MIRA INFORM REPORT
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Report Date : |
06.12.2012 |
IDENTIFICATION DETAILS
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Name : |
TIFFANY & CO. |
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Registered Office : |
Fortune 1000 Rank: 610, |
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Country : |
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Financials (as on) : |
31.01.2012 |
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Year of Establishment : |
1837 |
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Legal Form : |
Public Parent Company |
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Line of Business : |
Subject is a jeweler and specialty retailer whose
principal merchandise offering is jewelry |
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No. of Employees : |
9800 employees |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 30th, 2012
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Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
United States - ECONOMIC OVERVIEW
The
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Source
: CIA |
Company name & address
Tiffany & Co.
Fortune 1000 Rank: 610
727
Map
Tel: 212-755-8000
Fax: 302-655-5049
Toll Free: (800) 526-0649
Web: www.tiffany.com
Synthesis
Employees: 9,800
Company Type: Public Parent
Corporate Family: 123
Companies
Traded:
Incorporation Date: 1837
Auditor: PricewaterhouseCoopers
LLP
Financials in: USD (Millions)
Fiscal Year End: 31-Jan-2012
Reporting Currency: US
Dollar
Annual Sales: 3,642.9 1
Net Income: 439.2
Total Assets: 4,159.0 2
Market Value: 7,860.4
(23-Nov-2012)
Business Description
Tiffany & Co. is a holding company that operates through
its subsidiary companies. The Company’s principal subsidiary, Tiffany and
Company (Tiffany), is a jeweler and specialty retailer whose principal
merchandise offering is jewelry. Through Tiffany and other subsidiaries, the
Company is engaged in product design, manufacturing and retailing activities.
Its segments include
Industry
Industry Retail (Specialty)
ANZSIC 2006: 4253 - Watch and
Jewellery Retailing
NACE 2002: 5248 - Other
retail sale in specialised stores
NAICS 2002: 44831 - Jewelry
Stores
UK SIC 2003: 52484 - Retail
sale of jewellery, clocks and watches
UK SIC 2007: 4777 - Retail sale
of watches and jewellery in specialised stores
US SIC 1987: 5944 - Jewelry
Stores
Key Executives
(Emails Available)
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Name |
Title |
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Michael J. Kowalski |
Chairman of the Board, Chief Executive Officer |
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Stephane Lafay |
Group Vice President - Asia-Pacific Region and
President - Tiffany Japan |
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Patrick F. McGuiness |
Senior Vice President, Chief Financial Officer |
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Caroline D. Naggiar |
Chief Marketing Officer, Senior Vice President |
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Senior Vice President, General Counsel, Secretary |
Significant Developments
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Topic |
#* |
Most Recent Headline |
Date |
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Negative Earnings Pre-Announcement |
3 |
Tiffany & Co Lowers FY 2012 Guidance;
Comments On Q3, Q4 Earnings Guidance |
27-Aug-2012 |
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Officer Changes |
1 |
Tiffany and Co Enters Into Retirement Agreement
With President-DJ |
27-Jan-2012 |
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Strategic Combinations |
2 |
The Swatch Group Ltd. Files CHF541.9 Million
Conterclaim Against The Swatch Group Ltd.-DJ |
12-Mar-2012 |
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Other Earnings Pre-Announcement |
3 |
Tiffany & Co reaffirms Long Term
Guidance-Conference Call |
27-Jun-2012 |
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4 |
15-Nov-2012 |
* number of
significant developments within the last 12 months
News
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Title |
Date |
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The Interior Gallery Adds New Lamps And Sconces
To Their Lighting Collection |
2-Dec-2012 |
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A Window on a Holiday Tradition |
2-Dec-2012 |
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Contributors |
2-Dec-2012 |
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ITAR-TASS news summary for Friday: 1 |
1-Dec-2012 |
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FORM 8-K: TIFFANY & CO. FILES CURRENT REPORT |
1-Dec-2012 |
Financial Summary
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Stock Snapshot
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1 - Profit & Loss Item Exchange Rate: USD 1 = USD 1
2 - Balance Sheet Item Exchange Rate: USD 1 = USD 1
Corporate Overview
Location
727 Fifth Avenue
New York, NY, 10022
New York County
United States
Tel: 212-755-8000
Fax: 302-655-5049
Toll Free Tel: (800) 526-0649
Web: www.tiffany.com
Quote Symbol - Exchange
TIF - New York
Stock Exchange
Sales USD(mil): 3,642.9
Assets USD(mil): 4,159.0
Employees: 9,800
Fiscal Year End: 31-Jan-2012
Industry: Retail
(Specialty)
Incorporation Date: 1837
Company Type: Public
Parent
Quoted Status: Quoted
Chairman of the
Board, Chief Executive Officer:
Michael J. Kowalski
Company Web Links
Company Contact/E-mail
Corporate History/Profile
Executives
Financial Information
Home Page
Investor Relations
News Releases
Products/Services
Contents
Industry Codes
Business Description
Brand/Trade Names
Financial Data
Market Data
Key Corporate Relationships
Additional Information
Industry Codes
ANZSIC 2006 Codes:
4253 - Watch and Jewellery Retailing
2591 - Jewellery and Silverware Manufacturing
6240 - Financial Asset Investing
3732 - Jewellery and Watch Wholesaling
4310 - Non-Store Retailing
NACE 2002 Codes:
5248 - Other retail sale in specialised stores
5147 - Wholesale of other household goods
7415 - Management activities of holding companies
3622 - Manufacture of jewellery and related articles not elsewhere
classified
5261 - Retail sale via mail order house
NAICS 2002 Codes:
44831 - Jewelry Stores
454113 - Mail-Order Houses
339911 - Jewelry (except Costume) Manufacturing
423940 - Jewelry, Watch, Precious Stone, and Precious Metal Merchant
Wholesalers
551112 - Offices of Other Holding Companies
US SIC 1987:
5944 - Jewelry Stores
3911 - Jewelry, Precious Metal
5961 - Catalog and Mail-order Houses
6719 - Offices of Holding Companies, Not Elsewhere Classified
5094 - Jewelry, Watches, Precious Stones, and Precious Metals
UK SIC 2003:
52484 - Retail sale of jewellery, clocks and watches
7415 - Management activities of holding companies
3622 - Manufacture of jewellery and related articles not elsewhere
classified
5261 - Retail sale via mail order house
51473 - Wholesale of jewellery
UK SIC 2007:
4777 - Retail sale of watches and jewellery in specialised stores
4791 - Retail sale via mail order houses or via Internet
642 - Activities of holding companies
4648 - Wholesale of watches and jewellery
3212 - Manufacture of jewellery and related articles
Business
Description
Tiffany & Co.
is a holding company that operates through its subsidiary companies. The Company’s
principal subsidiary, Tiffany and Company (Tiffany), is a jeweler and specialty
retailer whose principal merchandise offering is jewelry. Through Tiffany and
other subsidiaries, the Company is engaged in product design, manufacturing and
retailing activities. Its segments include Americas, Asia-Pacific, Japan,
Europe and Other. The Company’s principal product category is jewelry, which
represented 91% of the Company’s net sales in 2011. The Company also sells
timepieces, sterling silver goods (other than jewelry), china, crystal,
stationery, fragrances, personal accessories and leather goods, which
represented, in total, 8% of the Company’s net sales in 2011. Its remaining
1% of net sales were attributable to wholesale sales of diamonds and earnings
received from third-party licensing agreements.
Americas
In 2011, sales in
the Americas were 50% of consolidated worldwide net sales, while sales in the
United States represented 90% of net sales in the Americas. Retail sales are
transacted in Company-operated TIFFANY & CO. stores in (number of stores at
January 31, 2012 included in parentheses) the United States (87), Mexico (7),
Canada (5) and Brazil (3). Included within these totals are six
Company-operated stores located within various department stores. Tiffany and
its subsidiaries distribute a selection of their products in the United States
and Canada through the Websites at www.tiffany.com and www.tiffany.ca. Tiffany
also distributes catalogs of selected merchandise to its list of customers in
the United States and Canada and to mailing lists rented from third parties.
SELECTIONS catalogs are published four times per year, supplemented by other
targeted catalogs. Business sales executives call on business clients, selling
products drawn from the retail product line and items developed for the
business market, including trophies and items designed for the particular
customer. Selected TIFFANY & CO. merchandise is sold to independent
distributors for resale in markets in the Central/South American, Caribbean and
Canadian regions.
Asia-Pacific
In 2011, sales in
Asia-Pacific represented 21% of consolidated worldwide net sales. Retail sales
are transacted in Company-operated TIFFANY & CO. stores in (number of
stores at January 31, 2012 included in parentheses), China (16), Korea (14),
Hong Kong (8), Taiwan (7), Australia (5), Singapore (4), Macau (2) and Malaysia
(2). Included within these totals are 21 Company-operated stores located within
various department stores. The Company offers a selection of TIFFANY & CO.
merchandise for purchase in Australia through its Website at
www.tiffany.com.au. Selected TIFFANY & CO. merchandise is sold to
independent distributors for resale in Asia-Pacific markets. Such sales
represent less than 1% of consolidated worldwide net sales.
Japan
In 2011, sales in
Japan represented 17% of consolidated worldwide net sales. The Company does
business in Japan through its wholly owned subsidiary, Tiffany & Co. Japan,
Inc. (Tiffany-Japan), in 55 stores. Included within this total are 51
Tiffany-Japan-operated stores located within Japanese department stores,
representing 79% of Tiffany-Japan’s net sales. There are four department
store groups in Japan. Tiffany-Japan operates TIFFANY & CO. stores in
locations controlled by these groups as follows (number of locations at January
31, 2012 included in parentheses), Isetan Mitsukoshi (15), J. Front Retailing
Co. (Daimaru and Matsuzakaya department stores) (10), Takashimaya (9) and
Millennium Retailing Co. (Sogo and Seibu department stores) (3). Tiffany-Japan
also operates 14 stores in department stores controlled by other Japanese
companies. The Company offers a selection of TIFFANY & CO. merchandise for
purchase in Japan through its Website at www.tiffany.co.jp. Selected TIFFANY &
CO. merchandise is sold to independent distributors for resale in Japan.
Europe
In 2011, sales in
Europe represented 12% of consolidated worldwide net sales, while sales in the
United Kingdom represented approximately half of European net sales. Retail
sales are transacted in Company-operated TIFFANY & CO. stores in (number of
stores at January 31, 2012 included in parentheses), the United Kingdom (10),
Germany (6), Italy (5), France (3), Spain (2), Switzerland (2), Austria (1),
Belgium (1), Ireland (1) and the Netherlands (1). Included within these totals
are seven Company-operated stores located within various department stores. The
Company offers a selection of TIFFANY & CO. merchandise for purchase in the
United Kingdom, Austria, Belgium, France, Germany, Ireland, Italy, the
Netherlands and Spain through its Websites, which are accessible through
www.tiffany.com. Selected TIFFANY & CO. merchandise is sold to independent
distributors for resale in Europe.
Other
Other consists
primarily of wholesale sales of TIFFANY & CO. merchandise to independent
distributors for resale in certain emerging markets primarily in the Middle
East and Russia (Emerging Markets) and wholesale sales of diamonds. In
addition, Other also includes earnings received from licensing agreements with
Luxottica Group for the distribution of TIFFANY & CO. brand eyewear and
with The Swatch Group Ltd. (the Swatch Group) for TIFFANY & CO. brand
watches. The Company purchases parcels of rough diamonds for further
processing. The Company sells to third parties those diamonds that are found to
be unsuitable for Tiffany’s needs.
More Business Descriptions
Tiffany & Co.
is a holding company that operates through its subsidiary companies. The
Company’s principal subsidiary, Tiffany and Company (Tiffany), is a jeweler
and specialty retailer whose principal merchandise offering is jewelry. Through
Tiffany and other subsidiaries, the Company is engaged in product design,
manufacturing and retailing activities. Its segments include Americas, Asia-Pacific,
Japan, Europe and Other. The Company’s principal product category is jewelry,
which represented 91% of the Company’s net sales in 2011. The Company also
sells timepieces, sterling silver goods (other than jewelry), china, crystal,
stationery, fragrances, personal accessories and leather goods, which
represented, in total, 8% of the Company’s net sales in 2011. Its remaining
1% of net sales were attributable to wholesale sales of diamonds and earnings
received from third-party licensing agreements. For the six months ended 31
July 2012, Tiffany & Co. revenues increased 4% to $1.71B. Net income
increased 1% to $173.3M. Revenues reflect Japan segment increase of 13% to
$300.5M, Value of Retail Japan increase of 13% to $300.5M. Net income was partially
offset by Merchandise Margins, Total -% decrease of 3% to 56.8%, Interest and
other expenses, net increase of 25% to $24.8M (expense). Dividend per share
increased from $0.54 to $0.61.
Fine Jewelry,
China, Crystal, Sterling Silver, Timepieces, Clocks, Stationery, Leather,
Scarves & Fragrance Retailer
Establishments
primarily engaged in the retail sale of any combination of the lines of
jewelry, such as diamonds and other precious stones mounted in precious metals
as rings, bracelets, and broaches; sterling and plated silverware; and watches
and clocks.
Tiffany & Co.
(Tiffany) is the US based company specializing in designer and premium range of
jewelry and related products and accessories on a global scale. The company
carries out manufacturing, third party sourcing, marketing and retailing
jewelry items, timepieces, sterling silverware, crystal, stationery, fragrances
and various other premium and designer products. The company operates its
business through five segments, namely, Americas, Asia–Pacific, Europe, Japan
and Others. Across all these business segments, Tiffany engages in retail
sales, procurement and production of jewelry items. The Americas segment
comprises Retail sales; Internet and Catalog sales; Business-to-Business sales;
and Wholesale distribution divisions. In the Retail sales division, the company
operates 86 TIFFANY & CO. stores in the US, Canada, Mexico and Brazil. In
the Internet and Catalog sales division, the company distributes a selection of
its products through its websites at www.tiffany.com and www.tiffany.ca in the
US and Canada. It also distributes catalogs of selected merchandise to its list
of customers in the US and to mailing lists rented from third parties.
Business-to-Business sales division markets products and services through a
sales organization; through advertising in newspapers and business periodicals;
and publication of special catalogs. The Wholesale distribution division sells
selected TIFFANY & CO. merchandise to independent distributors for resale
in markets in the Central/South American, Caribbean and Canadian regions. For
the fiscal year ended January 2012, the Americas segment accounted $1,805.78m
in 2012, indicating an increase of 15% over 2011. The segment contributed 49.6%
of the company’s total revenue. The company, under its Asia-Pacific segment,
offers the entire range of its product portfolio in Japan, China, Korea,
Australia, Singapore, Hong Kong, Taiwan, Macau and Malaysia. The company
operates in Japan through its wholly-owned subsidiary, Tiffany & Co. Japan,
Inc. The company offers a selection of TIFFANY & CO. merchandise for
purchase in Japan and Australia through its e-commerce portals including www.tiffany.co.jp
and www.tiffany.com/au. The company operates 96 retail stores in the Asia
Pacific market. It also specifically develops and sells products to business
customers; and sells selected TIFFANY & CO. merchandise to independent
distributors for resale in Asia-Pacific markets, principally in the Middle
Eastern region. For the fiscal year ended January 2012, Asia-Pacific segment
accounted $748.21m in 2012, indicating an increase of 36% over 2011. The
segment contributed 20.5% of the company’s total revenue. Europe segment of
the company offers products via retail sales, internet sales and wholesale and
business-to-business sales. The company principally operates in the UK,
Germany, Italy, France, Austria, Switzerland, Belgium, Spain and Ireland. It
offers a selection of TIFFANY & CO. merchandise for purchase in England,
Wales, Northern Ireland and Scotland through its website at www.tiffany.com/uk.
For the fiscal year ended January 2012, Europe segment accounted $421.14m in
2012, indicating an increase of 17% over 2011. The segment contributed 11.6% of
the company’s total revenue. The company reports Japan separately from the
rest of the Asia-Pacific region, due to certain “emerging market”
countries. The company does its business in Japan through its wholly-owned
subsidiary, named, Tiffany & Co. Japan, Inc. It has a total of 56 stores,
comprised of 52 stores operating in Japanese department stores and four
freestanding stores. Tiffany-Japan’s net sales were garnered from boutiques
within Japanese department stores. For the fiscal year ended January 2012,
Japan segment accounted $616.50m in 2012, indicating an increase of 13% over
2011. The segment contributed 16.9% of the company’s total revenue. Other
segment comprises all non-reportable segments. It includes wholesale trade in
diamonds; and worldwide sales made by businesses operated under trademarks or
trade names other than TIFFANY & CO. For the fiscal year ended January
2012, Other segment accounted $51.29m in 2012, indicating a decrease of 5% over
2011. The segment contributed 1.4% of the company’s total revenue. In January
2012, the company signed a memorandum of understanding to enter into a
strategic joint venture with Damas Jewellery, a company incorporated under the
laws of Dubai, related to the operation of TIFFANY & CO. retail stores in
the United Arab Emirates.
Tiffany & Co.
