” Seiler said. “I was fast and furious. You wonder if you are doing it right. Am I meeting all their standards and all that?”

As Seiler knows, online sales continue to grow. Despite the economic recession, holiday spending online increased to $27 billion in the two months leading up to the holidays, which was a 5 percent jump from 2008 to 2009, according to marketing research firm comScore.

“People have really adapted to the Web,” said Brandon Knowles, owner of Faster Solutions, a Duluth-tiffanys Web design and Internet marketing firm. “They have gotten comfortable with making purchases and online reservations and bookings.”

Security Jewelers opened in 1924 and expanded online in about 1996.

“It was like the Yellow Pages, that is how we looked at the Internet,” Seiler said. “People would be searching for an item and they would find you that way. Back then the search engines weren’t what they are today. If you were on there, they would find you. It was before the time people even knew the terms ‘organic search’ or ‘keyword advertising’ or stuff like that.”

Since the introduction of optimizing your business to searches, Security Jewelers has doubled its online revenue nearly every year for a decade.

“Luckily, we are a small store that does a big business, so [online sales] is a relatively small part of our business, but it might be pushing 5 to 10 percent with all online — eBay, Amazon and our own Web site,” Seiler said.

Knowles said newer online capabilities allow businesses to more directly market to their customers and tailor product offerings to what they’ve included in their online shopping carts.

Businesses “can feature different items and they can match different products to what they are shopping for,” tiffany bangle said. “In the online retail environment, there is so much more control now. If someone is searching for a certain product, we can develop their [online] store to where we can say, ‘People that purchased this product were also interested in this, this and this.’ They can do a lot of cross-promotion and up-selling that will increase their sales, which is a lot more than they could do if [customers] just walked into their store.”

Security Jewelers, with fewer than 20 employees, operates at 307 W. Superior St. in downtown Duluth.

“It’s our one and only location,” Seiler said. “The smartest thing we never did was open more.”

That decision now seems downright prophetic with the advent of the Internet.

Travco Middle East announced recently the opening of the first Tiffany & Co. exclusive store at the Four tiffany bracelets posh shopping complex, the First Mall.
The store is ideally located at the center of the ground level and few steps away from the luxury retailers’ main entrance, offering easy access to its frequenters. ‘This is our third store in Egypt; two under the flagship of Fifth Avenue in Mohandeseen and City Stars and the first exclusive Tiffany & Co. store in Giza.Â
We are honored to be a part of this unique prestigious network, exposing the true quality and craftsmanship of Tiffany & Co.’ says Alia Sherif, Tiffany brand manager in Egypt. ‘As renowned of Tiffany & Co., the store presents a plethora of fashion jewelry, watches and a wide selection of gift items all signature designs of the internationally tiffany cufflinks Elsa Peretti, Paloma Picasso and Frank Gehry.’ Adds Ms. Sherif. Tiffany & Co., the jeweler at the centre of life’s greatest occasions, always introduces fresh, original collections – dedicated to every goal, dream, triumph and milestone worth the wait and work. Tiffany and Co. designs light up every cause for celebration with the sheer beauty and elegance of their designs. Each Tiffany gift is unsurpassed in quality by any measure, achieving an extraordinary presence that stars in special occasions and for generations to come. Wrapped in the Tiffany Blue Box®, international symbol of excellence, these consummate designs reflect the stringent standards with which the jeweler maintains its authority. In addition to its tradition of creating a wedding registry, the stores continue to offer the widest selection of gifts for life’s most precious moments; from baby showers to corporate gifts, engagement and anniversary rings and extraordinary pieces of home accessories. Tiffany & Co. is one of the world’s premier jewelers and one of the most respected names in fine jewelry. Today, there are more than one hundred Tiffany & Co. stores and boutiques around the world. Each location is distinguished by architectural elements of the famed Tiffany store on Fifth Avenue. The unique Marcony veneered showcases with linen interiors, stainless steel and tempered glass cases, and Atlas clock are all designed with excellence based on Tiffany & Co.’s standards worldwide. Once you enter any of Tiffany & Co. stores worldwide and it is immediately apparent what’s in store: the tiffany money clips level of design excellence.

