Jessica Tsosie can set.

And dig.

And pass.

And lead.

It is her combination plate of skills that is one reason the Lady Braves of Santa Fe Indian School are undefeated and ranked fourth in Class AAA.

In a matchup of ranked teams, the Lady Braves dismissed the Lady Cardinals of Las Vegas Robertson 25-15, 25-15, 25-23 Thursday night in Francis L. Abeyta Memorial Gymnasium.

Robertson,tiffany bangles sale, a familiar foe, arrived ranked sixth.

"We knew we’d get some serious competition," Seatha Pacheco,tiffany cuff Links clearance, SFIS head coach, said. "Nothing is going to be free. They’re going to fight all the way through."

It’s true.

Down a pair of games and knotted 17-17, the Lady Cardinals stitched together six unanswered points and fashioned a 23-17 advantage.

Two timeouts did nothing to change the momentum,tiffany cuff Links on sale, not with Lakeshia Padilla on the sideline with cramps. With the libero replacing Padilla on the back row, Pacheco had no choice but to pull Padilla away from getting her leg wrapped and insert her back in the lineup, so she could make another substitution.

Padilla, a 6-foot senior,tiffany bangles on sale, hammered three of her 11 team-high spikes to complete the sweep and raise the Lady Braves’ record to 3-0.

"When she plays like she did, she can be very intimidating," Pacheco said of Padilla, who had nine digs and served two aces.

And when Tsosie covers one side of the court and then the other in a 10-second spurt, she can be downright exhausting.

"She played an excellent defensive game," Pacheco said of Tsosie, who had six digs, two aces and 19 assists.

Melodie Cruz chipped in eight kills and three digs, while Danielle Nelson had three kills and four blocks.

There was only one blemish.

The teams no longer reside in the same district.

"Now we beat them," Pacheco laughed before turning serious. "Every match matters."

NMSD 3, ROY 1

The next best thing to being ranked is knocking off a ranked team,tiffany bracelets clearance, which is precisely when Lady Roadrunners accomplished in their 25-16, 25-9, 22-25, 25-18 win over the Lady Longhorns, ranked seventh in Class B, in Larson Gymnasium.

"It was our first big test of the year and we passed," Stacy Nowak, New Mexico School for the Deaf head coach, said through an interpreter. "We shocked them in the first two games for sure."

The Lady Roadrunners also found their stride after stumbling in the third game.

Caldonia Wilding finished with nine kills for the Lady Roadrunners (3-0). She also served six aces en route to 10 service points.

Regina Garcia had seven aces and 17 service points for NMSD. Setter Mia Fernandez recorded 13 assists to go with her seven points.

"Her desire, her heart and her setting selections," Nowak said of Fernandez and three reasons why the Lady Roadrunners triumphed. "She’s dead now because she’s so exhausted. She played so brilliantly."

Who didn’t?

"Our offense clicked," Nowak said. "We got offense from four or five players."

And, the best is still to come.

"We have a long way to go," Nowak said. "They haven’t even reached half their potential."

ESPAnOLA VALLEY 3, AZTEC 1

Follow the freshman.

That was the game within the match for the Lady Sundevils, who defeated the Lady Tigers 20-25, 25-17, 26-24, 25-20 behind the play of freshman Kayla Romero.

"She played with a lot of guts," Damon Salazar, Espanola Valley head coach, said of Romero, who finished with a team-high 18 kills.

Maddy Romero chipped in nine kills and three aces, Sabrina Duran had six aces and setter Karli Salazar had 30 assists and four aces.

The Lady Sundevils (2-2) rallied from a 23-15 deficit in the third game of the nondistrict match in Edward A. Medina Gymnasium.

"Our serving and passing were great tonight," coach Salazar said.

If one must be stuck in a dark alley outside a Toronto nightclub while Chinese mobsters and government assassins hover in the shadows, it might as well be with Maggie Q. She is,necklaces, after all, an action star, though to look at her is to question her ass-kicking ability. She is unfathomably thin; her toned arms are marginally bigger around than a Canadian two-dollar coin. She also has the unintimidating habit of cracking herself up, loudly and with knee slaps.