(Tiffany) is a holding company, which designs, produce and sell fine jewelry
through its principal subsidiary, Tiffany and Company (Tiffany) and other
subsidiaries. Tiffany offers a wide range of timepieces, sterling silverware,
crystal, stationery, fragrances and accessories. As of January 2012, it
operates through a network of more than 247 retail stores, boutiques,
wholesalers, mail catalogs and internet retail sites across several countries.
Its products are sold under various brands such as Tiffany & Co., Tiffany,
Elsa Peretti, Frank Gehry, Paloma Picasso and Jean Schlumberger. The company
principally operates in the Americas, Asia-Pacific and Europe. Tiffany is headquartered
in New York, the US. The company strategizes expansion of its operational and
geographical presence through joint ventures and associations with market
leading companies across the world. It recently signed a memorandum of
understanding to enter into a strategic joint venture with Damas Jewellery, a
company incorporated under the laws of Dubai, related to the operation of
TIFFANY & CO. retail stores in the United Arab EmiratesThe company reported
revenues of (U.S. Dollars) USD 3,642.94 million during the fiscal year ended
January 2012, an increase of 18.07% over 2011. The operating profit of the
company was USD 708.43 million during the fiscal year 2012, an increase of
19.11% over 2011. The net profit of the company was USD 439.19 million during the
fiscal year 2012, an increase of 19.21% over 2011.
Tiffany &
Company is a holding company that operates through its subsidiary companies.
The company's principal subsidiary, Tiffany and Company, is a jeweler and
specialty retailer, whose merchandise offerings include an extensive selection
of fine jewelry, as well as timepieces, sterling silverware, china, crystal,
stationery, fragrances and accessories. Through Tiffany and Company and other
subsidiaries, the company is engaged in product design, manufacturing and
retailing activities. Tiffany was founded in 1837 when Charles Lewis Tiffany
opened a store in downtown Manhattan. Today, more than 100 Tiffany stores and
boutiques serve customers in United States, South America, Asia, Australia and
Europe.
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Strategic Initiatives
Sales and
Distribution
Tiffany reported
increased operating margin of 19.44% in 2012, as compared to 19.27% in 2011 and
16.25% in 2010. The company’s operating margin has increased 17 basis points
(bps) over 2011 which may indicate management's high focus on improving
profitability. The increased operating margin may indicate efficient cost
management or a strong pricing strategy by the company. On the other hand, the
company reduced its operating cost as percentage of sales to 80.55% in 2012
from 80.72% in 2011. Its administrative cost decreased to 38.43% in 2012 as
compared to 39.24% in 2011.
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Helpful |
Harmful |
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Internal Origin |
Strengths |
Weaknesses |
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External Origin |
Opportunities |
Threats |
Overview
Tiffany & Co.
(Tiffany), along with its subsidiaries design, produce and retail a broad range
of jewelry items. Global presence, operational efficiency, and wide product
portfolio are the key strengths of the company over its peers. Though the
company has a risk associated with competition and economic slowdown; the
rising online retail spending could ensure its top line.
Strengths
Operational Efficiency
The company
reported strong operational efficiency with decreased cost and increased
margins in 2012. Tiffany’s revenue in fiscal year ended January 2012 reached
$3,642.94m, indicating an increase of 18.1% over $3,085.29m in 2011. Its
operating income stood at $708.43m, showing an increase of 19.1% over $594.78m
in 2011. Its operating income increased at a CAGR of 3.82% in the last five
years from 2008 to 2012. Tiffany reported increased operating margin of 19.44%
in 2012, as compared to 19.27% in 2011 and 16.25% in 2010. The company’s
operating margin has increased 17 basis points (bps) over 2011 which may
indicate management's high focus on improving profitability. The increased
operating margin may indicate efficient cost management or a strong pricing
strategy by the company. On the other hand, the company reduced its operating
cost as percentage of sales to 80.55% in 2012 from 80.72% in 2011. Its
administrative cost decreased to 38.43% in 2012 as compared to 39.24% in 2011.
Decreasing cost improves the margin of the company.
Global Presence
Geographically
diverse operations help the company to mitigate the various risks associated
with overdependence on a particular region/country. The company operates
TIFFANY & CO. retail stores and boutiques in the Americas, Asia-Pacific and
Europe. In Americas region, it operates in the US, Canada, Mexico and Brazil.
The Asia Pacific region comprises Japan, China, Korea, Australia, Singapore,
Hong Kong, Taiwan, Macau and Malaysia. In Europe, it operates in the UK,
Germany, Italy, France, Austria, Switzerland, Belgium, Spain and Ireland. At
year-end, we operated 247 TIFFANY & CO. stores in 22 countries, with
third-party distribution in more than 30 additional countries. During the
fiscal year ended January 2012, the company generated revenue of 49.6% from the
US, followed by, 20.5% from Asia-Pacific, 16.9 from Japan, 11.6% from Europe,
and 13.5% from other countries. Thus, a wide geographical presence helps to
generate brand equity as well as provides new avenues for growth to the
company, as against some of its peers, which have limited geographical
diversification.
Robust Selling Strategy
The company's
products are offered in the US, Asia and various international markets through
business-to-business direct selling operations, internet and catalog sales,
wholesale distribution and retail sales channels. The company carries out its
US retail sales through the business-to-business direct selling operations and
the Tiffany stores, while its international sales are carried out through the
Tiffany stores and boutiques. More than 3,500 products of the company are
offered and sold online through its online portal tiffany.com. The catalogs of
selected merchandise are distributed to the company’s list of customers and
to mailing lists borrowed from third parties. The company also receives orders
in the US region through mail, telephone or internet. Thus, the company is
emerging as a prominent player in the jewelry and specialty retailer segment,
through its robust selling strategy.
Wide Product Portfolio
The company offers
its customers a wide range of products, which mitigates the various risks
associated with overdependence on a particular market segment. It designs,
manufactures and retails a broad range of jewelry items. The company offers
more than 3,500 varieties of products, which include jewelry, timepieces,
sterling silverware, crystal, stationery, fragrances and accessories. The
company also offers its customers different varieties of other precious and
semi precious stones. Apart from fine jewelry designs of Frank Gehry, the
company offers various products under the Celebration, Swing and Legacy
collections. STARS in platinum and diamonds, NOVO, a new cushion-cut solitaire
diamond ring, and new collections of sterling silver charms are some of the new
designs launched recently by the company. This diversified product portfolio
helps the company to reduce the impact of market volatility in one particular
product segment besides providing new growth opportunities.
Weaknesses
Decreasing Liquidity
The company has
reported a decrease in liquidity position in the fiscal year 2012. Tiffany’s
cash and cash equivalents reached $433.95m in 2012, indicating a decline of
36.3% over $681.59m in 2011. Its current ratio decreased to 4.61 times in 2012
as compared to 5.59 times in 2011. The low current ratio represents that the
liquidity position of the company is not so well and may not be able to pay its
current liabilities in time without facing difficulties. Similarly, its quick
ratio and cash ratio fall down to 1.30 times and 0.70 times in 2012 as compared
to 2.20 times and 1.54 times in 2011. In addition, the company’s accounts
payable accounted for $113.15m of the company’s total revenues in 2012,
representing an increase of 23.9% over $91.31m in 2011. Such decline in
liquidity and increasing payables may hamper the company financial position.
The company's underperformance could be attributed to a weak competitive
position or inferior products and services offering or lack of innovative
products and services.
Dependence on Few Vendors
The company
depends on a few vendors for purchasing polished diamonds, which could cause a
concern to the company. The loss of one or more of the top vendors could have a
material adverse effect on the results of the company. Due to the dependence on
very few vendors, the company may not be able to find suitable alternatives to
get polished gemstones and precious metals on time, if any of these vendors are
unable to supply the products on favorable terms to the company. Thus, the loss
of any large customer for an extended length of time could negatively impact
the sales and profits of the company.
Opportunities
Growing Emerging Market
According to a
recent study, Russia is home to the world's third largest concentration of
billionaires (after the United States and Germany) and over 100,000
multimillionaires who have a combined $300 billion of cash on hand. According
to Associated Press, "Moscow is home to more rich people than New
York." Rising consumer demand for new and better products and increasing
incomes have given rise to an expanding middle and upper class that "have
caused an explosion in all types of consumption." The Russian capital,
Moscow, is now internationally considered a Mecca for buying and selling the
highest of the high-end. After the economic slowdown, the Russian Luxury market
is reviving with growth expected at 27% in 2012. The company recently opened an
outlet in Russia to exploit the opportunities offered in one of the fastest
growing economies of the world. Similarly, there are 300,000 millionaires and a
middle class population of 250 million who spent $6 billion on luxury goods in
2011. The luxury goods sales value in the Chinese market, excluding private
jets, yachts and luxury cars, will hit $14.6 billion in 2012. The survey ranks
China second with a 27% market share of global consumption by the end of May,
slightly lower than Japan's 29%, and higher than 14% for the US and 18% for
Europe. The company has strengthened its presence in China and Russia in line
with the growing demand and hoping to cash on the economic boom of these two
nations.
Rising Online Retail Spending
With the rising
trend of e-commerce business, there is huge potential for the company to
increase its profitability through the direct-to-customer segment. Now, more and
more customers prefer to shop online and place their orders through credit
cards, thereby avoiding the time consuming journey and billing queues. The
company’s markets of North America and Europe and these regions have
witnessed a high growth in e-retail segment. According to analysts, the online
retail sales in the US are expected to reach $229 billion in 2013. The market
is expected to grow at a compound average growth rate (CAGR) of 10% from 2009
to 2013. Moreover, according to Internet World Stats as on December 31, 2011,
the internet penetration in the world population stood at 32.7%, compared to
28.7% in 2010 with a growth rate of more than 528.1% during 2000-2011. This
changing trend encouraged many retailers to focus on the new internet savvy customer
segment and venture into this growing retail format. As VFC already has a sound
presence in internet format, the company could further enhance its competitive
position in the ecommerce market, which would help the company to enhance its
sales through brand awareness and user friendly features through its websites.
Besides, it will save on the operating costs, which are much lower in the
online retail format as compared to physical store format.
Threats
Profusion of Imitative Products
The company’s
performance may be affected by the rising influx of counterfeited products in
the market. The growing market for counterfeit goods has been on rise across
industries and is affecting the sales as well as the image of the established
brands. The US Chamber of Commerce estimates a cost of $500-$600 billion a year
on the global economy due to counterfeiting and piracy activities. It accounts
for about 5-7% of the world trade. In US alone, these activities result in a
yearly sales loss of about $200-$250 billion, a figure that is steadily
increasing. As a result of this, the imitated goods in this industry are eating
into the market share of the branded products, especially due to their low
price offerings. When the customers buy copied brand labels, low quality of
these counterfeits affects the consumer confidence and also tarnishes the brand
image of the genuine company. Thus, the company is prone to these challenges
and any under performance of the counterfeit products could have a major affect
on the company’s revenue.
Intense Competition
The company could
be impacted due to the growing competition in the market. With rising
competition, the consumer packaged goods industry has been witnessing
consolidation wherein the smaller entities are being acquired or merged by the
major players. The influx of private labels in the industry is also on the
rise. To survive and succeed in a stiff competitive environment, it becomes
very important for the company to distinguish its product and service offerings
through a clear and unique value proposition. The company faces firm
competition from players like LVMH Moet Hennessy Louis Vuitton SA, Shiseido
Company, Limited, and Signet Group plc, Zale Corporation, Fossil, Inc.,
Mayor’s Jewelers, Inc., Waterford Wedgwood plc, Movado Group Inc, Finlay
Enterprises, Inc., Neiman Marcus Group and Etienne Aigner AG. If the company is
not able to maintain product quality and consumer loyalty, this intense
competition could reduce its sales volume and thereby hamper its market
position.
Global Economic Scenario
The global
economic slowdown and vague recovery scenario are likely to create challenges
for the company over the next few years. The global retail industry faced
significant challenges due to the recessionary affect in the global economy in
the past, which significantly affect the growth prospects of the major players
in the industry. The global recovery is facing challenges related to tough
economic environment in the euro area and weak business environment elsewhere.
According to recent world economic outlook (WEO) report by IMF, global output
is projected to expand by 3.25% in 2012, a downward revision of about 0.75%
point relative to the September 2011 WEO forecast. The primary reason for the
downward revision is the situations in the Euro region, which is expected to
witness a mild recession in 2012, mainly due to the increment in sovereign
yields, fiscal consolidation, and the effects of bank deleveraging. The growth
in emerging economies is also expected to slow down, mainly due to the
declining external environment and weak internal demand. According to the
report, the world output is expected to decline from 3.8% in 2011, to 3.3% in
2012, and is expected to witness an increase in 2013 with figures of 3.9% in
2013. The output of advanced economies is projected to decline from 1.6% in
2011 to 1.2% in 2012, and the output of emerging and developing economies are
expected to decline from 6.2% in 2011, to 5.4% in 2012. Growth in advanced
economies is expected to be lower, mainly due to adverse spillovers from the
euro region. World Bank also lowered its world economic growth of 2.5% in 2012
and 3.1% in 2013, well below the 3.6 % growth for each year projected in June
2011. Furthermore, according to the World Bank estimates, high income economies
are expected to expand nearly 1.4% in 2012 as the euro area shrinks 0.3%, as it
witnessed sharp downward revisions from growth forecasts last June of 2.7% and
1.8%, respectively. It also lowered the growth forecast for developing
economies to 5.4% for 2012 from its previous forecast of 6.2%, as the expansion
in Brazil and India, Russia, South Africa and Turkey witnessed slowness.
Furthermore, according to experts, the global economy is expected to have a
sluggish growth in 2013, with output growth dragged down by a weak performance
anticipated in the euro zone.