 As it prepares to formally open a new store at the Atrium Mall in Newton Nov. 15, Tiffany & Co. wants tiffany to know its famous jewelry is as much for hoi polloi as for the carriage trade.
“Tiffany has been a well-kept secret,” asserts Michael J. Kowalski, the company’s president and chief operating officer. “We’ve been trying to aggressively communicate the message that Tiffany is more affordable than you think.”
On first hearing, that seems a bit of a stretch.
For example, Tiffany’s 1997 holiday catalog features diamond crab-shaped earrings for $ 6,900 – a gewgaw perhaps for the late Audrey Hepburn, star of “Breakfast at Tiffany’s,” but hardly a trinket that often turns up in the jewel box of a soccer mom.
Aside from fine diamonds, the Tiffany catalog also includes $ 17 crystal beer mugs, and an assortment of cigar tools, and golf gear, such as a $ 50 silver golf tee.
A luxury retailer can lose the cachet of exclusivity when it widens its customer base. So far, though, bangles – with its signature powder blue box – has kept its tony image even as it dabbles in TV advertising.
Management has “exhibited excellent execution” of its goal to “concurrently attract new customers, particularly young shoppers, without disturbing its carriage trade clientele,” Rodman & Renshaw analyst Harry A. Ikenson wrote in August.
As Tiffany broadens its market and opens new stores, annual sales have grown 12 to 15 percent for much of the decade.
In 1993, the company reported profits of $ 15.7 million on sales of $ 486.4 million. For its latest fiscal year, Tiffany had profits of $ 58.4 million on sales of $ 922.1 million.
About 57 percent of last year’s sales came from the United States, about 27 percent from Japan. By the end of the year, Tiffany said it will operate 27 stores in the United States and 92 additional retail locations overseas.
Sales at older US stores, a measure of performance that Wall Street watches closely, were up 11 percent, 12 percent, and 12 percent for the past three years, respectively, and up 8 percent for the first half of this year, Tiffany said.
The store at the Atrium Mall will be Tiffany’s second in Greater Boston and one of four US stores it will open in 1997. Tiffany also operates a store at Copley Place.
Because there are many cities not currently served by a Tiffany store, the company believes that as a well-rings player in the $ 25 billion US fine jewelry market, it has substantial room for growth by opening stores in new markets.
It’s conventional wisdom that luxury retailers thrive when the stock market booms, but Kowalski says there are factors other than a bull market behind Tiffany’s success. “One of our best holiday seasons was in 1987 just after the market crashed,” he said.
A big reason for the company’s growth, Kowalski said, is consumers’ love affair with quality brand names over the last few years. “The general move toward value is very much to Tiffany’s benefit.”
Shares of Tiffany stock, which traded above 48 in June on the New York Stock Exchange, have since settled to about 40 on fears that New York-based Tiffany does too much of its business in some volatile Asian markets. Shares yesterday were up 7/16 to close at 41 1/16.
On Monday, Ikenson reiterated his buy rating on Tiffany.
“In our opinion, the recent share-price weakness reflects investor concern over bracelets exposure to Hong Kong,” the analyst wrote. “However, Hong Kong represents only 2 percent of Tiffany’s business. Therefore, we believe this represents a buying opportunity.”
Ikenson said he anticipates a “solid third quarter” when Tiffany reports its earnings later this month.