We’re on a location shoot for her new show, Nikita, the third reinterpretation of Luc Besson’s 1990 film La Femme Nikita, about a young junkie and convicted murderer trained to be a killer by a nefarious organization. The CW’s version picks up three years after Nikita, played by Q, has gone rogue. She’s determined to bring down Divison, the agency that conscripted her, and to that end she must infiltrate this nightclub, decked out in theoretically unsuitable assassin-chic gear: black mesh, leather,watches, bra, and not much else.

The show’s executive producer, Craig Silverstein, says they cast her because–unlike the other equally beautiful and talented actresses they auditioned–when you put a gun in Q’s hand, "it didn’t all fall apart." It’s a risk, anchoring a TV show with a relative unknown–you’d get more Americans acknowledging Q as the hot Asian chick in Mission: Impossible III than by name–except that unknown is relative to where you are standing. In Asia, Maggie Q inspires Justin Bieber-like frenzy, give or take a couple million more fans and even crazier paparazzi. When I get into a Toronto cab with a driver who happens to be from Hong Kong, I ask if he’s ever heard of Maggie Q. "Oh, yes!" he says. "She is very famous in Hong Kong!" I tell him she’s living in Toronto. "Wow!" And that I met her. "Really? Wow! Is she tall? I think she’s maybe five seven." Almost. "She’s getting up there, isn’t she?" I guess, I say, if he considers 31 old. "Thirty-one?! No! Wow! I thought for sure she is 40. She’s been around a long, long time."

Margaret Denise Quigley was born and raised in Hawaii by a Polish-Irish father and a Vietnamese mother who met during the Vietnam War. She started modeling in Tokyo at age 17, eventually ending up in Taipei. Bad move: Q, whose mixed-race looks read "Asian" in America and "weird" in Asia,earrings, was summarily rejected. "At the time,tiffany, they wanted blonde hair and blue eyes. Or Asian celebrities,money clips," she says. After her daily round of rejections, she’d go to Taipei’s night market to buy "my dollar box of food, then go back to my danky hotel that was literally a love motel–I paid by the night–and cry and eat my dinner." A woman suggested she try Hong Kong. "They’ll probably get you there," she told Q, and they certainly did. Or, rather, Jackie Chan did. He recruited her as one of the next generation of Hong Kong action stars: In all, she did eleven films. "I had never done a day of martial arts in my life when I started in the business," she says. "I couldn’t even touch my toes."

Q finally left Hong Kong because she was feeling like a hunted animal, "like I was suffocating." Turns out celebrity weeklies in Asia far outnumber those here. That, coupled with fewer celebrities, means "you’re incredibly recognizable wherever you go," she says. "I could never have a boyfriend. I couldn’t grocery shop for myself. I got very depressed by it." So Toronto is a relative haven. Q does her own laundry, goes to the farmers’ market, and drives herself to work–which is why the first time I see her, she’s running, flustered and sweaty, her Chihuahua, Pedro, peering out of her bag. The car’s GPS directed her not to the downtown location but to a suburb off a freeway twelve miles away. She’s hustled into the makeup trailer, where the mirrors are lined with pictures of her dogs (she has three, all rescues). There are no fight scenes tonight, but Q’s covered in bruises from a scene earlier in the week with co-star Shane West (ER).

Jackie Chan’s intensive training stressed professionalism and a certain code: Q always does her own stunts. "I owe it to my audience. And I’m not 70, so I might as well while I can." Her moves might be faked, but that doesn’t mean she can’t take care of herself. She gave a six-foot-four dude a black eye while shooting the Nikita pilot. And Bruce Willis made the mistake of underestimating her strength during a Live Free or Die Hard fight scene. He told her to try her best move, and she put him in an armbar, which hyperextends the elbow. "He kept hitting my leg. I said, ‘What are you doing?’ And he goes, ‘Tap out! Tap out!’"

The closest Q has come to an offscreen fight was in L.A. Her dog startled a sleeping buck, which knocked it over on its belly then lowered its antlers to charge. "The only thing I could think to do to get in between the deer’s horns and my dog was to jump on the deer," she says. It threw her into a bush, splitting her leg and side open. Q was due, two days later, on the set of an "awful movie that hasn’t been released yet, thank God!" She showed up completely "mummified" in gauze. But she showed up.