Credit Report as of 10/01/2011
|
Location |
|
|
727 5th Ave |
|
|
|
|
|
County: |
New York |
|
MSA: |
New York, NY |
|
|
|
|
Phone: |
212-755-8000 |
|
Fax: |
212-230-6633 |
|
URL: |
|
|
|
|
|
ABI©: |
006366181 |
|
|
|
|
Annual Sales: |
$3,642,937,000 (USD) |
|
Employees: |
9,800 |
|
|
|
|
Facility Size(ft2): |
40,000+ |
|
|
|
|
Business Type: |
Public |
|
Location Type: |
Headquarter |
|
|
|
|
Ticker: |
|
|
Exchange: |
NYSE |
|
Primary Line of
Business: |
|
|
SIC: |
5944-09 - Jewelers-Retail |
|
NAICS: |
448310 - Jewelry Stores |
|
Secondary Lines
of Business: |
|
|
NAICS: |
541613 - Marketing Consulting Svcs |
|
|
448150 - Clothing Accessories Stores |
|
SICs: |
5632-15 - Accessories-Fashion |
|
|
5944-04 - Diamonds |
|
|
8742-13 - Marketing Programs & Services |
|
Corporate
Family |
Corporate
Structure News: |
|
|
Tiffany &
Co. |
|
Tiffany & Co. |
|
|
|
|
|
Company
Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
|
Parent |
New York, NY |
United States |
Retail (Specialty) |
3,642.9 |
9,800 |
|
|
Subsidiary |
Parsippany, NJ |
United States |
Retail (Specialty) |
478.0 |
1,200 |
|
|
Branch |
New York, NY |
United States |
Retail (Specialty) |
238.2 |
1,001 |
|
|
Subsidiary |
Salem, WV |
United States |
Personal and Household Products |
|
110 |
|
|
Subsidiary |
New York, NY |
United States |
Miscellaneous Financial Services |
|
100 |
|
|
Subsidiary |
Tokyo |
Japan |
Retail (Specialty) |
|
100 |
|
|
Subsidiary |
Mexico, DF |
Mexico |
Retail (Specialty) |
|
35 |
|
|
Subsidiary |
Zurich |
Switzerland |
Retail (Specialty) |
|
20 |
|
|
Subsidiary |
Zurich |
Switzerland |
Jewelry and Silverware |
|
12 |
|
|
Subsidiary |
Hong Kong |
Hong Kong |
Retail (Specialty) |
|
10 |
|
|
Subsidiary |
Tokyo |
Japan |
Retail (Specialty) |
1.0 |
|
|
|
Branch |
San Francisco, CA |
United States |
Retail (Specialty) |
17.9 |
75 |
|
|
Branch |
Boston, MA |
United States |
Retail (Specialty) |
15.5 |
65 |
|
|
Branch |
Beverly Hills, CA |
United States |
Retail (Specialty) |
15.5 |
65 |
|
|
Branch |
Honolulu, HI |
United States |
Retail (Specialty) |
14.3 |
60 |
|
|
Subsidiary |
London |
United Kingdom |
Business Services |
0.0 |
60 |
|
|
Subsidiary |
London |
United Kingdom |
Retail (Specialty) |
206.6 |
309 |
|
|
UK Branch/Trading address |
Aberdeen |
United Kingdom |
Personal Services |
0.0 |
7 |
|
|
Branch |
Chicago, IL |
United States |
Retail (Specialty) |
12.9 |
54 |
|
|
Branch |
Manhasset, NY |
United States |
Retail (Specialty) |
11.9 |
50 |
|
|
Branch |
Honolulu, HI |
United States |
Retail (Specialty) |
11.9 |
50 |
|
|
Branch |
Hackensack, NJ |
United States |
Retail (Specialty) |
11.9 |
50 |
|
|
Branch |
Indianapolis, IN |
United States |
Retail (Specialty) |
11.9 |
50 |
|
|
Branch |
Las Vegas, NV |
United States |
Retail (Specialty) |
11.9 |
50 |
|
|
Subsidiary |
Taipei |
Taiwan |
Retail (Specialty) |
|
50 |
|
|
Branch |
Vienna, VA |
United States |
Retail (Specialty) |
11.4 |
48 |
|
|
Branch |
White Plains, NY |
United States |
Retail (Specialty) |
11.4 |
48 |
|
|
Branch |
Troy, MI |
United States |
Retail (Specialty) |
10.7 |
45 |
|
|
Branch |
Chevy Chase, MD |
United States |
Retail (Specialty) |
10.7 |
45 |
|
|
Branch |
King Of Prussia, PA |
United States |
Retail (Specialty) |
9.5 |
40 |
|
|
Branch |
Edina, MN |
United States |
Retail (Specialty) |
9.5 |
40 |
|
|
Branch |
Boca Raton, FL |
United States |
Retail (Specialty) |
9.5 |
40 |
|
|
Branch |
Tampa, FL |
United States |
Retail (Specialty) |
9.5 |
40 |
|
|
Branch |
Houston, TX |
United States |
Retail (Specialty) |
8.6 |
36 |
|
|
Branch |
Seattle, WA |
United States |
Retail (Specialty) |
8.6 |
36 |
|
|
Branch |
Chestnut Hill, MA |
United States |
Retail (Specialty) |
8.3 |
35 |
|
|
Branch |
Scottsdale, AZ |
United States |
Retail (Specialty) |
8.3 |
35 |
|
|
Branch |
Oak Brook, IL |
United States |
Retail (Specialty) |
8.3 |
35 |
|
|
Subsidiary |
Paris |
France |
Retail (Specialty) |
13.0 |
34 |
|
|
Branch |
Skokie, IL |
United States |
Retail (Specialty) |
7.9 |
33 |
|
|
Branch |
Orlando, FL |
United States |
Retail (Specialty) |
7.6 |
32 |
|
|
Branch |
Dallas, TX |
United States |
Retail (Specialty) |
7.6 |
32 |
|
|
Branch |
Coral Gables, FL |
United States |
Retail (Specialty) |
7.6 |
32 |
|
|
Branch |
Cincinnati, OH |
United States |
Retail (Specialty) |
7.1 |
30 |
|
|
Branch |
Palm Beach Gdns, FL |
United States |
Retail (Specialty) |
7.1 |
30 |
|
|
Branch |
Philadelphia, PA |
United States |
Retail (Specialty) |
7.1 |
30 |
|
|
Branch |
Bal Harbour, FL |
United States |
Retail (Specialty) |
7.1 |
30 |
|
|
Branch |
Atlanta, GA |
United States |
Retail (Specialty) |
7.1 |
30 |
|
|
Branch |
Palm Beach, FL |
United States |
Retail (Specialty) |
7.1 |
30 |
|
|
Branch |
Denver, CO |
United States |
Retail (Specialty) |
7.1 |
30 |
|
|
Branch |
Greenwich, CT |
United States |
Retail (Specialty) |
7.1 |
30 |
|
|
Branch |
Kansas City, MO |
United States |
Retail (Specialty) |
7.1 |
30 |
|
|
Branch |
San Antonio, TX |
United States |
Retail (Specialty) |
7.1 |
30 |
|
|
Branch |
Nashville, TN |
United States |
Retail (Specialty) |
7.1 |
30 |
|
|
Branch |
Walnut Creek, CA |
United States |
Retail (Specialty) |
7.1 |
30 |
|
|
Branch |
San Diego, CA |
United States |
Retail (Specialty) |
7.1 |
30 |
|
|
Branch |
Providence, RI |
United States |
Retail (Specialty) |
7.1 |
30 |
|
|
Branch |
Portland, OR |
United States |
Retail (Specialty) |
6.0 |
25 |
|
|
Branch |
Bellevue, WA |
United States |
Retail (Specialty) |
6.0 |
25 |
|
|
Branch |
Canoga Park, CA |
United States |
Retail (Specialty) |
5.2 |
22 |
|
|
Branch |
Dallas, TX |
United States |
Retail (Specialty) |
5.0 |
21 |
|
|
Subsidiary |
Sydney, NSW |
Australia |
Retail (Specialty) |
12.6 |
20 |
|
|
Branch |
Charlotte, NC |
United States |
Retail (Specialty) |
4.8 |
20 |
|
|
Branch |
Kihei, HI |
United States |
Retail (Specialty) |
4.8 |
20 |
|
|
Branch |
Pasadena, CA |
United States |
Retail (Specialty) |
4.8 |
20 |
|
|
Subsidiary |
Sao Paulo, SP |
Brazil |
Retail (Specialty) |
|
20 |
|
|
Branch |
Carmel, CA |
United States |
Retail (Specialty) |
4.5 |
19 |
|
|
Branch |
Westport, CT |
United States |
Retail (Specialty) |
3.8 |
16 |
|
|
Branch |
Palm Desert, CA |
United States |
Retail (Specialty) |
3.6 |
15 |
|
|
Branch |
Los Angeles, CA |
United States |
Retail (Specialty) |
3.6 |
15 |
|
|
Branch |
Red Bank, NJ |
United States |
Retail (Specialty) |
3.6 |
15 |
|
|
Branch |
Whiteville, NC |
United States |
Retail (Specialty) |
2.6 |
11 |
|
|
Branch |
East Hampton, NY |
United States |
Retail (Specialty) |
2.4 |
10 |
|
|
Branch |
Palo Alto, CA |
United States |
Retail (Specialty) |
2.4 |
10 |
|
|
Subsidiary |
Singapore |
Singapore |
Retail (Specialty) |
|
8 |
|
|
Subsidiary |
Kuala Lumpur, Wilayah Persekutuan |
Malaysia |
Apparel and Accessories |
8.0 |
|
|
|
Subsidiary |
Central District, Hong Kong |
Hong Kong |
Retail (Specialty) |
1.0 |
6 |
|
|
Branch |
Tupelo, MS |
United States |
Retail (Specialty) |
1.0 |
4 |
|
|
Branch |
Pelham, NY |
United States |
Retail (Specialty) |
1.0 |
4 |
|
|
Branch |
Towson, MD |
United States |
Retail (Specialty) |
1.0 |
4 |
|
|
Branch |
Cleveland, OH |
United States |
Retail (Specialty) |
1.0 |
4 |
|
|
Branch |
Mt Vernon, NY |
United States |
Retail (Specialty) |
0.7 |
3 |
|
|
Branch |
Cumberland, RI |
United States |
Retail (Specialty) |
0.7 |
3 |
|
|
Branch |
St Louis, MO |
United States |
Retail (Specialty) |
0.7 |
3 |
|
|
Branch |
Las Vegas, NV |
United States |
Retail (Specialty) |
0.7 |
3 |
|
|
Branch |
Short Hills, NJ |
United States |
Retail (Specialty) |
0.7 |
3 |
|
|
Branch |
Waikoloa, HI |
United States |
Retail (Specialty) |
0.7 |
3 |
|
|
Branch |
Naples, FL |
United States |
Retail (Specialty) |
0.7 |
3 |
|
|
Branch |
Tucson, AZ |
United States |
Retail (Specialty) |
0.7 |
3 |
|
|
Branch |
Atlantic City, NJ |
United States |
Retail (Specialty) |
0.7 |
3 |
|
|
Branch |
Owosso, MI |
United States |
Retail (Specialty) |
0.7 |
3 |
|
|
Branch |
Santa Clara, CA |
United States |
Retail (Specialty) |
0.7 |
3 |
|
|
Branch |
Uncasville, CT |
United States |
Retail (Specialty) |
0.7 |
3 |
|
|
Branch |
Costa Mesa, CA |
United States |
Retail (Specialty) |
0.7 |
3 |
|
|
Branch |
Carteret, NJ |
United States |
Retail (Specialty) |
0.7 |
3 |
|
|
Branch |
Henderson, NV |
United States |
Retail (Specialty) |
0.7 |
3 |
|
|
Branch |
New York, NY |
United States |
Retail (Specialty) |
0.7 |
3 |
|
|
Branch |
Columbus, OH |
United States |
Retail (Specialty) |
0.7 |
3 |
|
|
Branch |
Farmington, CT |
United States |
Retail (Specialty) |
0.7 |
3 |
|
|
Branch |
Pittsburgh, PA |
United States |
Retail (Specialty) |
0.7 |
3 |
|
|
Branch |
West Hartford, CT |
United States |
Retail (Specialty) |
0.7 |
3 |
|
|
Branch |
East Hanover, NJ |
United States |
Retail (Specialty) |
0.7 |
3 |
|
|
Branch |
Roseville, CA |
United States |
Retail (Specialty) |
0.7 |
3 |
|
|
Branch |
Seattle, WA |
United States |
Retail (Specialty) |
0.7 |
3 |
|
|
Branch |
Henderson, NV |
United States |
Retail (Specialty) |
0.7 |
3 |
|
|
Branch |
Santa Monica, CA |
United States |
Retail (Specialty) |
0.7 |
3 |
|
|
Branch |
Spring, TX |
United States |
Retail (Specialty) |
0.7 |
3 |
|
|
Branch |
Los Angeles, CA |
United States |
Retail (Specialty) |
0.7 |
3 |
|
|
Branch |
Mt Prospect, IL |
United States |
Retail (Specialty) |
0.7 |
3 |
|
|
Branch |
Northbrook, IL |
United States |
Retail (Specialty) |
0.7 |
3 |
|
|
Branch |
Jacksonville, FL |
United States |
Retail (Specialty) |
0.7 |
3 |
|
|
Branch |
Lexington, KY |
United States |
Retail (Specialty) |
0.7 |
3 |
|
|
Branch |
Richmond, VA |
United States |
Retail (Specialty) |
0.7 |
3 |
|
|
Branch |
Menlo Park, CA |
United States |
Retail (Specialty) |
0.7 |
3 |
|
|
Branch |
Natick, MA |
United States |
Retail (Specialty) |
0.7 |
3 |
|
|
Branch |
Parkland, FL |
United States |
Retail (Specialty) |
0.7 |
3 |
|
|
Branch |
Corpus Christi, TX |
United States |
Retail (Specialty) |
0.7 |
3 |
|
|
Branch |
Fairfield, CA |
United States |
Retail (Specialty) |
0.7 |
3 |
|
|
Branch |
Chaska, MN |
United States |
Retail (Specialty) |
0.7 |
3 |
|
|
Branch |
Salt Lake City, UT |
United States |
Retail (Specialty) |
0.7 |
3 |
|
|
Subsidiary |
Seoul, Seoul |
Korea, Republic of |
Jewelry and Silverware |
26.2 |
|
|
|
Subsidiary |
New York, NY |
United States |
Jewelry and Silverware |
|
|
|
|
Subsidiary |
Seoul |
Korea, Republic of |
Retail (Specialty) |
|
|
Competitors Report
|
Company Name |
Location |
Employees |
Ownership |
|
Arc International SA |
Arques, France |
7,150 |
Private |
|
Asprey Holdings Ltd. |
London, United Kingdom |
95 |
Private |
|
Birks & Mayors Inc. |
Montreal, Quebec, Canada |
838 |
Public |
|
Blue Nile, Inc. |
Seattle, Washington, United States |
206 |
Public |
|
Boscov's Inc. |
Reading, Pennsylvania, United States |
5,000 |
Private |
|
Bulgari SpA |
Roma, Italy |
346 |
Public |
|
Chanel SAS |
Neuilly-Sur-Seine, France |
5,331 |
Private |
|
Charming Shoppes, Inc. |
Bensalem, Pennsylvania, United States |
6,000 |
Public |
|
China First Pencil Co. Ltd B |
Shanghai, China |
2,510 |
Public |
|
Christie's International PLC |
London, United Kingdom |
1,517 |
Public |
|
DGSE Companies, Inc. |
Dallas, Texas, United States |
159 |
Public |
|
Express, Inc. |
Columbus, Ohio, United States |
18,000 |
Public |
|
Gucci Group NV |
Amsterdam, Netherlands |
8,249 |
Public |
|
Hermes International SCA |
Paris, France |
9,526 |
Public |
|
Homebase Ltd. |
Milton Keynes, United Kingdom |
17,361 |
Private |
|
Lowe's Companies, Inc. |
Mooresville, North Carolina, United States |
161,000 |
Public |
|
LVMH Moet Hennessy Louis Vuitton SA |
Paris, France |
87,544 |
Public |
|
Macy's, Inc. |
Cincinnati, Ohio, United States |
171,000 |
Public |
|
Movado Group, Inc |
Paramus, New Jersey, United States |
1,000 |
Public |
|
Nordstrom, Inc. |
Seattle, Washington, United States |
56,500 |
Public |
|
OTTO (Gmbh & Co KG) |
Hamburg, Germany |
49,721 |
Private |
|
Overstock.com, Inc. |
Salt Lake City, Utah, United States |
1,300 |
Public |
|
Ross Stores, Inc. |
Pleasanton, California, United States |
14,900 |
Public |
|
Saks Inc |
New York, New York, United States |
10,125 |
Public |
|
SEIKO HOLDINGS CORPORATION |
Tokyo, Japan |
15,968 |
Public |
|
Signet Jewelers Ltd. |
Hamilton, Bermuda |
16,555 |
Public |
|
Torgovyi Dom TSUM OAO (P) |
Moscow, Russian Federation |
2,276 |
Public |
|
Whitehall Jewelers Holdings Inc. |
Chicago, Illinois, United States |
2,316 |
Public |
|
Zale Corporation |
Irving, Texas, United States |
12,500 |
Public |
Executive report
|
Board of
Directors |
|
|
|
|
||||||||||||
|
Chairman of the Board, Chief Executive Officer |
Chairman |
|
||||||||||||
|
|||||||||||||||
|
Independent Director |
Director/Board Member |
|
|
|||||||||||
|
|||||||||||||||
|
Independent Director |
Director/Board Member |
|
|
|||||||||||
|
|||||||||||||||
|
Independent Director |
Director/Board Member |
|
|
|||||||||||
|
|||||||||||||||
|
Independent Director |
Director/Board Member |
|
|
|||||||||||
|
|||||||||||||||
|
Independent Director |