William R. Chaney, chairman of Tiffany & Co.  (NYSE:TIF), announced Tuesday that Thomas A. Andruskevich, senior vice president, would assume responsibility for the company’s international and trade divisions and that James N. Fernandez would assume the responsibilities of group vice president-finance.
Andruskevich, 38, has served with distinction as the company’s chief financial officer since 1984 when Tiffany and Co. was purchased in a management-led buyout from Avon Products Inc. and, according to Chaney, ”has contributed enormously to the success that Tiffany has enjoyed since that time. We are confident that his talent and enthusiasm will carry over to his new management assignment, in an area critical to the company’s long term growth.”
Fernandez joined Tiffany and Co. in 1983 and has since served in a variety of financial assignments, most recently as vice president-planning. ”Jim Fernandez has demonstrated an exceptional capacity to contribute both personally and professionally to this organization and has been closely involved in all significant aspects of our financial bangles,” Chaney said.
Tiffany has, since 1984, opened retail stores in London, Munich, Zurich and Hong Kong and greatly expanded its international and domestic sales through select independent merchants, including Mitsukoshi Ltd. and Heiwado and Co. in Japan and a network of distinguished jewelers in the United States. Andruskevich will assume responsibility for these activities on a worldwide basis and will continue to be responsible for the company’s corporate development function, including the company’s long range strategic plan and the evaluation of new business opportunities.
Andruskevich will continue to be responsible for the company’s investor relations function.
Andruskevich joined Tiffany in 1982. Prior to that, he held a variety of financial management positions at Avon. He is a certified public accountant by training. He serves on the boards of directors of the Jewelers Vigilance Committee Inc. and the New York State Retail Jewelers Association. Born in Scranton, Pa., Tom is an avid sportsman, with a keen interest in golf, tennis and downhill skiing.
Fernandez, 33, is a certified public accountant. He resides in Midland Park, N.J., with his wife Dolores and their two rings. Before joining Tiffany in 1983 he served with Avon’s financial staff.
In addition to its flagship New York store and the international and trade operations described above, Tiffany operates retail stores in Atlanta, Beverly Hills, Boston, Chicago, Costa Mesa, Calif., Dallas, Houston and San Francisco.
Tiffany merchandise offerings include an extensive collection of fine jewelry, bracelets silverware, china, crystal, watches, clocks, stationary, leather goods, scarves and fragrance. Direct marketing is carried out through the Corporate Division and the Tiffany Selections catalog.

QUICK NAVIGATION: SHOPPING IN ROANOKE — New traffic pattern at Valley View Mall — Arguments, at-capacity crowds at Toys R Us — New River Valley — Traffic tips

Roanoke:

The quest for practical gifts was the mantra for many shoppers who were the first to run through Target’s double doors Friday morning at 5 a.m. at the Roanoke store.

Alice Berry of Troutville and Angel Motley of tiffany arrived at Target at 3:50 a.m. for deals that included $30 sheet sets. The price was a steal, they said, considering that the sets were made of a 700-thread count.

“I’m more practical nowadays,” Berry said.

Inside Target, Jean Roatenberry filled her red shopping cart with piles of towels priced at $1.50 each.

This Christmas, Roatenberry of Goodview said she is asking friends and family members what they actually need, rather than spending money on gifts that they may not use.

“This year, I think every dollar counts,” she said.

Roatenberry plans to give towels to her children and to a co-worker, who requested them as a Christmas gift.

Meanwhile, new white poles placed near the cash registers and in the main aisles of Target forced shoppers into lines that stretched up and down the store’s aisles.

The discount retailer added the poles to improve traffic flow at the cash registers, said Steve Porter, one of the Target managers.

But Jessica Ferebee said she couldn’t deal with the crowds and long lines at Target.

“I pulled my buggy to the side and left,” said the Roanoke County resident. “I’m not doing that.”

Instead, Ferebee retreated to the nearby Best Buy, where she ended up waiting in line with some family members for a computer.

– Jenny Boone

New traffic pattern at Valley View Mall

Traffic patterns have changed at Valley View Mall to keep traffic moving during the holiday season.

Drivers can no longer turn left from Valley View West onto Ring tiffany jewelry, or turn left from Ring Road to the Valley View Boulevard access road near Chick-fil-A and Smokey Bones Barbecue and Grill.

Roanoke police are asking drivers to expect delays and allow themselves extra time when traveling to the mall area.

– Amanda Codispoti

Toys R Us: Arguments and at-capacity crowds

Toys R Us in Roanoke was flooded with more than 2,000 shoppers when the store opened its doors at midnight on Friday.

By 1:30 a.m., the store had exceeded its capacity. Police stopped letting people into the store until others left, said Roanoke Fire Department spokeswoman Tiffany Bradbury.

Also, several arguments broke out at this toy store near Valley View Mall, but there were no physical fights, and no one was arrested, said Lt. James Fazio of the Roanoke Police Department.

– Jenny Boone and Amanda Codispoti

New River Valley:

Despite the cold temperatures, blustery winds, long lines and heavy traffic, hundreds flocked to stores this morning in search for those one-of-kind mega deals.

For many, Black Friday shopping began Thursday.

James Martin arrived at the Best Buy in Christiansburg at 8:45 p.m. Thursday night. Although many shoppers arrived earlier than he to receive vouchers and then left, Martin decided to stay all night to guarantee he left with what he came to get. As of 4 a.m. Friday, he was the first in line among approximately 200-plus tiffany jewellery.