Parents and guardians equipping their children for the upcoming school year say they look for deals on supplies to save extra money for new clothes.

With schools around the region opening their doors within the next few weeks, parents and children are hitting the stores and combing the shelves for the needed gear.

Students from elementary school through high school say new articles of clothing that meet current style standards are just as crucial as new pencils and paper. For parents, that means hundreds of dollars in additional spending this time of year.

"The clothes — that’s what kills you," said Kirsten Edler, a mother of four from Maryland visiting family in Portsmouth. She said that when one of her children wants a certain brand, anything else is inadequate.

On Sunday, she was at Walmart in Rochester with daughters Hannah, 17, and Isabella, 14, to pick up some school supplies. Edler also has two sons: Ian,earrings, a first-grader, and Nicholas, a 19-year-old college sophomore. Surprisingly, she said it is more expensive to supply an elementary school student with the needed gear than it is to buy what her other children need.

Once they are old enough to work,key rings, she expects them to buy most of their own new clothes. Her college-aged son is pretty much set with his Macbook, she said, but she has to buy for her younger son paper, pencils, markers, glue, a backpack, composition books and more.

To save money, she goes through newspaper advertisements to see what’s on sale each week. For a store like Walmart that she visits regularly, she said she can hold off on buying certain items until they go on sale. There was a $4 pack of colored pencils in the store Sunday, but she refused to buy them, knowing they will be on sale later on.

"I will wait for a week because it’s a store I frequent anyway," she said.

Sophomore Isabella said she is not picky about supplies and like other high school students likes to have a little fun with them. She purchased a folder with Toy Story characters on it, and said other girls in school like things with Disney princesses on them.

"I just like to play around a little," she said.

The girls said the "Indie" clothing style is fashionable — plaids, bright colors,pendants, retro graphic T-shirts and sun dresses.

At Journeys in Newington’s Fox Run Mall, store employee Chris Musk said Vans, Converse, Osiris and Sperry Top-Siders are the hot brands right now. The top-siders are boating shoes, while the others come in diverse colors and funky designs.

"Colors attract the younger crowd," Musk said, noting it is interesting the brands and styles from decades ago "are still relevant today."

Rachel Feniger, 16, from Hampton, was in the shoe store Sunday trying on gray Vans and pink Converse All-Stars. She could not decide between them and picked them both, saying she was not concerned with saving money.

"They’re shoes that match a lot of stuff," she said.

However, she passed on a pair of pink striped socks that glow in the dark.

At the Macy’s in Fox Run Mall, a mother and daughter from Portland, Maine, came down Sunday to find sales and escape Maine’s sales tax. Linda Olore and her 8-year-old daughter, Sophia, who is entering the third grade, found good deals on a gray dress, pink plaid skirt with matching knee-high socks and a neon green pair of shorts.

"My fashion sense is anything very bright, bold or unique that has its own personality," Sophia said.

Olore said she lets Sophia pick out what she wants to wear as long as it is appropriate. Concerning herself with her daughter’s style is not too important because "there’s bigger fish to fry," she said.

The Olores are fortunate in that Sophia’s school district does not send home a list of required supplies. Usually during the year, the district will ask for some donations, Olore said.

Like others interviewed, Olore said she will look in newspaper inserts for sales on school supplies at Walmart or Target.

At the Somersworth Walmart, Kaylie Sabo, 13,bangles, an incoming eighth-grader at Barrington Middle School, and her grandmother, Claire Sabo, looked to buy all the supplies Kaylie’s school district asked her to get.

Since Walmart carries notebooks, dividers, binders, pencil sharpeners, white out, calculators and pens and pencils at low prices, it is the most convenient place to shop for back-to-school, Sabo said. Any savings are a help since Kaylie estimated it cost hundreds to buy her new wardrobe as she likes the styles offered at retailers like Hollister and American Eagle.

"And I’m not done yet," she said.

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.

[Thomson Financial reserves the right to make changes to documents, content, or other information on this web site without obligation to notify any person of such changes.

In the conference calls upon which Event Transcripts are based, companies may make projections or other forward-looking statements regarding a variety of items. Such forward-looking statements are based upon current expectations and involve risks and uncertainties. Actual results may differ materially from those stated in any forward-looking statement based on a number of important factors and risks, which are more specifically identified in the companies’ most recent SEC filings. Although the companies may indicate and believe that the assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove inaccurate or incorrect and, therefore, there can be no assurance that the results contemplated in the forward-looking statements will be realized.