Director/Board Member |
|
|
|||||||||||
|
|||||||||||||||
|
Independent Director |
Director/Board Member |
|
|
|||||||||||
|
|||||||||||||||
|
Director |
Director/Board Member |
|
|
|||||||||||
|
|||||||||||||||
|
Independent Director |
Director/Board Member |
|
|
|||||||||||
|
|||||||||||||||
|
Executives |
|
|
|
|
||||||||||||
|
Chairman of the Board, Chief Executive Officer |
Chief Executive Officer |
|
||||||||||||
|
|||||||||||||||
|
Controller, Vice President |
President |
|
|
|||||||||||
|
Group Vice President - Asia-Pacific Region and President - Tiffany
Japan |
President |
|
|
|||||||||||
|
Vice President of Emerging Markets |
Division Head Executive |
|
|
|||||||||||
|
General Manager - U.A.E. Retail Operation |
Division Head Executive |
|
|
|||||||||||
|
Senior Vice President - Diamonds and Gemstones |
Division Head Executive |
|
|
|||||||||||
|
|||||||||||||||
|
Director, Network Management |
Operations Executive |
|
|
|||||||||||
|
Call Center Operations |
Operations Executive |
|
|
|||||||||||
|
Director of Direct Sales |
Operations Executive |
|
|
|||||||||||
|
Director of Security Nyc and Manufacturing Operations |
Operations Executive |
|
|
|||||||||||
|
Director Customer Operations |
Operations Executive |
|
|
|||||||||||
|
Director Us Retail Operations |
Operations Executive |
|
|
|||||||||||
|
Chief Operating Officer |
Operations Executive |
|
|
|||||||||||
|
|||||||||||||||
|
Operations Manager |
Operations Executive |
|
|
|||||||||||
|
Vice President Retail Operations |
Operations Executive |
|
|
|||||||||||
|
Information Technology Operations Center Senior Analyst |
Operations Executive |
|
|
|||||||||||
|
Senior Vice President - Operations |
Operations Executive |
|
|
|||||||||||
|
|||||||||||||||
|
Supervisor-Building Operations |
Operations Executive |
|
|
|||||||||||
|
Manager of Building Operations |
Operations Executive |
|
|
|||||||||||
|
Director, Building Operations & Service Support |
Operations Executive |
|
|
|||||||||||
|
Vice President Business Operations And... |
Operations Executive |
|
|
|||||||||||
|
Manager of Gemstone Planning and Operations |
Operations Executive |
|
|
|||||||||||
|
Supervisor of Building Operations |
Operations Executive |
|
|
|||||||||||
|
Facility Operations Manager |
Operations Executive |
|
|
|||||||||||
|
Director Occupational Safety and Healt... |
Environment/Safety Executive |
|
|
|||||||||||
|
Coordinator, Administrator |
Administration Executive |
|
|
|||||||||||
|
Merchandising Office Manager |
Administration Executive |
|
|
|||||||||||
|
Administrator |
Administration Executive |
|
|
|||||||||||
|
Security Administrator |
Administration Executive |
|
|
|||||||||||
|
Lease Administrator |
Administration Executive |
|
|
|||||||||||
|
|||||||||||||||
|
Data Dist Admin |
Administration Executive |
|
|
|||||||||||
|
Director, Database Administration |
Administration Executive |
|
|
|||||||||||
|
Business Manager |
Administration Executive |
|
|
|||||||||||
|
Senior Security Analyst |
Security |
|
|
|||||||||||
|
Director - Security Services |
Security |
|
|
|||||||||||
|
Senior Vice President, General Counsel, Secretary |
Company Secretary |
|
|
|||||||||||
|
|||||||||||||||
|
Finance Manager |
Finance Executive |
|
|
|||||||||||
|
Manager Financial Systems It |
Finance Executive |
|
|
|||||||||||
|
Director of Finance |
Finance Executive |
|
|
|||||||||||
|
Financial Analyst |
Finance Executive |
|
|
|||||||||||
|
Finance and Information Technology |
Finance Executive |
|
|
|||||||||||
|
|||||||||||||||
|
Senior Vice President, Chief Financial Officer |
Finance Executive |
|
|
|||||||||||
|
|||||||||||||||
|
Credit Services |
Finance Executive |
|
|
|||||||||||
|
Manager Finance Executive |
Finance Executive |
|
|
|||||||||||
|
Sales, Finance |
Finance Executive |
|
|
|||||||||||
|
Senior Analyst, Financial Planning & Analysis |
Finance Executive |
|
|
|||||||||||
|
Credit Services |
Finance Executive |
|
|
|||||||||||
|
Manager-Accounting and Reporting |
Accounting Executive |
|
|
|||||||||||
|
Accounts Payable |
Accounting Executive |
|
|
|||||||||||
|
Accounts Payable Manager |
Accounting Executive |
|
|
|||||||||||
|
Director Income Tax Strategy |
Corporate Tax Executive |
|
|
|||||||||||
|
Manager, Payroll Services |
Benefits & Compensation Executive |
|
|
|||||||||||
|
International Human Resources Manager |
Human Resources Executive |
|
|
|||||||||||
|
Human Resources Director |
Human Resources Executive |
|
|
|||||||||||
|
Senior Vice President - Global Human Resources |
Human Resources Executive |
|
|
|||||||||||
|
|||||||||||||||
|
Human Resource Representative |
Human Resources Executive |
|
|
|||||||||||
|
Human Resources Director |
Human Resources Executive |
|
|
|||||||||||
|
Regional Recruiter-Americas East |
Human Resources Executive |
|
|
|||||||||||
|
Human Resources |
Human Resources Executive |
|
|
|||||||||||
|
Human Resources Representative |
Human Resources Executive |
|
|
|||||||||||
|
Human Resources - Americas West |
Human Resources Executive |
|
|
|||||||||||
|
Vice President-Human Resources |
Human Resources Executive |
|
|
|||||||||||
|
Manager Sales and Training Development |
Training Executive |
|
|
|||||||||||
|
Manager Systems Training |
Training Executive |
|
|
|||||||||||
|
Vice President, Organizational
Effectiveness |
Training Executive |
|
|
|||||||||||
|
Vice President Training |
Training Executive |
|
|
|||||||||||
|
Information Technology Trainer |
Training Executive |
|
|
|||||||||||
|
Training |
Training Executive |
|
|
|||||||||||
|
Training Executive |
Training Executive |
|
|
|||||||||||
|
Trainer |
Training Executive |
|
|
|||||||||||
|
Vice President, Customer Cares |
Customer Service Executive |
|
|
|||||||||||
|
Director, Customer Service, Internal For
Repairs |
Customer Service Executive |
|
|
|||||||||||
|
Customer Service Cooridnator |
Customer Service Executive |
|
|
|||||||||||
|
Manager, Customer Service Uk |
Customer Service Executive |
|
|
|||||||||||
|
Sales Professional |
Sales Executive |
|
|
|||||||||||
|
Business Sales |
Sales Executive |
|
|
|||||||||||
|
Director-Sales |
Sales Executive |
|
|
|||||||||||
|
Sales Director |
Sales Executive |
|
|
|||||||||||
|
Vice President Southeast Region |
Sales Executive |
|
|
|||||||||||
|
Manager, Direct Sales and Marketing |
Sales Executive |
|
|
|||||||||||
|
Sales Professional |
Sales Executive |
|
|
|||||||||||
|
Vice President, Retail Sales - Pacific North Market |
Sales Executive |
|
|
|||||||||||
|
Business Sales Coordinator |
Sales Executive |
|
|
|||||||||||
|
Vice President of Sales and Marketing |
Sales Executive |
|
|
|||||||||||
|
Vice President, Us Retail Sales, Florida West Coast Market |
Sales Executive |
|
|
|||||||||||
|
Vice President Support |
Sales Executive |
|
|
|||||||||||
|
Sales Professional |
Sales Executive |
|
|
|||||||||||
|
Account Manager, Business Sales - Western Market |
Sales Executive |
|
|
|||||||||||
|
Sales Executive, Business Sales |
Sales Executive |
|
|
|||||||||||
|
Business Sales Manager |
Sales Executive |
|
|
|||||||||||
|
Sales Manager |
Sales Executive |
|
|
|||||||||||
|
Vice President, Retail Sales |
Sales Executive |
|
|
|||||||||||
|
Sales Executive |
Sales Executive |
|
|
|||||||||||
|
Sales and Service Professional |
Sales Executive |
|
|
|||||||||||
|
Sales Professional |
Sales Executive |
|
|
|||||||||||
|
Vice President Sales |
Sales Executive |
|
|
|||||||||||
|
Sales Professional |
Sales Executive |
|
|
|||||||||||
|
Account Manager |
Sales Executive |
|
|
|||||||||||
|
Vice President-Customer Relations |
Sales Executive |
|
|
|||||||||||
|
Business Sales Manager Canada |
Sales Executive |
|
|
|||||||||||
|
Business Sales |
Sales Executive |
|
|
|||||||||||
|
Director Business Sales and Development... |
Sales Executive |
|
|
|||||||||||
|
Sales Representative |
Sales Executive |
|
|
|||||||||||
|
Sales Executive |
Sales Executive |
|
|
|||||||||||
|
Inside Sales Representative |
Sales Executive |
|
|
|||||||||||
|
Sales Professional |
Sales Executive |
|
|
|||||||||||
|
Sales Professional |
Sales Executive |
|
|
|||||||||||
|
Sales and Service Professional |
Sales Executive |
|
|
|||||||||||
|
Sales Manager |
Sales Executive |
|
|
|||||||||||
|
Sales Coordinator |
Sales Executive |
|
|
|||||||||||
|
Sales Manager |
Sales Executive |
|
|
|||||||||||
|
Account Manager -Corporate Sales |
Sales Executive |
|
|
|||||||||||
|
Business Sales |
Sales Executive |
|
|
|||||||||||
|
Manager, Sports Sales and Marketing |
Sales Executive |
|
|
|||||||||||
|
Specialist, Business Sales Development |
Sales Executive |
|
|
|||||||||||
|
Sales Professional |
Sales Executive |
|
|
|||||||||||
|
Sales Executive |
Sales Executive |
|
|
|||||||||||
|
Regional Vice President Sales |
Sales Executive |
|
|
|||||||||||
|
Sales Executive |
Sales Executive |
|
|
|||||||||||
|
Sales Manager |
Sales Executive |
|
|
|||||||||||
|
Supervisor of Business Sales |
Sales Executive |
|
|
|||||||||||
|
Sales and Service Professional, Direct Sales |
Sales Executive |
|
|
|||||||||||
|
Manager, Information Technology Global Deployment |
International Executive |
|
|
|||||||||||
|
Senior Analyst Global Deployment |
International Executive |
|
|
|||||||||||
|
Vice President, International |
International Executive |
|
|
|||||||||||
|
Information Technology Global Deployment Project Leader |
International Executive |
|
|
|||||||||||
|
Global Manager |
International Executive |
|
|
|||||||||||
|
Vice President of Global Construction and Property Management Services |
International Executive |
|
|
|||||||||||
|
Manager International Information Technology |
International Executive |
|
|
|||||||||||
|
Director, International Construction |
International Executive |
|
|
|||||||||||
|
Assistant Manager; E-Commerce |
E-Commerce Executive |
|
|
|||||||||||
|
E-Commerce Coordinator At Tiffany |
E-Commerce Executive |
|
|
|||||||||||
|
Manager E-Commerce |
E-Commerce Executive |
|
|
|||||||||||
|
Ecommerce |
E-Commerce Executive |
|
|
|||||||||||
|
Director-Retail Design |
Marketing Executive |
|
|
|||||||||||
|
Direct Marketing |
Marketing Executive |
|
|
|||||||||||
|
Specialist Direct Marketing |
Marketing Executive |
|
|
|||||||||||
|
Director Marketing |
Marketing Executive |
|
|
|||||||||||
|
Director, Marketing |
Marketing Executive |
|
|
|||||||||||
|
Director of Design |
Marketing Executive |
|
|
|||||||||||
|
Senior Marketing Analyst |
Marketing Executive |
|
|
|||||||||||
|
Director, Asia Marketing |
Marketing Executive |
|
|
|||||||||||
|
Vice President Marketing |
Marketing Executive |
|
|
|||||||||||
|
Marketing Associate |
Marketing Executive |
|
|
|||||||||||
|
Chief Marketing Officer, Senior Vice President |
Marketing Executive |
|
|
|||||||||||
|
|||||||||||||||
|
Vice President-Direct Marketing |
Marketing Executive |
|
|
|||||||||||
|
Senior Producer of Interactive Marketing |
Marketing Executive |
|
|
|||||||||||
|
Senior Art Director |
Marketing Executive |
|
|
|||||||||||
|
Design Director |
Marketing Executive |
|
|
|||||||||||
|
Manager, Marketing |
Marketing Executive |
|
|
|||||||||||
|
Interior Design Manager |
Marketing Executive |
|
|
|||||||||||
|
Vice President-Investor Relations |
Corporate Communications Executive |
|
|
|||||||||||
|
|||||||||||||||
|
Senior Communications Specialist |
Corporate Communications Executive |
|
|
|||||||||||
|
Communications |
Corporate Communications Executive |
|
|
|||||||||||
|
Public Relations Director |
Public Relations Executive |
|
|
|||||||||||
|
Director Public Relations - Europe |
Public Relations Executive |
|
|
|||||||||||
|
Creative Director |
Advertising Executive |
|
|
|||||||||||
|
Manager, Business Systems Developroject
Managerent |
Information Executive |
|
|
|||||||||||
|
Information Technology Auditing |
Information Executive |
|
|
|||||||||||
|
Director - Information Technology Business
Management |
Information Executive |
|
|
|||||||||||
|
Information Technology Manager |
Information Executive |
|
|
|||||||||||
|
Vice President, Information Technology |
Information Executive |
|
|
|||||||||||
|
Director, Information Technology Security
and Technology |
Information Executive |
|
|
|||||||||||
|
Systems Analyst, Architect |
Information Executive |
|
|
|||||||||||
|
Information Technology Or Technology
Project Director Or Manager |
Information Executive |
|
|
|||||||||||
|
Lead Distributed Systems |
Information Executive |
|
|
|||||||||||
|
Information Technology |
Information Executive |
|
|
|||||||||||
|
Project Leader, Information Technology |
Information Executive |
|
|
|||||||||||
|
Manager Business Applcations; Project Leader, Information Technology |
Information Executive |
|
|
|||||||||||
|
Information Technology Manager Japan |
Information Executive |
|
|
|||||||||||
|
Coordinator - Technology and Systems |
Information Executive |
|
|
|||||||||||
|
Information Technology Collaborative Technologies |
Information Executive |
|
|
|||||||||||
|
Systems Administrator |