Martin and his wife recently bought a new mini-van, and much to his disappointment, it didn’t come with a GPS system.

“I’d have to spend $10,000 on an upgrade to get GPS in the van,” Martin said.

Instead, he chose to take advantage of the TomTom GPS sale at Best Buy.

“It was $400 … today I’ll get it for $175,” he said. “You can’t beat that.”

Further in line behind Martin, Barbara Welker battled the weather with her layered outfit consisting of three pairs of pants, three shirts, two pairs of socks, a winter coat and a Coleman rainproof jacket. She said she was ready for the cold weather, but wasn’t prepared for the snow flurries that began falling around 4:15 a.m.

“I’m here for my son … my baby,” Welker said. “He owes me.”

Her son, Michael Welker, wanted a Playstation III which was selling at Best Buy for $299 along with two bonus games. Although they didn’t have a voucher to guarantee the purchase, Barbara and Michael Welker later walked out of Best Buy smiling, Playstation III in hand.

“It was worth it,” Barbara Welker said.

While many shoppers risked the early morning crowds, many decided not to risk an overcharged credit card.

“I’ll be using cash today,” said Richard Palmer of Dublin, out to grab a washer and dryer on sale jointly for $1200 at Best Buy. “Credit cards scare me.”

Mike Poldiak, general manager of the New River Valley Mall, said the National Retail Federation expected a 1-percent decrease in sales this year.

“Hopefully we’ll beat that,” he said.

He believes hard economic times may be the reason more people this year may choose to take advantage of the early-bird specials.

Tammy Page traveled all the way from Monroe, W.Va., to snag a few deals at the NRV mall. She, like Palmer, would use cash to purchase gifts for her children.

“It’s what I have to do,” Page said.

According to reports from mall security, Poldiak said there was more traffic Friday morning around the mall than in years past.

“Retailers have been very pro-active this year,” Poldiak said. “A lot are asking ‘Why wait ’til Black tiffany and co to shop?’”

Stores such as Sears and Old Navy started their special deals earlier and will offer similar sales, like those found today, throughout the holiday season.

At Belk in the NRV mall, shoppers rummaged through boxes filled with one of this year’s hottest items -” shoes.

“Shoes … boots especially are very popular this year,” said store manager Shelley Ifert.

Sherri Parsons and Amy Alderman just couldn’t get enough of them.

“We’re big time,” said Parsons, searching for her size shoe among hundreds of boxes on display.

Parsons, like many other shoppers, wasn’t afraid to grab a few items for herself as well.

Will Moseley purchased a 32-inch flat-screen TV at Best Buy — originally $600, on sale for $430.

“Mine is really old,” Moseley said. “So, why not?”

– Mary Hardbarger

Traffic tips for Black Friday:

Tips for avoiding traffic pitfalls and navigating parking lots during heavy shopping times, from AAA Mid-Atlantic:

1) Head for the side door of the mall and park in outer parts of the parking lot. Most malls have secondary entrances, which usually have less traffic. Also, outlying areas of the parking lot have more open spaces, and traffic often is lighter, so there is lower risk of collisions.

2) Use your headlights when scouring parking garages for spaces. Keeping headlights on reduces the risk of crashes.

3) Beware of tall vehicles. Avoid parking between a pair of tall SUVS or mini vans because it might be hard for you to back out of a space.

4) Be on the alert for pedestrians who may be walking in traffic lanes.

5) Thieves like to window shop. Place shopping bags and valuables in the vehicle’s trunk, including the GPS and its mount, so that the items are not visible to potential thieves.

6) Buckle your seat belt and drive slowly through parking lots.

7) Stay on guard. Park in a well-lighted area and have your keys ready in hand when walking to your vehicle Also, check your car’s interior before entering.

OPERATOR: Good day, everyone. Welcome to the Tiffany & Co. third quarter tiffany conference call. Today’s call is being recorded. Participating on today’s call are Mark Aaron, Vice President of Investor Relations and Jim Fernandez, Tiffany’s Executive Vice President and Chief Financial Officer. At this time I would like to turn the call over to Mr. Mark Aaron. Please go ahead, sir.