L’azurde was founded by Mr. Abdul Aziz Al Othaim. Over some three decades, it has developed into a market-leading business with a well-known brand, high quality product and design, strong manufacturing and distribution capabilities, and economies of scale advantages. Today, it is the Arab world’s leading designer, manufacturer and distributor of gold jewellery for the mass market, and the fourth largest such company globally. According to a recent Forbes Arabia study, L’azurde is one of the best known brands in the Arab world.

L’azurde has state of the art manufacturing facilities in Riyadh and Cairo employing over 2000 people, and sells throughout the Middle East through 4,200 wholesale accounts, including to secondary markets through its distribution capabilities in the UAE. In addition, it has 18 flagship retail stores across the region. L’azurde had 2008 revenues of more than US$ 500 million and grew EBITDA by 14% over the previous year, making it over four times the size of its nearest competitor. In the past two years L’azurde has undertaken, in conjunction with the World Gold Council, one of the most extensive advertising campaigns ever seen in the region featuring Elissa, one of the best-known female singers in the Arab world, as its public face.

MENA is one of the largest and fastest growing jewellery markets — 12% of world consumption and 14% CAGR in value — and growth is expected to continue, largely driven by cultural factors. Gold is seen as a means of storing wealth, especially as part of dowries. Currently, approximately 50% of the regional population is under 20 years old and some 50% of gold consumption is wedding-related, providing strong underpinning for future demand. Gold is also an important fashion item in the region. L’azurde takes no risk on gold price volatility, as it has implemented a gold price pass-through mechanism.

Investcorp has made the investment through its $1.1 billion Gulf Opportunity Fund I, the first fund from Investcorp’s Gulf Growth Capital business, launched in 2007. This acquisition comes two months after the Fund closed its first deal, the November 2008 acquisition of Redington Gulf, the leading distributor and service provider of IT and telecom products in the Middle East and Africa. The Investcorp-led consortium will be the majority shareholder in L’azurde, and will help to institutionalise the company, to expand its markets and to build its brand across MENA and internationally. Mr. Al Othaim remains a significant minority shareholder, and he will continue as Chief Executive and Chairman of the L’azurde.

Mr. Nemir Kirdar, Executive Chairman & CEO of Investcorp, said: “Despite challenging economic and market conditions, this is evidence of the resilience of Investcorp’s unique business model. Good business opportunities are available in MENA and deals can be done. Our Gulf franchise and local reputation were key in getting us this deal and in forging this partnership with Mr. Al Othaim to add value to L’azurde over the coming years.”

Mr. Abdul Aziz Al Othaim, L’azurde’s Founder, Chief Executive and Chairman, said: “From the beginning, my mission has been to develop quality and affordable gold and fashion jewellery, while achieving sustained growth and added value for customers and shareholders. Investcorp is the perfect partner for L’azurde as we continue to grow. Not only is Investcorp tremendously respected as the pioneer of private equity in the region, but it also has extraordinary relevant experience in growing global consumer brands, including Gucci and Tiffany & Co. I believe that partnership with Investcorp, a firm that shares my vision and business ethics, will open the next successful chapter in L’azurde’s story.”

Mr. Azmat Taufique, co-head of Investcorp’s Gulf Growth Capital business, said: “We have agreed this deal based on 2008 real performance and current market conditions. L’azurde is a business that performs well even in difficult market conditions and one that has tremendous development potential. Mr. Al Othaim has built it as a non-cyclical business appealing to a wide range of retail and wholesale consumers due to its craftsmanship, creative design and strong brand. In addition, the Middle East jewellery market is underpinned by a growing middle class, strong demographics, cultural affinity with gold and increasing fashion consciousness. We believe there is significant potential to take L’azurde’s strong base and extend it further across the MENA region, creating the platform for a truly international brand.”

Mr. Christophe de Mahieu, co-head of Investcorp’s Gulf Growth Capital business said: “L’azurde plays at the heart of Investcorp’s strengths, our expertise in the jewellery business and our superior capabilities in value enhancement management. We are very much looking forward to working with Mr. Al Othaim and our partners to continue growing and enhancing the performance of the company.”