Information Executive |
|
|
|||||||||||
|
Information Technology |
Information Executive |
|
|
|||||||||||
|
Director, Customer Information Management |
Information Executive |
|
|
|||||||||||
|
Manager, Information Technology |
Information Executive |
|
|
|||||||||||
|
Manager, Business Systems Development |
Information Executive |
|
|
|||||||||||
|
Senior Analyst Information Security |
Information Executive |
|
|
|||||||||||
|
Information Technology Manager |
Information Executive |
|
|
|||||||||||
|
Network Security Architect Consultant |
Network Management Executive |
|
|
|||||||||||
|
Systems Analyst |
Network Management Executive |
|
|
|||||||||||
|
Lead Network Architect |
Network Management Executive |
|
|
|||||||||||
|
Network Engineer |
Network Management Executive |
|
|
|||||||||||
|
Manager, Network Architecture |
Network Management Executive |
|
|
|||||||||||
|
Director Manager Supervisor |
Network Management Executive |
|
|
|||||||||||
|
Senior Systems Analyst |
Network Management Executive |
|
|
|||||||||||
|
Web Designer and Developer |
Network Management Executive |
|
|
|||||||||||
|
Senior Software Engineer |
Engineering/Technical Executive |
|
|
|||||||||||
|
Laboratory |
Engineering/Technical Executive |
|
|
|||||||||||
|
Industrial Engineer |
Engineering/Technical Executive |
|
|
|||||||||||
|
Director of Technology New Busines |
Engineering/Technical Executive |
|
|
|||||||||||
|
System Programmer |
Engineering/Technical Executive |
|
|
|||||||||||
|
Director of Telecommunications |
Telecommunications Executive |
|
|
|||||||||||
|
Senior Chemist |
Research & Development Executive |
|
|
|||||||||||
|
Manager, Market Research, Analysis |
Research & Development Executive |
|
|
|||||||||||
|
Fashion Jewelry Product Development |
Product Management Executive |
|
|
|||||||||||
|
Assistant Manager, Fashion Product Development |
Product Management Executive |
|
|
|||||||||||
|
Assistant Brand Manager |
Product Management Executive |
|
|
|||||||||||
|
Product Development |
Product Management Executive |
|
|
|||||||||||
|
Assistant Manager of Product Development... |
Product Management Executive |
|
|
|||||||||||
|
Product Developer |
Product Management Executive |
|
|
|||||||||||
|
Vice President-Strategic Planning |
Business Development Executive |
|
|
|||||||||||
|
Business Development Specialist |
Business Development Executive |
|
|
|||||||||||
|
Executive Vice President, Asia, Japan, Europe and Emerging Markets |
Business Development Executive |
|
|
|||||||||||
|
|||||||||||||||
|
Specialist, Business Development |
Business Development Executive |
|
|
|||||||||||
|
Business Development Specialist |
Business Development Executive |
|
|
|||||||||||
|
Director, Strategic Planning, Business Development |
Business Development Executive |
|
|
|||||||||||
|
Business Development Manager |
Business Development Executive |
|
|
|||||||||||
|
Director of Business System and Development |
Business Development Executive |
|
|
|||||||||||
|
Business Analyst |
Business Development Executive |
|
|
|||||||||||
|
Analyst, Planning |
Planning Executive |
|
|
|||||||||||
|
Manager, Planning |
Planning Executive |
|
|
|||||||||||
|
Works W, Stanzione |
Manufacturing Executive |
|
|
|||||||||||
|
Complimentary Shipping |
Logistics Executive |
|
|
|||||||||||
|
Transportation Analyst |
Logistics Executive |
|
|
|||||||||||
|
Vice President Transportation |
Logistics Executive |
|
|
|||||||||||
|
Manager Domestic Transportation |
Logistics Executive |
|
|
|||||||||||
|
Assistant Store Manager |
Merchandise Management Executive |
|
|
|||||||||||
|
Store Manager |
Merchandise Management Executive |
|
|
|||||||||||
|
Assistant Store Manager |
Merchandise Management Executive |
|
|
|||||||||||
|
Manager of Retail Construction |
Merchandise Management Executive |
|
|
|||||||||||
|
Store Manager |
Merchandise Management Executive |
|
|
|||||||||||
|
Manager of Retail Architecture |
Merchandise Management Executive |
|
|
|||||||||||
|
Plant Manager |
Facilities Executive |
|
|
|||||||||||
|
Regional Facilities Manager, Asia, Paci |
Facilities Executive |
|
|
|||||||||||
|
Director Real Estate Portfolio Management |
Facilities Executive |
|
|
|||||||||||
|
Real Estate Agent |
Facilities Executive |
|
|
|||||||||||
|
Facilities Manager |
Facilities Executive |
|
|
|||||||||||
|
Director of Purchasing |
Purchasing Executive |
|
|
|||||||||||
|
Supply Management |
Purchasing Executive |
|
|
|||||||||||
|
Materials Manager |
Purchasing Executive |
|
|
|||||||||||
|
Director Supply Chain Management |
Purchasing Executive |
|
|
|||||||||||
|
Vice President, Quality Management |
Quality Executive |
|
|
|||||||||||
|
Director Tiffany Education |
Educational Leadership |
|
|
|||||||||||
|
Vice President |
Other |
|
|
|||||||||||
|
Senior Vice President |
Other |
|
|
|||||||||||
|
Senior Learning Specialist |
Other |
|
|
|||||||||||
|
Director Business Management |
Other |
|
|
|||||||||||
|
Project Leader |
Other |
|
|
|||||||||||
|
Director |
Other |
|
|
|||||||||||
|
Vice President |
Other |
|
|
|||||||||||
|
Vice President Media Relations |
Other |
|
|
|||||||||||
|
Associate Program Officer |
Other |
|
|
|||||||||||
|
Executive Vice President |
Other |
|
|
|||||||||||
|
|||||||||||||||
|
Director-Business Services |
Other |
|
|
|||||||||||
|
Designer |
Other |
|
|
|||||||||||
|
Director Interactive Media |
Other |
|
|
|||||||||||
|
Director, Creative |
Other |
|
|
|||||||||||
|
Senior Vice President - Merchandising |
Other |
|
|
|||||||||||
|
|||||||||||||||
|
Manager |
Other |
|
|
|||||||||||
|
Vice President |
Other |
|
|
|||||||||||
|
Vb Development |
Other |
|
|
|||||||||||
|
Senior Learning Specialist |
Other |
|
|
|||||||||||
|
Manager |
Other |
|
|
|||||||||||
|
Senior Analyst |
Other |
|
|
|||||||||||
|
Director of Interactive Media |
Other |
|
|
|||||||||||
|
Taps New Designer |
Other |
|
|
|||||||||||
|
Vice President Region |
Other |
|
|
|||||||||||
|
Media Coordinator At Tiffany and Co |
Other |
|
|
|||||||||||
|
Director Construction |
Other |
|
|
|||||||||||
|
Store Director |
Other |
|
|
|||||||||||
|
Director |
Other |
|
|
|||||||||||
|
Director |
Other |
|
|
|||||||||||
|
Senior Applications Developer |
Other |
|
|
|||||||||||
|
Creative Visual Merchandising Manager |
Other |
|
|
|||||||||||
|
Vice President |
Other |
|
|
|||||||||||
|
Directortiffany |
Other |
|
|
|||||||||||
|
Producer, Interactive Media |
Other |
|
|
|||||||||||
|
Senior Producer, Interactive Media, Mar... |
Other |
|
|
|||||||||||
|
Strategic Order Specialist |
Other |
|
|
|||||||||||
|
Director, Interactive Media |
Other |
|
|
|||||||||||
|
Customer Relations |
Other |
|
|
|||||||||||
|
|||||||||||||||
|
Manager Internet |
Other |
|
|
|||||||||||
|
Media Coordinator |
Other |
|
|
|||||||||||
|
Executive Vice President |
Other |
|
|
|||||||||||
|
|||||||||||||||
|
Manager Special Projects |
Other |
|
|
|||||||||||
|
Sales Associate |
Other |
|
|
|||||||||||
|
Talent Resources Manager |
Other |
|
|
|||||||||||
|
Project Manager |
Other |
|
|
|||||||||||
|
Director |
Other |
|
|
|||||||||||
|
Manager Project |
Other |
|
|
|||||||||||
|
Regional Manager |
Other |
|
|
|||||||||||
|
|||||||||||||||
|
Strategic Order Specialist |
Other |
|
|
|||||||||||
|
Vice President Region |
Other |
|
|
|||||||||||
|
Houston-Area Director |
Other |
|
|
|||||||||||
|
Manager of Visual Merchandising |
Other |
|
|
|||||||||||
|
Senior Coordinator, Media Relations |
Other |
|
|
|||||||||||
|
Billing Contact |
Other |
|
|
|||||||||||
|
Manager |
Other |
|
|
|||||||||||
|
Vice President |
Other |
|
|
|||||||||||
|
Floor Coordinator |
Other |
|
|
|||||||||||
|
Vice President |
Other |
|
|
|||||||||||
|
Director of Trademark Enforcement |
Other |
|
|
|||||||||||
|
Senior Applications Analyst |
Other |
|
|
|||||||||||
|
|||||||||||||||
|
Vice President |
Other |
|
|
|||||||||||
|
Renowned Designer |
Other |
|
|
|||||||||||
|
Qm Director |
Other |
|
|
|||||||||||
|
Director of Business Process Improvement |
Other |
|
|
|||||||||||
|
Vice President |
Other |
|
|
|||||||||||
|
Manager |
Other |
|
|
|||||||||||
|
Executive Vice President, President Tim... |
Other |
|
|
|||||||||||
|
Store Director |
Other |
|
|
|||||||||||
|
Project Leader |
Other |
|
|
|||||||||||
|
Manager, Staffing Initiatives |
Other |
|
|
|||||||||||
|
Project Manager |
Other |
|
|
|||||||||||
|
Director Demand Management |
Other |
|
|
|||||||||||
|
Graduate Gemologist |
Other |
|
|
|||||||||||
|
Project Manager |
Other |
|
|
|||||||||||
|
Regional Manager |
Other |
|
|
|||||||||||
|
Servicing Specialist |
Other |
|
|
|||||||||||
|
Senior Int'l Comp & Ben Anlayst |
Other |
|
|
|||||||||||
|
Strategic Order Specialist |
Other |
|
|
|||||||||||
|
Lead Applications Developer |
Other |
|
|
|||||||||||
|
Senior Applications Support Analyst |
Other |
|
|
|||||||||||
|
Strategic Order Specialist |
Other |
|
|
|||||||||||
|
Director Mips Order Entry |
Other |
|
|
|||||||||||
|
Project Leader |
Other |
|
|
|||||||||||
|
Director, Mag. |
Other |
|
|
|||||||||||
|
Assistant Manager |
Other |
|
|
|||||||||||
|
Collection and Fraud Representative |
Other |
|
|
|||||||||||
|
Senior Project Manager |
Other |
|
|
|||||||||||
|
Store Development |
Other |
|
|
|||||||||||
Significant Developments
Tiffany & Co Declares Regular Quarterly Dividend Nov 15, 2012
Tiffany & Co announced that it has declared a regular quarterly dividend of $0.32 per share of Common Stock. The dividend will be paid on January 10, 2013 to stockholders of record on December 20, 2012.
Tiffany & Co Lowers FY 2012 Guidance; Comments On Q3, Q4 Earnings Guidance Aug 27, 2012
Tiffany & Co announced that for fiscal 2012, it expects net earnings of $454-$473 million, or $3.55-$3.70 per diluted share, compared with the previous forecast of $3.70-$3.80 per diluted share. The Company expects worldwide net sales (in U.S. dollars) increasing 6%-7% versus the previous expectation calling for 7%-8% growth, due to a moderation in assumed fourth quarter sales growth. The Company continues to expect an earnings decline in the third quarter 2012 followed by a resumption of growth in the fourth quarter. The Company reported revenues of $3.6 billion in fiscal 2011. According to I/B/E/S Estimates, analysts were expecting the Company to report EPS of $3.64 on revenues of $3.86 billion for fiscal 2012; EPS of $0.66 for third quarter of 2012 and EPS of $1.60 for fourth quarter of 2012.
Tiffany & Co Declares Regular Quarterly Dividend Aug 23, 2012
Tiffany & Co announced that it has declared a regular quarterly dividend of $0.32 per share of Common Stock. The dividend declared will be paid on October 10, 2012 to stockholders of record on September 20, 2012.
Tiffany & Co reaffirms Long Term Guidance-Conference Call Jun 27, 2012
Tiffany and Co reiterated that the financial objectives continue to call for achieving 10% to 20% annual sales growth and with deliver at least mid-teens earnings growth per year.
Tiffany & Co Lowers FY 2012 Guidance; Comments On Q2, Q3, Q4 2012 Earnings Guidance May 24, 2012
Tiffany & Co announced that for fiscal 2012, it expects worldwide net sales (in U.S. dollars) increasing 7%-8%, versus the previous expectation calling for 10% growth and net earnings per diluted share (EPS) in a range of $3.70-$3.80, compares with the previous forecast of $3.95-$4.05 per diluted share; approximately $0.20 of the decrease is tied to a reduction in operating expectations and $0.05 is related to the additional debt incurrence. All of the annual earnings growth over 2011 is expected to occur in the fourth quarter of 2012, with net earnings in the second and third quarters of 2012 expected to be below last year. The Company reported revenues of $3.6 billion in fiscal 2011. According to I/B/E/S Estimates, analysts were expecting the Company to report revenues of $3.9 billion and EPS of $3.97 for fiscal 2012.
Tiffany & Co
Increases Quarterly Dividend by 10% May 17, 2012
Tiffany & Co
announced that its Board of Directors has declared a dividend of $0.32 per
share of Common Stock, reflecting a 10% increase in the quarterly rate. This
action increases the quarterly dividend from $0.29 per share (or $1.16
annually) to a new rate of $0.32 per share (or $1.28 per share annually).
Tiffany and Co
Reaffirms Long Term Guidance-Conference Call Apr 24, 2012
Tiffany and Co
reiterated that beyond fiscal 2012, the financial objectives continue to call
for achieving 10% to 20% sales growth and with deliver at least mid-teens
earnings growth per year.
Tiffany and Co Issues FY 2012 EPS Guidance In Line With Analysts' Estimates-Conference Call Mar 20, 2012
Tiffany and Co announced that for fiscal 2012, it expects diluted earnings per share (EPS) in the range of $3.95-$4.05. According to I/B/E/S Estimates, analysts were expecting the Company to report EPS of $3.96 for fiscal 2012.
The Swatch Group Ltd. Files CHF541.9 Million Conterclaim Against The Swatch Group Ltd.-DJ Mar 12, 2012
Dow Jones reported