MARK AARON, VP, IR, TIFFANY & CO.: Thank you. Good morning and thank you, everyone, for taking the time to join us on this third quarter conference call. Jim and I will comment on Tiffany’s latest performance and on the full year outlook but before we continue, please note that statements made on this call that are not historical facts are forward-looking statements. Actual results might differ materially from the expectations projected in those forward-looking statements. Additional information concerning risk factors that could cause actual results to differ materially is set fourth in Tiffany’s 2008 annual report on Form 10-K and in other reports filed with the Securities and Exchange Commission. The Company undertakes no obligation to update or revise any forward-looking statements to reflect subsequent events or circumstances. Now, we can proceed.

Three months ago, we said on our second quarter call that it appeared to us that the tide was slowly turning in our favor. This morning, we were pleased to report that Tiffany sales and earnings in the latest quarter again surpassed our expectations. In the third quarter, Worldwide Sales declined 3% to $598 million but were equal to last year if we exclude a decline in wholesale sales of diamonds tied to our diamond sourcing program. This followed a 16% decline in the second quarter and a 22% decline in the first quarter and bolsters our confidence that we can achieve our expectations for the rest of the year. Let’s look at sales by segment.

First, sales in the Americas declined 9% in the quarter. This was a little better than we expected and included smaller declines in the latter part of the quarter. In the US, total retail sales were 9% below last year due to a decline in the average transaction size and a smaller decline in the number of transactions. While store traffic was still below last year’s levels, a smaller decline in the number of transactions led to an improvement in the customer conversion rate for a second consecutive quarter. Comparable store sales in the US declined 10% which compared with a 14% decline in last years third quarter. It also compared with much larger declines of 34% and 27% in the first and second quarters. By month, comps declined 18% in August, 7% in September, and 5% in October. In last year’s third quarter, US comps have declined by 6%, 15% and 20% in those respective months, indicating no meaningful change in the two year run rate over the three months.

From a customer mix perspective, the decline in total US sales was primarily affected by lower sales to local customers and also to a lesser degree by declines in tourist spending. The New York flagship store also experienced declines in local customer and tourist spending. Looking at it geographically, sales in our New York flagship store declined 8% and comp store sales in the nine store New York region declined 9%. Aggregate US branch store comp store sales declined 11%. There weren’t many markets meaningfully divergent from the overall rate of decline, although for what it’s worth, California was somewhat softer, Florida was somewhat stronger, and our stores in Hawaii and Guam posted solid increases. What’s most important to us is that the majority of our US stores achieved their sales plans in the quarter.

From a price stratification perspective, we continued to experience the greatest percentage declines in sales tiffany bracelets at the highest price ranges, with relatively better performance at more accessible price points but compared with what we saw in the first half of the year, the percentage declines were smaller at all price strata in the third quarter. Related to the high end business, we recently held our annual event in New York as well as in several other cities this year in the US and Asia tied to the publication of Tiffany’s Bluebook, to which we invited some of our highest spending customers. We were encouraged with our guests enthusiasm and with their purchases of some truly extraordinary pieces of jewelry.

During the quarter we opened two stores in the US. One is a 5800 square foot store in the Roseville Galleria near Sacramento. The other is a 2200 square foot store in Seattle’s University Village which is our second store in the new concept that incorporates a different approach to visual merchandising, product assortment and selling style. It’s difficult to evaluate the performance of a new store concept when it’s launched in a challenging economy, but we thought the headline in the Seattle Times on September 4th accurately described the store by calling it a new look for Tiffany’s, upscale but approachable. For those of you in the New York area, you can get a taste of this new approach by visiting our store in White Plains, where we recently introduced some of those elements including a new selling environment where customers are encouraged to try on jewelry while being advised by a jewelry stylist. Next week, we will complete our 2009 US store expansion when we open our third store in Las Vegas, this one in the new Crystals at City Center complex.

We also have our US eCommerce and catalog sales in the Americas. In the quarter, a 9% decline in combined sales was due to a decline in the average order size and in the number of orders, but we were pleased to see some improvement late in the quarter with orders growing in October. We reduced catalog circulation by about 40% in the quarter which is in line with the planned decline for the full year; however we will continue to utilize e-mail communications as an effective way to attract customers to our website and stores. Rounding out the Americas region we achieved solid comp store sales growth in Mexico and Brazil and we’re pleased with the expansion of our business in Canada with the second store we opened in Toronto earlier this year. For the full year, we now expect a low teens percentage decline in total sales in the Americas which includes a midteens percentage decline in comparable US store sales for the year.