Credit Suisse Middle East Investment Banking was adviser to the Al Othaim Holding Company.

The Nature Conservancy issued the following news release:

A tight budget this year doesn’t have to mean a less romantic Valentine’s Day. According to Los Angeles-based market research group IBIS World, spending on Valentine’s Day is expected to drop nearly 5 percent this year compared with 2008.

The Nature Conservancy is offering a number of ways to help people be eco-conscious and tiffany and co romantic without breaking the bank.

One way to save cash and paper is send a Nature Conservancy Valentine’s Day e-card to your spouse, partner, friends or family members. The Conservancy offers a variety of e-cards featuring beautiful nature scenes–from Emperor Penguins nuzzling to herons courting in a Florida wetland.

Another option is to take a Valentine’s Day hike at one of The Nature Conservancy’s nature preserves. Nature Conservancy member Carol Fulton got engaged to her husband John at Blowing Rocks Preserve.

“It’s a very uncrowded beach–that in of itself makes it more romantic,” Fulton said. “There are these rock formations and if the tide is high enough the waves lap up through the holes in the rocks, and it shoots out like the blow hole of a whale. Visually, it is very attractive.”

With a butterfly garden and amazing views, Blowing Rocks Preserve is among the most romantic beaches in the state. During extreme high tides and after winter storms, seas break against the rocks and force plumes of saltwater up to 50 feet skyward, an impressive sight for which the preserve was named. Beach access fees are $2 for non-members and $1 for members.

In Florida’s Panhandle about an hour west of Tallahassee, take a hike on a trail through a nature preserve valentines money clips that local legend claims is the original Garden of Eden. Beginning in longleaf pine and wiregrass uplands, the trail soon skirts the top of a dramatic steephead, descends the slope forest to cross a steephead stream, climbs up through sandhills, and eventually opens to a spectacular view from a bluff 135 feet above the Apalachicola River.

In Central Florida, express your “burning” love for your partner on the George Cooley Trail at Tiger Creek Preserve where The Nature Conservancy conducts prescribed fires to maintain rare scrub habitat for the Florida scrub-jay, which sometimes form lifelong mating pairs. The male scrub jay engages in courtship feeding of the female to show her how well he’ll provide for her when she’s sitting on the eggs in the nest.

For a more traditional and eco-friendly Valentine’s Day gift, purchase organically certified flowers from Organic tiffany rings Bouquet. Organic Bouquet has pioneered the eco-flower market, working with growers around the world who are committed to the highest social and environmental standards. Flowers are grown and harvested using practices that aim to improve the quality of farm working conditions, minimize damage to ecosystems, conserve biodiversity, and enhance environmental quality for future generations. Nature Conservancy members can enjoy a free vase and chocolates when they purchase flowers from Organic Bouquet.

For more information on visiting Nature Conservancy preserves in Florida, visit www.nature.org/florida or to purchase an Organic Bouquet visit www.nature.org.

TNS gv51gv-090207-2221134 18MASHGema

THE Philippine National Police (PNP)has announced the arrest of the leader of the bloody Valentine bombing that killed three persons in Makati City.Dinno-Amor Rosalejos Pareja, the leader of the Rajah Solaiman Movement, a group of Christians who had converted to become Islamic militants, was captured at his hideout in Sitio Tuca, Dayawan, Marawi City on Friday, national police chief Director General Jesus Verzosa told a news conference Wednesday.

In his message, Verzosa immediately commended operatives of the Intelligence Group and the Lanao del Sur Police for the arrest of Pareja, who is known to have links with the Abu Sayyaf, Jemaah Islamiah and the al-Qaeda terrorist organizations.

Verzosa said the US Department of Defense had offered a $90,000 reward for information leading to the tiffany and co arrest of the suspect. He also turned over P.5 million to the informant who supplied vital information leading to the arrest of Pareja.

“I am very glad to acknowledge the help of our confidential informant who provided the information that made this operation possible. Thus, I am turning over the amount of P500,000 cash offered by the DILG [Department of the Interior and Local Government] as reward for the information that led to the arrest of the wanted terrorist suspect,” the national police chief said.