that The Swatch Group Ltd. said that following the termination of the long-term
cooperation agreement with Tiffany & Co., Tiffany has made a counterclaim
against Swatch Group. Following the termination of long-term cooperation
agreements with Tiffany & Co., Swatch Group and its affiliate Tiffany Watch
Co. Ltd claimed CHF3.8 billion in damages from Tiffany & Co. at the end of
December 2011. Tiffany & Co. responded with a so-called counterclaim of
CHF541.9 million. In December 2007, Swatch Group entered into long-term
cooperation agreements with Tiffany & Co. to design, manufacture and
distribute Tiffany & Co. watches worldwide. Based on the long-term
commitments of Tiffany & Co., Swatch Group invested millions to develop,
distribute and sell 'Tiffany & Co.' watches through its own stores, its
worldwide network of independent retailers and through Tiffany & Co.
stores.
Tiffany and Co
Declares Regular Quarterly Dividend Feb 16, 2012
Tiffany and Co
announced that it has declared a regular quarterly dividend of $0.29 per share
of Common Stock. This dividend will be paid on April 10, 2012 to stockholders
of record on March 20, 2012.
Tiffany and Co
Enters Into Retirement Agreement With President-DJ Jan 27, 2012
Dow Jones reported
that Tiffany and Co's President James Quinn is retiring from the upscale
jeweler as of February 1, 2012. Quinn, who announced his intentions last year
to depart around this time this year, will receive just under $1.9 million
under a noncompete arrangement. Under his incentive award agreement for 2011,
Quinn's payout will be between $518,000 and $1 million.
Tiffany & Co.
Announces Strategic Joint Venture With Damas Jewellery Jan 19, 2012
Tiffany & Co.
announced that it has signed a memorandum of understanding to enter into a
strategic joint venture with Damas Jewellery, a company incorporated under the
laws of Dubai, related to the operation of TIFFANY & CO. retail stores in
the United Arab Emirates. Under the memorandum of understanding which covers
five TIFFANY & CO. stores (three in Dubai and two in Abu Dhabi) as well as
future store expansion, Tiffany will be responsible for merchandise assortment
and pricing, advertising and promotional activities, staffing, store design and
visual display and financial services. The joint venture is expected to begin
operating in the second quarter of 2012.
Tiffany & Co.
Lowers FY 2011 EPS Guidance Jan 10, 2012
Tiffany & Co.
announced that it now estimating earnings per diluted share (EPS) for fiscal
2011 will increase 23%-25% to a range of $3.60 - $3.65. This estimate compares
with a prior forecast of $3.70-$3.80 per diluted share.
Annual
Income Statement
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|
31-Jan-2012 |
31-Jan-2011 |
31-Jan-2010 |
31-Jan-2009 |
31-Jan-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Restated Normal |
Restated Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate
(Period Average) |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Net Sales |
3,642.9 |
3,085.3 |
2,709.7 |
2,848.9 |
2,927.8 |
|
Revenue |
3,642.9 |
3,085.3 |
2,709.7 |
2,848.9 |
2,927.8 |
|
Total Revenue |
3,642.9 |
3,085.3 |
2,709.7 |
2,848.9 |
2,927.8 |
|
|
|
|
|
|
|
|
Cost of Revenue |
1,491.6 |
1,262.0 |
1,179.5 |
1,202.4 |
1,276.3 |
|
Cost of Revenue, Total |
1,491.6 |
1,262.0 |
1,179.5 |
1,202.4 |
1,276.3 |
|
Gross Profit |
2,151.4 |
1,823.3 |
1,530.2 |
1,646.4 |
1,651.5 |
|
|
|
|
|
|
|
|
Selling/General/Administrative Expense |
1,400.2 |
1,210.9 |
1,089.7 |
1,153.9 |
1,169.1 |
|
Total Selling/General/Administrative Expenses |
1,400.2 |
1,210.9 |
1,089.7 |
1,153.9 |
1,169.1 |
|
Restructuring Charge |
- |
- |
0.0 |
97.8 |
0.0 |
|
Other Unusual Expense (Income) |
42.7 |
17.6 |
- |
- |
- |
|
Unusual Expense (Income) |
42.7 |
17.6 |
0.0 |
97.8 |
0.0 |
|
Other, Net |
- |
- |
0.0 |
0.0 |
-105.1 |
|
Other Operating Expenses, Total |
- |
- |
0.0 |
0.0 |
-105.1 |
|
Total Operating Expense |
2,934.5 |
2,490.5 |
2,269.2 |
2,454.2 |
2,340.3 |
|
|
|
|
|
|
|
|
Operating Income |
708.4 |
594.8 |
440.5 |
394.7 |
587.4 |
|
|
|
|
|
|
|
|
Interest Expense -
Non-Operating |
-48.6 |
-54.3 |
-55.0 |
-29.0 |
-24.7 |
|
Interest Expense, Net Non-Operating |
-48.6 |
-54.3 |
-55.0 |
-29.0 |
-24.7 |
|
Investment Income -
Non-Operating |
-0.1 |
2.4 |
-1.6 |
- |
- |
|
Interest/Investment Income - Non-Operating |
-0.1 |
2.4 |
-1.6 |
- |
- |
|
Interest Income (Expense) - Net Non-Operating Total |
-48.6 |
-51.9 |
-56.7 |
-29.0 |
-24.7 |
|
Other Non-Operating Income (Expense) |
5.2 |
4.6 |
6.2 |
0.1 |
16.6 |
|
Other, Net |
5.2 |
4.6 |
6.2 |
0.1 |
16.6 |
|
Income Before Tax |
665.0 |
547.4 |
390.0 |
365.8 |
579.3 |
|
|
|
|
|
|
|
|
Total Income Tax |
225.8 |
179.0 |
124.3 |
133.6 |
209.3 |
|
Income After Tax |
439.2 |
368.4 |
265.7 |
232.2 |
370.0 |
|
|
|
|
|
|
|
|
Net Income Before Extraord Items |
439.2 |
368.4 |
265.7 |
232.2 |
370.0 |
|
Discontinued Operations |
0.0 |
0.0 |
-0.9 |
-12.1 |
-46.5 |
|
Total Extraord Items |
0.0 |
0.0 |
-0.9 |
-12.1 |
-46.5 |
|
Net Income |
439.2 |
368.4 |
264.8 |
220.0 |
323.5 |
|
|
|
|
|
|
|
|
Income Available to Common Excl Extraord Items |
439.2 |
368.4 |
265.7 |
232.2 |
370.0 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
439.2 |
368.4 |
264.8 |
220.0 |
323.5 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
127.4 |
126.6 |
124.3 |
124.7 |
134.7 |
|
Basic EPS Excl Extraord Items |
3.45 |
2.91 |
2.14 |
1.86 |
2.75 |
|
Basic/Primary EPS Incl Extraord Items |
3.45 |
2.91 |
2.13 |
1.76 |
2.40 |
|
Dilution Adjustment |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Diluted Net Income |
439.2 |
368.4 |
264.8 |
220.0 |
323.5 |
|
Diluted Weighted Average Shares |
129.1 |
128.4 |
125.4 |
126.4 |
138.1 |
|
Diluted EPS Excl Extraord Items |
3.40 |
2.87 |
2.12 |
1.84 |
2.68 |
|
Diluted EPS Incl Extraord Items |
3.40 |
2.87 |
2.11 |
1.74 |
2.34 |
|
Dividends per Share - Common Stock Primary Issue |
1.12 |
0.95 |
0.68 |
0.66 |
0.52 |
|
Gross Dividends - Common Stock |
142.8 |
120.4 |
84.6 |
82.3 |
69.9 |
|
Interest Expense, Supplemental |
48.6 |
54.3 |
55.0 |
29.0 |
24.7 |
|
Depreciation, Supplemental |
149.1 |
149.4 |
137.7 |
137.3 |
126.8 |
|
Total Special Items |
42.7 |
17.6 |
0.8 |
108.4 |
0.0 |
|
Normalized Income Before Tax |
707.7 |
565.1 |
390.7 |
474.1 |
579.3 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
0.0 |
-3.1 |
0.2 |
39.6 |
0.0 |
|
Inc Tax Ex Impact of Sp Items |
225.8 |
175.9 |
124.5 |
173.2 |
209.3 |
|
Normalized Income After Tax |
481.9 |
389.1 |
266.2 |
300.9 |
370.0 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
481.9 |
389.1 |
266.2 |
300.9 |
370.0 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
3.78 |
3.07 |
2.14 |
2.41 |
2.75 |
|
Diluted Normalized EPS |
3.73 |
3.03 |
2.12 |
2.38 |
2.68 |
|
Amort of Intangibles, Supplemental |
1.0 |
1.0 |
1.0 |
0.8 |
0.8 |
|
Rental Expenses |
215.8 |
158.5 |
131.1 |
145.3 |
136.4 |
|
Advertising Expense, Supplemental |
234.1 |
197.6 |
159.9 |
204.3 |
188.3 |
|
Reported Gross Profit |
2,151.2 |
1,822.3 |
1,530.2 |
1,646.4 |
1,651.5 |
|
Reported Operating Profit |
708.4 |
- |
- |
- |
- |
|
Normalized EBIT |
751.1 |
612.4 |
441.3 |
503.0 |
587.4 |
|
Normalized EBITDA |
901.3 |
762.8 |
579.9 |
641.2 |
715.0 |
|
Current Tax - Domestic |
181.9 |
149.8 |
73.9 |
58.4 |
150.7 |
|
Current Tax - Foreign |
59.5 |
53.0 |
39.3 |
44.9 |
150.0 |
|
Current Tax - Local |
35.1 |
36.6 |
25.9 |
15.7 |
26.7 |
|
Current Tax - Total |
276.5 |
239.4 |
139.1 |
119.0 |
327.5 |
|
Deferred Tax - Domestic |
-49.7 |
-52.5 |
-17.7 |
10.7 |
-72.6 |
|
Deferred Tax - Foreign |
-0.6 |
0.3 |
11.8 |
-2.0 |
-35.8 |
|
Deferred Tax - Local |
-0.4 |
-8.2 |
-8.9 |
6.0 |
-9.7 |
|
Deferred Tax - Total |
-50.8 |
-60.3 |
-14.8 |
14.6 |
-118.1 |
|
Income Tax - Total |
225.8 |
179.0 |
124.3 |
133.6 |
209.3 |
|
Interest Cost - Domestic |
25.3 |
23.9 |
22.8 |
17.5 |
15.9 |
|
Service Cost - Domestic |
14.1 |
12.7 |
11.4 |
16.7 |
17.8 |
|
Prior Service Cost - Domestic |
1.1 |
1.1 |
1.1 |
1.3 |
1.3 |
|
Expected Return on Assets - Domestic |
-18.7 |
-17.6 |
-14.6 |
-15.7 |
-13.7 |
|
Curtailments & Settlements - Domestic |
0.0 |
0.0 |
0.2 |
0.6 |
0.0 |
|
Other Pension, Net - Domestic |
7.1 |
2.9 |
-0.1 |
57.5 |
3.0 |
|
Domestic Pension Plan Expense |
28.9 |
23.0 |
20.8 |
77.9 |
24.3 |
|
Interest Cost - Post-Retirement |
3.1 |
2.9 |
2.6 |
1.8 |
1.7 |
|
Service Cost - Post-Retirement |
2.2 |
1.7 |
1.3 |
1.7 |
1.5 |
|
Prior Service Cost - Post-Retirement |
-0.7 |
-0.7 |
-0.7 |
-0.8 |
-0.8 |
|
Curtailments & Settlements - Post-Retir. |
0.0 |
0.0 |
0.0 |
-1.5 |
0.0 |
|
Other Post-Retirement, Net |
0.0 |
0.0 |
0.0 |
7.0 |
0.0 |
|
Post-Retirement Plan Expense |
4.7 |
4.0 |
3.2 |
8.2 |
2.4 |
|
Defined Contribution Expense - Domestic |
9.9 |
7.9 |
7.2 |
9.0 |
8.0 |
|
Total Pension Expense |
43.5 |
34.9 |
31.3 |
95.2 |
34.6 |
|
Discount Rate - Foreign |
1.75% |
3.00% |
2.75% |
2.75% |
2.75% |
|
Discount Rate - Post-Retirement |
6.25% |
6.75% |
7.25% |
6.50% |
6.00% |
|
Expected Rate of Return - Domestic |
7.50% |
7.50% |
7.50% |
7.50% |
7.50% |
|
Compensation Rate - Foreign |
1.25% |
2.50% |
2.25% |
2.25% |
2.25% |
|
Total Plan Interest Cost |
28.4 |
26.8 |
25.5 |
19.3 |
17.6 |
|
Total Plan Service Cost |
16.3 |
14.5 |
12.7 |
18.4 |
19.3 |
|
Total Plan Expected Return |
-18.7 |
-17.6 |
-14.6 |
-15.7 |
-13.7 |
|
Total Plan Other Expense |
7.2 |
2.9 |
-0.1 |
64.4 |
3.0 |
Annual Balance Sheet
Financials in: USD (mil)
|
|
31-Jan-2012 |
31-Jan-2011 |
31-Jan-2010 |
31-Jan-2009 |
31-Jan-2008 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Restated Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Cash & Equivalents |
434.0 |
681.6 |
785.7 |
160.4 |
246.7 |
|
Short Term Investments |
8.2 |
59.3 |
- |
- |
- |
|
Cash and Short Term Investments |
442.2 |
740.9 |
785.7 |
160.4 |
246.7 |
|
Accounts Receivable -
Trade, Gross |
195.9 |
197.8 |
171.6 |
174.4 |
203.7 |
|
Provision for Doubtful
Accounts |
-11.8 |
-11.8 |
-12.9 |
-9.9 |
-9.7 |
|
Trade Accounts Receivable - Net |
184.1 |
186.0 |
158.7 |
164.4 |
194.0 |
|
Total Receivables, Net |
184.1 |
186.0 |
158.7 |
164.4 |
194.0 |
|
Inventories - Finished Goods |
1,145.7 |
988.1 |
904.5 |
1,115.3 |
942.9 |
|
Inventories - Work In Progress |
143.5 |
102.3 |
72.4 |
69.1 |
77.3 |
|
Inventories - Raw Materials |
784.0 |
534.9 |
451.0 |
416.8 |
352.2 |
|
Total Inventory |
2,073.2 |
1,625.3 |
1,427.9 |
1,601.2 |
1,372.4 |
|
Prepaid Expenses |
107.1 |
90.6 |
66.8 |
109.0 |
89.1 |
|
Deferred Income Tax - Current Asset |
83.1 |
41.8 |
6.7 |
13.6 |
20.2 |
|
Other Current Assets, Total |
83.1 |
41.8 |
6.7 |
13.6 |
20.2 |
|
Total Current Assets |
2,889.7 |
2,684.5 |
2,445.7 |
2,048.7 |
1,922.3 |
|
|
|
|
|
|
|
|
Buildings |
947.5 |
862.1 |
793.8 |
778.2 |
727.6 |
|
Land/Improvements |
42.7 |
42.4 |
42.4 |
41.7 |
41.7 |
|
Machinery/Equipment |
750.5 |
693.5 |
655.6 |
639.0 |
608.8 |
|
Construction in
Progress |
17.7 |
19.6 |
22.1 |
15.6 |
21.4 |
|
Property/Plant/Equipment - Gross |
1,758.3 |
1,617.6 |
1,513.9 |
1,474.6 |
1,399.4 |
|
Accumulated Depreciation |
-991.1 |
-952.1 |
-828.8 |
-733.5 |
-651.2 |
|
Property/Plant/Equipment - Net |
767.2 |
665.6 |
685.1 |
741.0 |
748.2 |
|
Intangibles - Gross |
15.8 |
15.8 |
15.8 |
14.8 |
14.1 |
|
Accumulated Intangible Amortization |
-8.3 |
-7.2 |
-6.2 |
-5.2 |
-4.4 |
|
Intangibles, Net |
7.5 |
8.6 |
9.6 |
9.6 |
9.8 |
|
Deferred Income Tax - Long Term Asset |
271.2 |
202.9 |
183.8 |
166.5 |
158.6 |
|
Other Long Term Assets |
223.4 |
174.1 |
164.2 |
136.4 |
162.0 |
|
Other Long Term Assets, Total |
494.6 |
377.0 |
348.0 |
302.9 |
320.6 |
|
Total Assets |
4,159.0 |
3,735.7 |
3,488.4 |
3,102.3 |
3,000.9 |
|
|
|
|
|
|
|
|
Accounts Payable |
113.1 |
91.3 |
80.2 |
223.6 |
69.2 |
|
Accrued Expenses |
95.1 |
75.9 |
78.8 |
- |
83.7 |
|
Notes Payable/Short Term Debt |
113.0 |
38.9 |
27.6 |
243.0 |
44.0 |
|
Current Portion - Long Term Debt/Capital Leases |
60.8 |
60.9 |
206.8 |
40.4 |
65.6 |
|
Income Taxes Payable |
61.0 |
55.7 |
67.5 |
27.7 |
203.6 |
|
Other Current Liabilities |
183.7 |
157.3 |
139.4 |
67.3 |
118.7 |
|
Other Current liabilities, Total |
244.7 |
213.0 |
206.9 |
95.0 |
322.3 |
|
Total Current Liabilities |
626.7 |
479.9 |
600.3 |
601.9 |
584.9 |
|
|
|
|
|
|
|
|
Long Term Debt |
538.4 |
588.5 |
519.6 |
425.4 |
343.5 |
|
Total Long Term Debt |
538.4 |
588.5 |
519.6 |
425.4 |
343.5 |
|
Total Debt |
712.1 |
688.2 |
754.0 |
708.8 |
453.1 |
|
|
|
|
|
|
|
|
Pension Benefits - Underfunded |
338.6 |
217.4 |
219.3 |
200.6 |
79.3 |
|
Other Long Term Liabilities |
306.5 |
272.4 |
266.0 |
286.0 |
277.2 |
|
Other Liabilities, Total |
645.1 |
489.8 |
485.3 |
486.6 |
356.5 |
|
Total Liabilities |
1,810.1 |
1,558.2 |
1,605.1 |
1,513.9 |
1,284.8 |
|
|
|
|
|
|
|
|
Preferred Stock - Non Redeemable |
0.0 |
- |
0.0 |
0.0 |
- |
|
Preferred Stock - Non Redeemable, Net |
0.0 |
- |
0.0 |
0.0 |
- |
|
Common Stock |
1.3 |
1.3 |
1.3 |
1.2 |
1.3 |
|
Common Stock |
1.3 |
1.3 |
1.3 |
1.2 |
1.3 |
|
Additional Paid-In Capital |
970.2 |
864.0 |
764.1 |
687.3 |
632.7 |
|
Retained Earnings (Accumulated Deficit) |
1,462.6 |
1,324.8 |
1,151.1 |