Turning to other regions we were very pleased with a further pick up in our Asia Pacific business. On a constant exchange rate basis, total sales increased 2% in the third quarter which exceeded our expectation and which followed a 5% decline in the first half. Asia Pacific comparable store sales declined 3% due to continued weak sales in Japan that more than offset strength in the rest of the region. The results I’ll cover now are all on a constant exchange rate basis.

In Japan, total sales declined 10% due to a 13% drop in comp store sales that was slightly worse than we expected. Comps declined throughout the quarter with no improvement to note in any month nor any meaningful difference in comps within our outside Tokyo. There was a favorable translation effect on our sales because of the strength of the yen which averaged 92 to the $1 in the third quarter versus 105 last year. On a related note, last week, we reduced prices in Japan by an average of 5% to adjust for the strong yen. We are not forecasting any improvement in Japan in the fourth quarter.

Our Asia Pacific business outside Japan continued to improve in the quarter. Total sales increased 18% and comp store sales gained 9%. This followed a 5% comp decline in the first quarter and a 5% comp increase in the second quarter and it was above our expectations. Performance ranged from continued strong growth in China, Australia and Singapore to noteworthy improvements from the second to third quarters in Hong Kong, Korea and Malaysia. You may find it interesting that the new store we opened just earlier this year on Canton Road in Hong Kong is already posting the highest sales volume of our eight stores in that market.

During the quarter we opened our tenth store in Korea in Seoul and in China we renovated and expanded our Plaza 66 store in Shanghai. Last week, we were delighted to open our fifth store in Australia in the Melbourne suburb of Chadstone and we are getting ready to open our tenth store in China in the City of Tianjin both of which will strengthen our successful and growing presence in those countries. In fact, we are on pace to roughly triple the number of Tiffany stores in Mainland China from the current nine stores to 25 to 30 in the next five or so years. For the total Asia Pacific region, our full year sales outlook now calls for sales in dollars equal to the prior year which is a little better than our previous expectation. That would include a mid single digit comp decline on a constant exchange rate basis for the year due to the softness in Japan.

We were also very happy with our performance in Europe where total sales rose 16% in constant currencies. Comparable store sales rose 9% in the quarter which widely exceeded our expectation and was on top of an 8% comp increase last year. We continue to believe solid sales growth in Europe reflects our relatively young presence and growing attraction among customers who are discovering Tiffany. Our strength was again geographically broad based. We’re doing very well in London where the vast majority of our sales are made to local customers but our stores are also benefiting from increased spending by Continental European and Asian visitors. Sales on the continent rose in most countries with noteworthy growth in Italy.

During the quarter we expanded our presence in the UK when we opened a boutique in Selfridges in Manchester. Yesterday, we entered the Netherlands by opening a beautiful 2100 square foot store in Amsterdam. Next month, we plan to open another shop at Heathrow Airport in its Terminal 3 adding to the success we’ve had with our shop in Terminal 5. For the full year, we are now forecasting a low single digit increase in European sales and dollars reflecting a high single digit comp increase in constant currency which is better than our previous target.

Lastly, sales in our other channel declined 81% in the third quarter due to lower wholesale sales of low quality rough diamonds that reflect a reduction in our purchases of rough diamonds this year and therefore, fewer low quality stones to resell. It also reflects a better quality mix in the assortments that we are purchasing. Therefore, we expect sales in the other channel to decline by about 60% for the full year compared with our previous expectations of a 50% decline. So that’s the review of sales by segment. By product perspective, improved performance in many categories especially later in the quarter largely reflected the comparisons to last year when sales plummeted but we think may also reflect some improvement in underlying demand in some markets. In any case, we were encouraged with a good increase in worldwide engagement jewelry sales in the quarter. We were pleased with growth in gold and silver fashion jewelry that was helped by the success of Tiffany’s new keys collection which is enjoying a stellar start at all price points, we also saw improving performance in some of our other existing collections, including Return to Tiffany, Metro, Tiffany Notes and our collection of gold and silver charms.