Verzosa described Pareja as a skilled bomb-maker who was trained by Dulmatin and Umar Patek, both Jemaah Islamiah militants who fled Indonesia to the Philippines to escape prosecution for the deadly 2002 Bali bombings.

Also known as Khalil Pareja, Abu Jihad and Al-Luzoni, the suspect is to stand trial in connection with the bombing in Manila’s financial district on Valentine’s Day in 2005. On that day, three persons were killed and several others wounded when an improvised explosive device was detonated inside a passenger bus traveling along EDSA in Makati City.

Pareja will also be tried for the 2005 twin bombings in Zamboanga that wounded 26 civilians and left 10 soldiers of the 71st Infantry Battalion in Mamasapano, Maguindanao, dead.

The same year the suspect took part in a “failed bombing operation” codenamed “Big Bang” that targeted Manila silver rings establishments frequented by Americans and other foreigners, Verzosa said.

In March 2005, he fled to Central Mindanao and joined the group of the late Abu Sayyaf leader, Khaddafy Janjalani, after police and military personnel raided the Rajah Solaiman safehouse on Lilac Street, Regalado Subdivision, Quezon City, and seized about 600 kilograms of explosives intended for the planned bombing operation.

In November 2006, under instructions from the late Abu Sayyaf sub-commander Jainal Sali, Pareja led a group in casing bombing targets in Cebu City, for an attack planned to coincide with the 12th Asean Summit.

Manila called off that leaders’ meeting at the last moment, citing an approaching typhoon.

Pareja assumed a senior leadership role in the RSM following the arrests of RSM leader Ahmad Santos and RSM second-in-command Pio De Vera in October 2005. He was elected as the new Amir, or leader of the RSM in a meeting held in Sulu. Present in the meeting were key members of the RSM and Jemaah Islamiah leaders, Umar Patek and Dulmatin, whom he referred as his mentors.

The U.S. Consumer Product Safety Commission, in cooperation with the tiffany jewelry firm named below, today announced a voluntary recall of the following consumer product. Consumers should stop using recalled products immediately unless otherwise instructed.

NAME OF PRODUCT: Children’s “Groovy Grabber” Bracelets

UNITS: About 4 million

MANUFACTURER: A&A Global Industries, of Cockeysville, Md.

HAZARD: The paint on the metallic band beneath the decorative cover contains high silver rings levels of lead. Lead is toxic if ingested by young children and can cause adverse health effects.

INCIDENTS/INJURIES: None reported.

DESCRIPTION: The recalled bracelets are made of flexible metal bands wrapped in decorative plastic covers. The bracelets come in various colors and designs, including smiley faces, Chinese symbols, dogs, cats, aliens, checker boards, and flames.

SOLD IN: Vending machines located in malls, discount, department and grocery stores nationwide from November 2005 through March 2007 for 25 cents.

MANUFACTURED IN: China

REMEDY: Consumers should immediately take the recalled bracelets away from children and silver bracelets discard them.

CONSUMER CONTACT: For additional information, contact A&A Global Industries at (800) 638-6000 ext. 314 between 9 a.m. and 5 p.m. ET Monday through Friday, or visit the firm’s Web site at www.aaglobalind.com.

Augusta Valentine is a little unsure she wants to make her first piece tiffany of beaded jewelry.

“I hope this is not going to become another addiction,” she says, looking at the five other women seated with her around the table.

Debbi Shellhase is just the opposite. She can’t wait to make what is probably her 50th piece.

“I have a jewelry box full,” she says.

The two women recently gathered for a Bead Retreat jewelry- making session at the Naturals Yarn Shop in Gloucester. They sit around a table with four other women, talking about former husbands, kids and clothes. Everyone admires the pink Mary Jane Crocs that Lindsay South wears with jeans and a pink top.

Bead Retreat, started in 2001 by Peninsula residents Lesa Shepherd and Cindi bangles Swett, allows friends to hang out while they make beaded jewelry from kits. A coordinator provides and explains the kits, shows finished samples and helps participants through the process.

Costs include a $10 per-person class fee and whatever your beaded kit costs, which ranges from $2.50 for a Next Generation bracelet to $63 for a Namesake bracelet. The $28 starter tool kit includes a bead board, needle nose pliers and wire cutter. Each participant also receives a catalog where they can order kits to take home. The party hostess receives special gifts.