971.3 |
1,037.7 |
|
Unrealized Gain (Loss) |
-125.6 |
-52.8 |
-47.2 |
-36.2 |
1.5 |
|
Translation Adjustment |
49.2 |
41.4 |
16.5 |
-26.2 |
42.1 |
|
Other Comprehensive Income |
-8.7 |
-1.2 |
-2.6 |
-9.0 |
0.9 |
|
Other Equity, Total |
40.5 |
40.2 |
13.9 |
-35.2 |
43.0 |
|
Total Equity |
2,348.9 |
2,177.5 |
1,883.2 |
1,588.4 |
1,716.1 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
4,159.0 |
3,735.7 |
3,488.4 |
3,102.3 |
3,000.9 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
126.7 |
127.0 |
126.3 |
123.8 |
126.8 |
|
Total Common Shares Outstanding |
126.7 |
127.0 |
126.3 |
123.8 |
126.8 |
|
Treasury Shares - Common Stock Primary Issue |
0.0 |
0.0 |
0.0 |
0.0 |
- |
|
Employees |
9,800 |
9,200 |
8,400 |
9,000 |
8,800 |
|
Number of Common Shareholders |
14,449 |
14,764 |
14,626 |
13,805 |
11,814 |
|
Accumulated Intangible Amort, Suppl. |
8.3 |
7.2 |
6.2 |
5.2 |
4.4 |
|
Total Long Term Debt, Supplemental |
599.2 |
649.3 |
726.4 |
465.8 |
409.1 |
|
Long Term Debt Maturing within 1 Year |
60.8 |
60.9 |
206.8 |
40.4 |
65.6 |
|
Long Term Debt Maturing in Year 2 |
0.0 |
62.5 |
55.6 |
206.9 |
46.9 |
|
Long Term Debt Maturing in Year 3 |
0.0 |
0.0 |
63.0 |
55.6 |
185.6 |
|
Long Term Debt Maturing in Year 4 |
107.3 |
0.0 |
0.0 |
62.9 |
46.8 |
|
Long Term Debt Maturing in Year 5 |
131.1 |
104.3 |
0.0 |
0.0 |
64.2 |
|
Long Term Debt Maturing in 2-3 Years |
0.0 |
62.5 |
118.6 |
262.5 |
232.5 |
|
Long Term Debt Maturing in 4-5 Years |
238.4 |
104.3 |
0.0 |
62.9 |
111.0 |
|
Long Term Debt Matur. in Year 6 & Beyond |
300.0 |
421.7 |
401.0 |
100.0 |
0.0 |
|
Total Operating Leases, Supplemental |
1,425.5 |
1,273.1 |
1,018.2 |
987.8 |
1,024.5 |
|
Operating Lease Payments Due in Year 1 |
181.5 |
151.7 |
133.9 |
120.2 |
114.1 |
|
Operating Lease Payments Due in Year 2 |
167.0 |
141.7 |
121.7 |
111.9 |
109.1 |
|
Operating Lease Payments Due in Year 3 |
153.0 |
125.8 |
109.2 |
98.2 |
101.1 |
|
Operating Lease Payments Due in Year 4 |
130.8 |
111.9 |
95.1 |
89.7 |
91.9 |
|
Operating Lease Payments Due in Year 5 |
109.8 |
101.7 |
85.3 |
79.0 |
84.7 |
|
Operating Lease Pymts. Due in 2-3 Years |
320.0 |
267.5 |
231.0 |
210.1 |
210.2 |
|
Operating Lease Pymts. Due in 4-5 Years |
240.6 |
213.7 |
180.4 |
168.7 |
176.6 |
|
Oper. Lse. Pymts. Due in Year 6 & Beyond |
683.4 |
640.2 |
473.0 |
488.8 |
523.6 |
|
Pension Obligation - Domestic |
531.3 |
418.3 |
370.1 |
315.6 |
265.0 |
|
Pension Obligation - Foreign |
17.4 |
14.4 |
12.2 |
12.2 |
8.6 |
|
Post-Retirement Obligation |
49.5 |
49.5 |
42.3 |
36.8 |
29.3 |
|
Plan Assets - Domestic |
266.7 |
262.8 |
201.6 |
160.3 |
238.7 |
|
Funded Status - Domestic |
-264.5 |
-155.5 |
-168.5 |
-155.3 |
-26.3 |
|
Funded Status - Foreign |
-17.4 |
-14.4 |
-12.2 |
-12.2 |
-8.6 |
|
Funded Status - Post-Retirement |
-49.5 |
-49.5 |
-42.3 |
-36.8 |
-29.3 |
|
Accumulated Obligation - Domestic |
457.2 |
353.2 |
313.5 |
259.3 |
200.9 |
|
Accumulated Obligation - Foreign |
14.5 |
11.8 |
8.9 |
-9.2 |
-6.1 |
|
Accumulated Obligation - Post-Retirement |
- |
- |
- |
- |
29.3 |
|
Total Funded Status |
-331.4 |
-219.4 |
-223.0 |
-204.4 |
-64.1 |
|
Discount Rate - Domestic |
- |
- |
- |
- |
6.50% |
|
Discount Rate - Foreign |
1.50% |
1.75% |
3.00% |
2.75% |
2.75% |
|
Discount Rate - Post-Retirement |
5.25% |
6.25% |
6.75% |
7.25% |
6.50% |
|
Compensation Rate - Foreign |
1.00% |
1.25% |
2.50% |
2.25% |
2.25% |
|
Accrued Liabilities - Domestic |
-302.7 |
-191.1 |
-199.3 |
-182.9 |
-54.6 |
|
Accrued Liabilities - Post-Retirement |
-61.8 |
-49.5 |
-42.3 |
-36.8 |
-29.3 |
|
Other Assets, Net - Domestic |
199.3 |
90.6 |
83.9 |
61.9 |
9.7 |
|
Other Assets, Net - Post-Retirement |
6.7 |
-3.0 |
-7.7 |
-11.3 |
-11.3 |
|
Net Assets Recognized on Balance Sheet |
-158.6 |
-153.0 |
-165.4 |
-169.2 |
-85.5 |
|
Equity % - Domestic |
70.16% |
74.00% |
67.00% |
53.00% |
66.00% |
|
Debt Securities % - Domestic |
25.50% |
21.00% |
27.00% |
36.00% |
24.00% |
|
Other Investments % - Domestic |
4.34% |
5.00% |
6.00% |
11.00% |
10.00% |
|
Total Plan Obligations |
598.1 |
482.2 |
424.6 |
364.7 |
302.9 |
|
Total Plan Assets |
266.7 |
262.8 |
201.6 |
160.3 |
238.7 |
Annual Cash Flows
Financials in: USD (mil)
|
|
31-Jan-2012 |
31-Jan-2011 |
31-Jan-2010 |
31-Jan-2009 |
31-Jan-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Reclassified
Normal |
Restated Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate
(Period Average) |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
439.2 |
368.4 |
264.8 |
220.0 |
323.5 |
|
Depreciation |
145.9 |
147.9 |
139.4 |
135.8 |
128.1 |
|
Depreciation/Depletion |
145.9 |
147.9 |
139.4 |
135.8 |
128.1 |
|
Deferred Taxes |
-50.8 |
-60.3 |
-14.8 |
14.6 |
-70.5 |
|
Discontinued Operations |
0.0 |
0.0 |
-5.0 |
3.1 |
25.3 |
|
Unusual Items |
19.9 |
-10.2 |
-9.8 |
109.2 |
-60.6 |
|
Other Non-Cash Items |
75.9 |
68.9 |
77.9 |
56.4 |
80.4 |
|
Non-Cash Items |
95.8 |
58.7 |
63.0 |
168.7 |
45.0 |
|
Accounts Receivable |
5.5 |
-22.6 |
13.9 |
31.4 |
-9.9 |
|
Inventories |
-459.4 |
-187.8 |
164.0 |
-257.6 |
-113.0 |
|
Prepaid Expenses |
-5.9 |
-7.4 |
60.3 |
-19.3 |
-36.1 |
|
Payable/Accrued |
39.9 |
21.4 |
4.4 |
4.7 |
9.8 |
|
Taxes Payable |
17.6 |
0.5 |
29.1 |
-161.9 |
151.1 |
|
Other Liabilities |
-5.7 |
-24.5 |
-29.2 |
-3.1 |
-27.8 |
|
Other Assets & Liabilities, Net |
-11.5 |
4.6 |
-13.6 |
-0.1 |
-15.4 |
|
Other Operating Cash Flow |
- |
- |
- |
- |
1.5 |
|
Changes in Working Capital |
-419.6 |
-215.7 |
228.9 |
-405.9 |
-39.8 |
|
Cash from Operating Activities |
210.6 |
298.9 |
681.3 |
133.2 |
386.3 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-239.4 |
-127.0 |
-75.4 |
-154.4 |
-184.3 |
|
Capital Expenditures |
-239.4 |
-127.0 |
-75.4 |
-154.4 |
-184.3 |
|
Acquisition of Business |
- |
0.0 |
0.0 |
-1.9 |
-0.4 |
|
Sale of Fixed Assets |
0.0 |
0.0 |
3.7 |
0.0 |
509.0 |
|
Sale/Maturity of Investment |
96.1 |
1.9 |
0.8 |
0.0 |
883.2 |
|
Purchase of Investments |
-40.9 |
-61.6 |
-14.2 |
-1.5 |
-870.0 |
|
Other Investing Cash Flow |
-58.3 |
0.0 |
4.3 |
-3.8 |
-3.4 |
|
Other Investing Cash Flow Items, Total |
-3.1 |
-59.6 |
-5.5 |
-7.3 |
518.4 |
|
Cash from Investing Activities |
-242.6 |
-186.6 |
-80.9 |
-161.7 |
334.2 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
26.4 |
1.9 |
-16.1 |
9.6 |
18.7 |
|
Financing Cash Flow Items |
26.4 |
1.9 |
-16.1 |
9.6 |
18.7 |
|
Cash Dividends Paid - Common |
-142.8 |
-120.4 |
-84.6 |
-82.3 |
-69.9 |
|
Total Cash Dividends Paid |
-142.8 |
-120.4 |
-84.6 |
-82.3 |
-69.9 |
|
Repurchase/Retirement
of Common |
-174.1 |
-80.8 |
-0.5 |
-218.4 |
-574.6 |
|
Common Stock, Net |
-174.1 |
-80.8 |
-0.5 |
-218.4 |
-574.6 |
|
Options Exercised |
65.6 |
65.7 |
71.5 |
30.4 |
68.8 |
|
Issuance (Retirement) of Stock, Net |
-108.6 |
-15.1 |
71.0 |
-188.0 |
-505.8 |
|
Short Term Debt Issued |
- |
0.0 |
0.0 |
116.0 |
0.0 |
|
Short Term Debt
Reduction |
0.0 |
0.0 |
-93.0 |
-25.5 |
0.0 |
|
Short Term Debt, Net |
13.5 |
9.2 |
-219.8 |
194.5 |
-75.1 |
|
Long Term Debt Issued |
61.0 |
118.4 |
300.0 |
100.0 |
0.0 |
|
Long Term Debt
Reduction |
-63.4 |
-218.8 |
-40.0 |
-73.5 |
-32.3 |
|
Long Term Debt, Net |
-2.4 |
-100.4 |
260.0 |
26.5 |
-32.3 |
|
Issuance (Retirement) of Debt, Net |
11.1 |
-91.2 |
40.2 |
221.0 |
-107.4 |
|
Cash from Financing Activities |
-213.8 |
-224.8 |
10.5 |
-39.7 |
-664.4 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
-1.8 |
8.4 |
14.3 |
-18.0 |
15.6 |
|
Net Change in Cash |
-247.6 |
-104.1 |
625.3 |
-86.2 |
71.6 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
681.6 |
785.7 |
160.4 |
246.7 |
175.0 |
|
Net Cash - Ending Balance |
434.0 |
681.6 |
785.7 |
160.4 |
246.7 |
|
Cash Interest Paid |
44.8 |
47.1 |
35.4 |
23.9 |
23.5 |
|
Cash Taxes Paid |
250.6 |
237.8 |
74.7 |
296.9 |
142.0 |
Annual Income Statement
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|
31-Jan-2012 |
31-Jan-2011 |
31-Jan-2010 |
31-Jan-2009 |
31-Jan-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Restated Normal |
Restated Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate
(Period Average) |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net sales |
3,642.9 |
3,085.3 |
2,709.7 |
2,848.9 |
2,927.8 |
|
Total Revenue |
3,642.9 |
3,085.3 |
2,709.7 |
2,848.9 |
2,927.8 |
|
|
|
|
|
|
|
|
Cost of Sales |
1,491.6 |
1,262.0 |
1,179.5 |
1,202.4 |
1,276.3 |
|
Headquarter Relocation Exp-COGS |
0.2 |
1.0 |
- |
- |
- |
|
Other operating income |
- |
- |
0.0 |
0.0 |
-105.1 |
|
Sell./Gen./Admin. |
1,400.2 |
1,210.9 |
1,089.7 |
1,153.9 |
1,169.1 |
|
Headquarter Relocation Exp-SGA |
42.5 |
16.6 |
- |
- |
- |
|
Restructuring charges |
- |
- |
0.0 |
97.8 |
0.0 |
|
Total Operating Expense |
2,934.5 |
2,490.5 |
2,269.2 |
2,454.2 |
2,340.3 |
|
|
|
|
|
|
|
|
Interest/Financing |
-48.6 |
-54.3 |
-55.0 |
-29.0 |
-24.7 |
|
Foreign Currency Transactions |
-0.1 |
2.4 |
-1.6 |
- |
- |
|
Other income, net |
5.2 |
4.6 |
6.2 |
0.1 |
16.6 |
|
Net Income Before Taxes |
665.0 |
547.4 |
390.0 |
365.8 |
579.3 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
225.8 |
179.0 |
124.3 |
133.6 |
209.3 |
|
Net Income After Taxes |
439.2 |
368.4 |
265.7 |
232.2 |
370.0 |
|
|
|
|
|
|
|
|
Net Income Before Extra. Items |
439.2 |
368.4 |
265.7 |
232.2 |
370.0 |
|
Loss from discontinued operations net o |
0.0 |
0.0 |
-0.9 |
-12.1 |
-46.5 |
|
Net Income |
439.2 |
368.4 |
264.8 |
220.0 |
323.5 |
|
|
|
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
439.2 |
368.4 |
265.7 |
232.2 |
370.0 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
439.2 |
368.4 |
264.8 |
220.0 |
323.5 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
127.4 |
126.6 |
124.3 |
124.7 |
134.7 |
|
Basic EPS Excluding ExtraOrdinary Items |
3.45 |
2.91 |
2.14 |
1.86 |
2.75 |
|
Basic EPS Including ExtraOrdinary Item |
3.45 |
2.91 |
2.13 |
1.76 |
2.40 |
|
Dilution Adjustment |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Diluted Net Income |
439.2 |
368.4 |
264.8 |
220.0 |
323.5 |
|
Diluted Weighted Average Shares |
129.1 |
128.4 |
125.4 |
126.4 |
138.1 |
|
Diluted EPS Excluding ExtraOrd Items |
3.40 |
2.87 |
2.12 |
1.84 |
2.68 |
|
Diluted EPS Including ExtraOrd Items |
3.40 |
2.87 |
2.11 |
1.74 |
2.34 |
|
DPS-Common Stock |
1.12 |
0.95 |
0.68 |
0.66 |
0.52 |
|
Gross Dividends - Common Stock |
142.8 |
120.4 |
84.6 |
82.3 |
69.9 |
|
Normalized Income Before Taxes |
707.7 |
565.1 |
390.7 |
474.1 |
579.3 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
0.0 |
-3.1 |
- |
- |
- |
|
Inc Tax Ex Impact of Sp Items |
225.8 |
175.9 |
124.5 |
173.2 |
209.3 |
|
Normalized Income After Taxes |
481.9 |
389.1 |
266.2 |
300.9 |
370.0 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
481.9 |
389.1 |
266.2 |
300.9 |
370.0 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
3.78 |
3.07 |
2.14 |
2.41 |
2.75 |
|
Diluted Normalized EPS |
3.73 |
3.03 |
2.12 |
2.38 |
2.68 |
|
Advertising Expense |
234.1 |
197.6 |
159.9 |
204.3 |
188.3 |
|
Interest Expense |
48.6 |
54.3 |
55.0 |
29.0 |
24.7 |
|
Rental Expense |
215.8 |
158.5 |
131.1 |
145.3 |
136.4 |
|
Amortization of Intangibles |
1.0 |
1.0 |
1.0 |
0.8 |
0.8 |
|
Depreciation |
149.1 |
149.4 |
137.7 |
137.3 |
126.8 |
|
Current - Federal |
181.9 |
149.8 |
73.9 |
58.4 |
150.7 |
|
Current - State |
35.1 |
36.6 |
25.9 |
15.7 |
26.7 |
|
Current - Foreign |
59.5 |
53.0 |
39.3 |
44.9 |
150.0 |
|
Current Tax - Total |
276.5 |
239.4 |
139.1 |
119.0 |
327.5 |
|
Deferred - Federal |
-49.7 |
-52.5 |
-17.7 |
10.7 |
-72.6 |
|
Deferred - State |
-0.4 |
-8.2 |
-8.9 |
6.0 |
-9.7 |
|
Deferred - Foreign |
-0.6 |
0.3 |
11.8 |
-2.0 |
-35.8 |
|
Deferred Tax - Total |
-50.8 |
-60.3 |
-14.8 |
14.6 |
-118.1 |
|
Income Tax - Total |
225.8 |
179.0 |
124.3 |
133.6 |
209.3 |
|
Gross profit |
2,151.2 |
1,822.3 |
1,530.2 |
1,646.4 |
1,651.5 |
|
Earnings from operations |
708.4 |
- |
- |
- |
- |
|
Service Cost - Pension |
14.1 |
12.7 |
11.4 |
16.7 |
17.8 |
|
Interest Cost - Pension |
25.3 |
23.9 |
22.8 |
17.5 |
15.9 |
|
Expected Return on Assets - Pension |
-18.7 |
-17.6 |
-14.6 |
-15.7 |
-13.7 |
|
Amort. of Prior Service Cost - Pension |
1.1 |
1.1 |
1.1 |
1.3 |
1.3 |
|
Amort. of Net Loss - Pension |
7.1 |
2.9 |
-0.1 |
0.6 |
3.0 |
|
Settlement loss - Pension |
0.0 |
0.0 |
0.2 |
0.0 |
0.0 |
|
Curtailment loss (gain) - Pension |
- |
0.0 |
0.0 |
0.6 |
0.0 |
|
Special termination benefits - Pension |
- |
0.0 |
0.0 |
56.8 |
0.0 |
|
Domestic Pension Plan Expense |
28.9 |
23.0 |
20.8 |
77.9 |
24.3 |
|
Service Cost - Post-Retirement |
2.2 |
1.7 |
1.3 |
1.7 |
1.5 |
|
Interest Cost - Post-Retirement |
3.1 |
2.9 |
2.6 |
1.8 |
1.7 |
|
Amort. of Prior Service Cost - Post-Ret. |
-0.7 |
-0.7 |
-0.7 |
-0.8 |
-0.8 |
|
Amort. of Net Loss - Post-Retirement |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Curtailment loss (gain) |
0.0 |
0.0 |
0.0 |
-1.5 |
0.0 |
|
Special termination benefits |
- |
0.0 |
0.0 |
7.0 |
0.0 |
|
Post-Retirement Plan Expense |
4.7 |
4.0 |
3.2 |
8.2 |
2.4 |
|
Retirement Savings Plan |
7.0 |
6.0 |
5.5 |
7.4 |
6.9 |
|
Defined Contribution Retirement Benefit |
2.9 |
1.9 |
1.7 |
1.6 |
1.0 |
|
Total Pension Expense |
43.5 |
34.9 |
31.3 |
95.2 |
34.6 |
|