On the other hand high end statement jewelry sales continued to decline albeit at a lesser rate than earlier in the year due entirely to a decline in pieces sold and not in the average price. Sales of name designer jewelry were also down in the quarter and while watch sales declined in the quarter they rose in October and some exciting new designs were launched in our US stores. Take a look at our ads in today’s New York Times and Wall Street Journal to see the handsome men’s Atlas Dome watch from that popular collection. So with the quarter were some encouraging sales trends I’ll now turn the call over to Jim to comment on the rest of the earnings statement and balance sheet.

JIM FERNANDEZ, EVP, CFO, TIFFANY & CO.: Thanks, Mark. We think the numbers we reported this morning show the resilience of our business in a still challenging global environment. Let’s look at the rest of the earnings statement.

Gross margin declined 1.5 points in the quarter to 54.8%. Pressure metal costs have exhibited extreme price volatility over the past two years. As we expected the headwinds we’ve encountered in the past few quarters from higher product costs, tied to our slow rate of inventory turnover continued to affect margin in the third quarter but to a lesser extent. Conversely, we expect some benefit from lower product costs from the first half of next year but for this current year we expect gross margin to decline more than 1 point from the prior year.

On a related note we’ve been seeing rough diamond prices increase in recent months which we attribute to curtailed mining production earlier in the year that helped to reduce supply relative to short-term demand weakness and it is certainly still our view that over the longer term, high quality diamond prices will rise as increasing global demand exceeds supply. SG&A expenses declined 2% in the third quarter which was a smaller decline than we saw in the first half of the year and was pretty much as we expected; however, you may recall that we had reported a 7% decline in SG&a expenses in the third quarter last year. That decline had resulted from our reversing year-to-date accruals at that time for lower anticipated management incentive compensation as a result of the dramatic business slowdown.

We continue to track in line with substantial expected savings from the staffing reductions made at the start of the year. We’ve also reduced marketing spending this year but still believe our level of advertising and allocation by market is appropriate to support our objective to increase Tiffany’s market share, and with quarterly sales virtually equal to the prior year, there were only minimal variable cost savings.

Lastly, we recorded SG&A expenses in the quarter of $4 million charge or $0.03 per diluted share after-tax for terminating a management agreement after we bought out some of the minority interest in connection with our diamond sourcing and polishing operations in South Africa and Botswana. We now expect SG&A expenses to decline by a mid single digit percentage for the full year from last year’s SG&A. That excluded various one-time items. Based on these better than expected results, Tiffany’s full year operating margin from continuing operations should still decline from an adjusted 17.8% last year that excluded some one-time items but the decline should be less than we previously thought. In a year that’s been filled with macro challenges, this performance should point to our long term potential for margin expansion.

Interest and other expenses net of $11 million in the quarter was lower than last year and a bit lower than we expected; however, last year included the write-off of an interest rate swap in some foreign exchange transaction losses. Excluding those items, higher interest expense in the third quarter versus last year reflected the long term debt that we issued over the past year. We now expect interest and other expenses net to total about $48 million for the full year. Tiffany’s effective income tax rate of 22% in the quarter compared with 32.1% last year. The rate was lower than we initially planned and was not included in our earnings guidance from three months ago due to favorable reserve adjustments tied to the expiration of certain statutory periods. This benefited EPS by $0.04 per diluted share in the quarter and we now expect an effective income tax rate of approximately 31% for the full year which includes the various one-time tax benefits we’ve recorded.

Adding it all up, the third quarter net earnings from continuing operations of $43.3 million or $0.34 per diluted share were slightly below $0.36 per diluted share last year but were meaningfully above our plans due to the higher than expected sales. We’ve had a good start to the fourth quarter, with worldwide sales in November to date tracking favorably to our expectation which calls for a mid single digit sales increase for the quarter but it should go without saying that results in December are most important. Based on the better than expected sales in the third quarter and some fine tuning of our fourth quarter sales expectations in certain Markets, we are now forecasting an 8% decline in annual worldwide sales versus a previously expected 10% decline. This leads us to again raise our annual earnings per share guidance from the most recent $1.65 to $1.75 to a new range of $1.88 to $1.98 per diluted share. As with the previous guidance, please note that this new range includes the benefits and costs from recording various one-time items.