“I’ve been in direct sales ever since I was 18,” says Bead Retreat coordinator Melissa Hansen, 39. She’s also a stay-at-home mother to Cody, 10, and Gabriella, 5, both active in programs such as ballet and sports. “This is what makes it possible for me to run them everywhere and be at their school programs.”

During the next hour, Hansen guides the women while they make different bracelets rings. Shellhase chooses the Solaris style with opal quartz, Czech fire-polished glass and pewter beads, $8.25. South makes Beaches with mother-of-pearl beads and chips, $10.25. The others opt for Fish ‘n’ Chips with aqua quartz, mother-of-pearl and pewter beads, $10.

The women use numbered bead boards to arrange their beads for stringing.

“We lay it out any old way?” South asks.

“Lay it out the way you will string it,” says Hansen. “Once you make this bracelet, you can make any.”

Deciding how beads should flow is the most time-consuming part. Extra beads are included in each kit so customization is possible.

“I’ll swap you two of these beads for one of those,” says Pat Breth to Valentine and Jean Crowder. “I’m trying to do a particular pattern.”

South finishes first, slides the bracelet on her tiny wrist and holds it up for all to see.

“Mine is all white so it was pretty easy to do,” she says.

Valentine struggles a little with hers.

“I have lots left to do nothing with,” she says.

“You have lots left to do something with,” says Shellhase. She likes to use bracelets extra beads to make matching earrings.

Once Valentine gets the beads on the fine-gauge wire, she puts on the finishing toggle clasp.

“Finally,” she says smiling with satisfaction. “I like it and I did it without saying any bad words.”

The Moscow City Council adopted the city’s first comprehensive plan rewrite since 1999 Monday evening following a meeting that lasted more than four hours.

The council voted 4-2 to keep maps of a proposed ring road/bypass tiffany concept in the plan, with outgoing council members Bill Lambert and John Weber voting for removal.

The plan’s approval concludes a near three-year rewrite process.

—

The controversial ring road/bypass concept predictably dominated discussion at the Moscow City Council’s public hearing on the city’s proposed comprehensive plan rewrite.

The council was set to begin deliberations at press time after a nearly two-and-half hour hearing.

Though the comprehensive plan covers a wide array of city planning issues, the ring road concept was the central topic, much like it was during the Planning and Zoning Commission’s hearing on the plan in late October.

That hearing mostly featured testimony from residents outside the city limits concerned about the effect a proposed ring road around the city could have on their properties.

This time, many notable Moscow residents also weighed in both for and against the ring bangles road.

Former Mayor Marshall Comstock was the first to speak, and came out in support of keeping the road in the plan as a guide for the future.

Referencing David Trail, the road’s most outspoken critic, Comstock said development spurs road building, not city planning, and Trail shouldn’t worry about losing his home or surrounding neighborhood.

“With all due respect … within their lifetime there’s not going to be a road built out there unless they (the Trail family) want it to happen,” he said.

Trail, representing a group of landowners in what would be the northeast quadrant of the road, spoke for roughly 15 minutes, and several other residents from outside the city limits voiced their opposition as well.

Tri-State owner Gerard Connelly also spoke against the concept, saying the proposed road is an invitation to bypass the city and its businesses.

Connelly’s testimony was among the most passionate of the evening. He said the city, whether rings intentional or not, “seems hellbent on doing as much harm as it can.”

Mark Williams can be reached at (208) 882-5561, ext. 301, or by e-mail at mwilliams@dnews.com.

QUICKREAD

WHAT HAPPENED: The Moscow City Council conducted a public hearing on the proposed rewrite of the city’s comprehensive plan.

WHAT IT MEANS: The hearing represents the final stage of a near three-year process to write the first new plan for the city since 1999.

WHAT HAPPENS NEXT: As of press time the council was still deliberating following testimony bracelets from the public. It is eventually expected to approve the plan in some form, but modifications could be made.

WHY YOU SHOULD CARE: The plan is intended to serve as the basis for land-use decisions within the city for the next 15 to 20 years. A copy of the current draft can be viewed at www.visionmoscow.org.