Looking at our balance sheet, we’ve continued to invest in our business this year and have the financial strength to comfortably do so. Accounts receivable at October 31, were 8% below last year due to lower sales volume and receivables are turning at 18 times per year. Net inventories at October 31, were in very good shape, down 6% from a year ago and down 4% from the start of the fiscal year. This is meeting our objective to reduce inventories this year by a single digit percentage while maintaining high levels of in store product availability that we believe are a real competitive advantage especially in this environment.

Capital expenditures of $47 million in the year-to-date were down from $109 million last year due to fewer store openings and other cost containment and we are now forecasting CapEx of about $85 million for the full year. At the end of the quarter, we had $375 million of cash and cash equivalents which was up from $160 million a year ago. Total short-term and long term debt was $753 million versus $821 million last year. For the full year, we now expect to generate in excess of $450 million of free cash flow which we define as cash flow from operating activities less capital expenditures.

I’ll close my remarks by reiterating Mike Kowalski’s point in today’s press release, that Tiffany has performed remarkably well this year despite the dramatic downturn in consumer spending by taking the steps necessary to insure healthy levels of profitability and liquidity while also investing in our business and not compromising our brand principles.

That wraps up this conference call. We expect to report holiday sales results in a press release on January 12, before the market opens. The release will include any updates if necessary for sales and earnings guidance; however please note that we’ve decided to discontinue the practice of conducting a holiday sales conference call. Instead, choosing to tiffany pendants all of the usual detailed information for the complete quarter when we report results in March. As always, please feel free to contact Mark with any questions. Best wishes for a happy holiday season and thanks for listening.

OPERATOR: This does conclude today’s conference call. A replay of this call will be available starting today, November 25, 2009, at 10:30 Central time and ending December 2, 2009 at 10:30 Central. You may access the replay by dialing 1-888-203-1112 or 719-457-0820 and using the replay code of 4861048. Again, ladies and gentlemen, we appreciate your participation today, you may now disconnect your lines. Thank you and have a great day.

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Feeling more and more that they are robbery targets, Greenwich-area jewelers are banding together in an effort to make lower Fairfield County a safer place to do their business.

Charlie Rodriguez, security supervisor at Tiffany & Co. on Greenwich Avenue, and retired tiffany jewelry Detective Cornell Abbruzzini, who heads security at Betteridge Jewelers, have created a coalition of local jewelry retailers to help prevent robberies.

The idea for a jewelers’ coalition has been considered for years, Rodriguez said. But recent armed robberies on Greenwich Avenue encouraged Rodriguez and Abbruzzini to take action.

“With the last incident at Betteridge, we said we have to do something,” Rodriguez said. “We find it imperative to open the line of communication with every jeweler and the police department to share information.”

In August, a robber held up Betteridge at gunpoint as accomplices set an SUV on fire to create a diversion, according to police. Last year, two men forced their way into Manfredi Jewelers on the Avenue with guns drawn, making off with nearly $2 million in jewelry.

The newly formed group, open to jewelers throughout lower Fairfield County, will hold its first meeting Oct. 30 at Greenwich Library, Rodriguez said.

So far, about 30 retailers from Greenwich and Stamford have signed up to attend the meeting.

The forum will provide an opportunity to share policies and experiences to give retailers better earrings about how to monitor and respond to security issues.

Members of the Greenwich Police Department will attend, as will Greenwich Emergency Medical Service Inc., which will give a presentation about administering life-saving first aid.

Manhattan-based Jewelers’ Security Alliance, a national organization that provides crime information and security assistance to jewelers, also will make a presentation.

Networks such as the one being formed in Greenwich are very effective, said John Kennedy, president of the security alliance.

“Greenwich is a very affluent town, and affluent towns with jewelers are targets for criminals,” he said. “It is a very dangerous business, and it always will be.”

An informal network among the town’s jewelers and a phone chain to report suspicious people or activity have been in place for a long time, said David Goldsmith, Manfredi’s store manager.

This new group takes that vigilance further, he said.

But Goldsmith doesn’t think Greenwich is more of a target than any other community.

“There have always been security concerns in the jewelry business, and there has always been a group of key rings out there focused on the jewelry business,” Goldsmith said.

However, historically, those criminals focused on traveling jewelry salesmen because they are easier targets. Recently, those salesmen have taken more precautions, so robbers have shifted their focus to retailers, he said.