Discount Rate - Qualified Pension Plan |
6.00% |
6.50% |
7.25% |
6.50% |
6.00% |
|
Discount Rate - Excess Plan / SRIP |
6.00% |
6.75% |
7.50% |
6.50% |
6.00% |
|
Discount Rate - Japan Plan |
1.75% |
3.00% |
2.75% |
2.75% |
2.75% |
|
Discount Rate - Post-Retirement |
6.25% |
6.75% |
7.25% |
6.50% |
6.00% |
|
Expected Rate of Return - Pension |
7.50% |
7.50% |
7.50% |
7.50% |
7.50% |
|
Compensation Rate - Qualified Plan |
3.50% |
3.75% |
4.00% |
4.00% |
3.50% |
|
Compensation Rate - Excess Plan |
5.00% |
5.25% |
5.50% |
5.50% |
5.00% |
|
Compensation Rate - SRIP |
8.00% |
8.25% |
8.50% |
8.50% |
8.00% |
|
Compensation Rate - Japan Plan |
1.25% |
2.50% |
2.25% |
2.25% |
2.25% |
Annual Balance Sheet
Financials in: USD (mil)
|
|
31-Jan-2012 |
31-Jan-2011 |
31-Jan-2010 |
31-Jan-2009 |
31-Jan-2008 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Restated Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash and cash equivalents and short-term |
434.0 |
681.6 |
785.7 |
160.4 |
246.7 |
|
Short term investments |
8.2 |
59.3 |
- |
- |
- |
|
Accounts Rcvbl. |
195.9 |
197.8 |
171.6 |
174.4 |
203.7 |
|
Doubtful Account |
-11.8 |
-11.8 |
-12.9 |
-9.9 |
-9.7 |
|
Finished Goods |
1,145.7 |
988.1 |
904.5 |
1,115.3 |
942.9 |
|
Raw Materials |
784.0 |
534.9 |
451.0 |
416.8 |
352.2 |
|
Work in Process |
143.5 |
102.3 |
72.4 |
69.1 |
77.3 |
|
Deferred income taxes |
83.1 |
41.8 |
6.7 |
13.6 |
20.2 |
|
Prepaids |
107.1 |
90.6 |
66.8 |
109.0 |
89.1 |
|
Total Current Assets |
2,889.7 |
2,684.5 |
2,445.7 |
2,048.7 |
1,922.3 |
|
|
|
|
|
|
|
|
Land |
42.7 |
42.4 |
42.4 |
41.7 |
41.7 |
|
Buildings |
113.7 |
104.5 |
104.5 |
104.7 |
104.5 |
|
Leasehold Improvements |
833.7 |
757.6 |
689.3 |
673.6 |
623.0 |
|
Office Equipment |
416.0 |
388.2 |
365.5 |
355.3 |
325.9 |
|
Furnitures & Fixtures |
211.0 |
194.9 |
181.6 |
180.7 |
178.5 |
|
Machinery/Equip. |
123.4 |
110.4 |
108.5 |
103.0 |
104.4 |
|
Construction |
17.7 |
19.6 |
22.1 |
15.6 |
21.4 |
|
Depreciation |
-991.1 |
-952.1 |
-828.8 |
-733.5 |
-651.2 |
|
Intangibles-Patent & Copyright |
15.8 |
15.8 |
15.8 |
14.8 |
14.1 |
|
Accumulated Intangibles |
-8.3 |
-7.2 |
-6.2 |
-5.2 |
-4.4 |
|
Other assets, net |
223.4 |
174.1 |
164.2 |
136.4 |
162.0 |
|
Deferred income taxes |
271.2 |
202.9 |
183.8 |
166.5 |
158.6 |
|
Total Assets |
4,159.0 |
3,735.7 |
3,488.4 |
3,102.3 |
3,000.9 |
|
|
|
|
|
|
|
|
ST Borrowings |
113.0 |
38.9 |
27.6 |
243.0 |
44.0 |
|
Current of LTD |
60.8 |
60.9 |
206.8 |
40.4 |
65.6 |
|
Accounts Payable |
113.1 |
91.3 |
80.2 |
223.6 |
69.2 |
|
Other |
120.7 |
91.4 |
73.0 |
- |
50.7 |
|
Restructuring liability |
- |
- |
- |
- |
0.0 |
|
Accured compensation and commissions |
95.1 |
75.9 |
78.8 |
- |
83.7 |
|
Taxes Payable |
61.0 |
55.7 |
67.5 |
27.7 |
203.6 |
|
Customer Credits |
62.9 |
65.9 |
66.4 |
67.3 |
68.0 |
|
Total Current Liabilities |
626.7 |
479.9 |
600.3 |
601.9 |
584.9 |
|
|
|
|
|
|
|
|
Long-term debt |
538.4 |
588.5 |
519.6 |
425.4 |
343.5 |
|
Total Long Term Debt |
538.4 |
588.5 |
519.6 |
425.4 |
343.5 |
|
|
|
|
|
|
|
|
Postretirement |
338.6 |
217.4 |
219.3 |
200.6 |
79.3 |
|
Deferred gains on sale leasebacks |
119.7 |
125.0 |
128.6 |
133.6 |
145.6 |
|
Other LT Liabs. |
186.8 |
147.4 |
137.3 |
152.3 |
131.6 |
|
Total Liabilities |
1,810.1 |
1,558.2 |
1,605.1 |
1,513.9 |
1,284.8 |
|
|
|
|
|
|
|
|
Preferred Stock |
0.0 |
- |
0.0 |
0.0 |
- |
|
Common Stock, |
1.3 |
1.3 |
1.3 |
1.2 |
1.3 |
|
Additional paid-in capital |
970.2 |
864.0 |
764.1 |
687.3 |
632.7 |
|
Retained Earnings |
1,462.6 |
1,324.8 |
1,151.1 |
971.3 |
1,037.7 |
|
Trans. Adjust. |
49.2 |
41.4 |
16.5 |
-26.2 |
42.1 |
|
Deferred hedging (loss) gain |
-8.7 |
-1.2 |
-2.6 |
-9.0 |
0.9 |
|
Net unrealized (loss) gain on benefit pl |
-125.7 |
-52.9 |
-45.3 |
-30.1 |
2.1 |
|
Unrealized loss on marketable securities |
0.1 |
0.1 |
-1.9 |
-6.1 |
-0.6 |
|
Total Equity |
2,348.9 |
2,177.5 |
1,883.2 |
1,588.4 |
1,716.1 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
4,159.0 |
3,735.7 |
3,488.4 |
3,102.3 |
3,000.9 |
|
|
|
|
|
|
|
|
S/O-Common Stock |
126.7 |
127.0 |
126.3 |
123.8 |
126.8 |
|
Total Common Shares Outstanding |
126.7 |
127.0 |
126.3 |
123.8 |
126.8 |
|
T/S-Common Stock |
0.0 |
0.0 |
0.0 |
0.0 |
- |
|
Accumulated Intangible Amort. |
8.3 |
7.2 |
6.2 |
5.2 |
4.4 |
|
Full-Time Employees |
9,800 |
9,200 |
8,400 |
9,000 |
8,800 |
|
Number of Common Shareholders |
14,449 |
14,764 |
14,626 |
13,805 |
11,814 |
|
Long Term Debt Maturing within 1 Year |
60.8 |
60.9 |
206.8 |
40.4 |
65.6 |
|
Long Term Debt Maturing within 2 Years |
0.0 |
62.5 |
55.6 |
206.9 |
46.9 |
|
Long Term Debt Maturing within 3 Years |
0.0 |
0.0 |
63.0 |
55.6 |
185.6 |
|
Long Term Debt Maturing within 4 Years |
107.3 |
0.0 |
0.0 |
62.9 |
46.8 |
|
Long Term Debt Maturing within 5 Years |
131.1 |
104.3 |
0.0 |
0.0 |
64.2 |
|
Long Term Debt Maturing after 5 Years |
300.0 |
421.7 |
401.0 |
100.0 |
0.0 |
|
Total Long Term Debt, Supplemental |
599.2 |
649.3 |
726.4 |
465.8 |
409.1 |
|
Operating Lease Maturing within 1 Year |
181.5 |
151.7 |
133.9 |
120.2 |
114.1 |
|
Operating Lease Maturing within 2 Years |
167.0 |
141.7 |
121.7 |
111.9 |
109.1 |
|
Operating Lease Maturing within 3 Years |
153.0 |
125.8 |
109.2 |
98.2 |
101.1 |
|
Operating Lease Maturing within 4 Years |
130.8 |
111.9 |
95.1 |
89.7 |
91.9 |
|
Operating Lease Maturing within 5 Years |
109.8 |
101.7 |
85.3 |
79.0 |
84.7 |
|
Operating Lease Maturing after 5 Years |
683.4 |
640.2 |
473.0 |
488.8 |
523.6 |
|
Total Operating Leases |
1,425.5 |
1,273.1 |
1,018.2 |
987.8 |
1,024.5 |
|
Projected Benefit Obligation - Qualified |
436.5 |
348.7 |
316.1 |
274.0 |
221.6 |
|
FV of Plan Assets - Pension Qualified |
266.7 |
262.8 |
201.6 |
160.3 |
238.7 |
|
Funded Status - Pension Qualified |
-169.7 |
-85.9 |
-114.5 |
-113.7 |
17.1 |
|
Accumulated Benefit Obligation-Qualified |
396.9 |
313.0 |
282.6 |
247.0 |
180.4 |
|
Projected Benefit Obli. - Excess/SRIP |
94.8 |
69.6 |
54.0 |
- |
- |
|
Funded Status - Excess/SRIP |
-94.8 |
-69.6 |
-54.0 |
- |
- |
|
Accumulated Benefit Obli. - Excess/SRIP |
60.3 |
40.2 |
30.9 |
- |
- |
|
Projected Benefit Obligation - Excess |
- |
- |
- |
29.4 |
29.6 |
|
Funded Status - Pension Excess |
- |
- |
- |
-29.4 |
-29.6 |
|
Accumulated Benefit Obligation - Excess |
- |
- |
- |
18.1 |
14.4 |
|
Projected Benefit Obligation - SRIP |
- |
- |
- |
12.2 |
13.8 |
|
Funded Status - Pension SRIP |
- |
- |
- |
-12.2 |
-13.8 |
|
Accumulated Benefit Obligation - SRIP |
- |
- |
- |
-5.8 |
6.1 |
|
Projected Benefit Obligation - Japan |
17.4 |
14.4 |
12.2 |
12.2 |
8.6 |
|
Funded Status - Japan |
-17.4 |
-14.4 |
-12.2 |
-12.2 |
-8.6 |
|
Accumulated Benefit Obligation - Japan |
14.5 |
11.8 |
8.9 |
-9.2 |
-6.1 |
|
Projected Benefit Obligation - Post-Ret. |
49.5 |
49.5 |
42.3 |
36.8 |
29.3 |
|
Funded Status - Post-Retirement |
-49.5 |
-49.5 |
-42.3 |
-36.8 |
-29.3 |
|
Accumulated Benefit Obligation - Post-Re |
- |
- |
- |
- |
29.3 |
|
Total Funded Status |
-331.4 |
-219.4 |
-223.0 |
-204.4 |
-64.1 |
|
Discount Rate - Pension |
5.00% |
6.00% |
6.50% |
7.25% |
6.50% |
|
Discount Rate - Excess Plan / SRIP |
5.00% |
6.00% |
6.75% |
7.50% |
- |
|
Discount Rate - Japan |
1.50% |
1.75% |
3.00% |
2.75% |
2.75% |
|
Discount Rate - Post-Retirement |
5.25% |
6.25% |
6.75% |
7.25% |
6.50% |
|
Compensation Rate - Qualified Plan |
2.75% |
3.50% |
3.75% |
4.00% |
4.00% |
|
Compensation Rate - Excess Plan |
4.25% |
5.00% |
5.25% |
5.50% |
5.50% |
|
Compensation Rate - SRIP Plan |
7.25% |
8.00% |
8.25% |
8.50% |
8.50% |
|
Compensation Rate - Japan |
1.00% |
1.25% |
2.50% |
2.25% |
2.25% |
|
Accrued Benefit Liability - Pension |
-281.9 |
-169.9 |
-180.7 |
-167.5 |
-34.8 |
|
Accrued Benefit Liability - Post-Ret. |
-61.8 |
-49.5 |
-42.3 |
-36.8 |
-29.3 |
|
AOCI - Actuarial (Gain)Loss - Pension |
196.6 |
86.9 |
79.1 |
56.0 |
1.1 |
|
AOCI - Prior Service Cost(Credit) - Pen. |
2.6 |
3.7 |
4.8 |
5.9 |
8.6 |
|
AOCI - Actuarial (Gain)Loss - Post-Ret. |
12.5 |
3.4 |
-0.6 |
-3.6 |
-1.3 |
|
AOCI - Prior Service Cost(Credit) - PR |
-5.7 |
-6.4 |
-7.0 |
-7.7 |
-10.0 |
|
Liability - Deferred Compensation Plan |
-20.8 |
-21.2 |
-18.6 |
-15.4 |
-19.8 |
|
Net Assets Recognized on Balance Sheet |
-158.6 |
-153.0 |
-165.4 |
-169.2 |
-85.5 |
|
Equity Securities % - Pension |
70.16% |
74.00% |
67.00% |
53.00% |
66.00% |
|
Debt Securities % - Pension |
25.50% |
21.00% |
27.00% |
36.00% |
24.00% |
|
Other Investments % - Pension |
4.34% |
5.00% |
6.00% |
11.00% |
10.00% |
Annual Cash Flows
Financials in: USD (mil)
|
|
31-Jan-2012 |
31-Jan-2011 |
31-Jan-2010 |
31-Jan-2009 |
31-Jan-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Reclassified
Normal |
Restated Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate
(Period Average) |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income |
439.2 |
368.4 |
264.8 |
220.0 |
323.5 |
|
Depreciation |
145.9 |
147.9 |
139.4 |
135.8 |
128.1 |
|
Lease exit charge |
30.9 |
0.0 |
0.0 |
- |
- |
|
Amortization of gain on sale leasebacks |
-11.0 |
-10.2 |
-9.8 |
-9.8 |
-3.5 |
|
Loss from discontinued operations, net o |
0.0 |
0.0 |
0.9 |
12.1 |
46.5 |
|
Restructuring charge |
- |
0.0 |
0.0 |
97.8 |
0.0 |
|
Gain on sale-leaseback |
- |
- |
0.0 |
0.0 |
-105.1 |
|
Excess tax benefits from share-based pay |
-18.8 |
-9.1 |
-1.3 |
-10.2 |
-18.7 |
|
Prov. for Inventories |
30.7 |
25.6 |
31.6 |
21.0 |
35.4 |
|
Dfd. Inc. Taxes |
-50.8 |
-60.3 |
-14.8 |
14.6 |
-70.5 |
|
Stock Compensation |
30.4 |
25.4 |
23.5 |
22.4 |
37.1 |
|
Impairment charges |
- |
0.0 |
0.0 |
21.2 |
48.0 |
|
Accounts Rcvbl. |
5.5 |
-22.6 |
13.9 |
31.4 |
-9.9 |
|
Inventories |
-459.4 |
-187.8 |
164.0 |
-257.6 |
-113.0 |
|
Prepaid Expenses |
-5.9 |
-7.4 |
60.3 |
-19.3 |
-36.1 |
|
Other, net |
-11.5 |
4.6 |
-13.6 |
-0.1 |
-15.4 |
|
Accts.Pybl./Accrued |
39.9 |
21.4 |
4.4 |
4.7 |
9.8 |
|
Inc. Taxes Pybl. |
17.6 |
0.5 |
29.1 |
-161.9 |
151.1 |
|
Merch./Cust. Credit |
-3.0 |
-1.0 |
-1.7 |
0.5 |
5.9 |
|
Other long-term liabilities |
-2.7 |
-23.5 |
-27.5 |
-3.6 |
-33.7 |
|
Provision for pension/postretirement ben |
33.6 |
27.0 |
24.1 |
23.2 |
26.7 |
|
Operating activities - Disc. Opt |
- |
0.0 |
-5.9 |
-9.0 |
-21.3 |
|
Adjustment |
- |
- |
- |
- |
1.5 |
|
Cash from Operating Activities |
210.6 |
298.9 |
681.3 |
133.2 |
386.3 |
|
|
|
|
|
|
|
|
Capital Expenditures |
-239.4 |
-127.0 |
-75.4 |
-154.4 |
-184.3 |
|
Purchase Marketable Securities |
-40.9 |
-61.6 |
-14.2 |
-1.5 |
-870.0 |
|
Proceeds from sales of marketable securi |
96.1 |
1.9 |
0.8 |
0.0 |
883.2 |
|
Acquisitions |
- |
0.0 |
0.0 |
-1.9 |
-0.4 |
|
Proceeds from sale of assets, net |
0.0 |
0.0 |
3.7 |
0.0 |
509.0 |
|
Other |
-1.7 |
0.0 |
4.3 |
1.2 |
6.1 |
|
Notes Receivable |
-56.6 |
0.0 |
0.0 |
-5.0 |
-7.2 |
|
Investing activities - Disc Opt |
- |
- |
0.0 |
0.0 |
-2.4 |
|
Cash from Investing Activities |
-242.6 |
-186.6 |
-80.9 |
-161.7 |
334.2 |
|
|
|
|
|
|
|
|
Net proceeds received from termination o |
9.5 |
0.0 |
- |
- |
- |
|
Proceeds from long term debt |
0.0 |
118.4 |
300.0 |
100.0 |
0.0 |
|
Proceeds from short term borrowings |
- |
0.0 |
0.0 |
116.0 |
0.0 |
|
Repayments of short term borrowings |
0.0 |
0.0 |
-93.0 |
-25.5 |
0.0 |
|
Repayment of long term debt |
-58.9 |
-218.8 |
-40.0 |
-73.5 |
-32.3 |
|
Repayments of other credit facility borr |
-4.5 |
0.0 |
- |
- |
- |
|
Proceeds from other credit facility borr |
61.0 |
0.0 |
- |
- |
- |
|
ST Debt |
13.5 |
9.2 |
-126.8 |
104.0 |
-75.1 |
|
Option/Warrants |
65.6 |
65.7 |
71.5 |
30.4 |
68.8 |
|
Excess tax benefits from share-based pay |
18.8 |
9.1 |
1.3 |
10.2 |
18.7 |
|
Repurch. Common |
-174.1 |
-80.8 |
-0.5 |
-218.4 |
-574.6 |
|
Purchase of noncontrolling interests |
0.0 |
-7.0 |
-11.0 |
0.0 |
0.0 |
|
Dividends Paid |
-142.8 |
-120.4 |
-84.6 |
-82.3 |
-69.9 |
|
Fees & Expenses Related to Borrowings |
-1.9 |
-0.2 |
-6.4 |
-0.6 |
0.0 |
|
Cash from Financing Activities |
-213.8 |
-224.8 |
10.5 |
-39.7 |
-664.4 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
-1.8 |
8.4 |
14.3 |
-18.0 |
15.6 |
|
Net Change in Cash |
-247.6 |
-104.1 |
625.3 |
-86.2 |
71.6 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
681.6 |
785.7 |
160.4 |
246.7 |
175.0 |
|
Net Cash - Ending Balance |
434.0 |
681.6 |
785.7 |
160.4 |
246.7 |
|
Cash Interest Paid |
44.8 |
47.1 |
35.4 |
23.9 |
23.5 |
|
Cash Taxes Paid |
250.6 |
237.8 |
74.7 |
296.9 |
142.0 |
Financial
Health
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
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Ratio
Comparisons
|
Traded: |
Financials in:
USD (actual units) |
|
Industry: Retail
(Specialty) |
As of
23-Nov-2012 |
|
Sector: Services |
|
|
|
Company |
Industry |
Sector |
S&P 500 |
|
Valuation Ratios |
||||
|
P/E Excluding Extraordinary (TTM) |
18.04 |
21.45 |
26.53 |
19.68 |
|
P/E High Excluding Extraordinary - Last 5 Yrs |
20.26 |
25.00 |
28.03 |
32.79 |
|
P/E Low Excluding Extraordinary - Last 5 Yrs |
11.30 |
10.32 |
11.18 |
10.71 |
|
Beta |
1.78 |
1.18 |
0.91 |
1.00 |
|
Price/Revenue (TTM) |
2.12 |
1.27 |
2.87 |
2.57 |
|
Price/Book (MRQ) |
3.28 |
3.31 |
4.17 |
3.67 |
|
Price to Tangible Book (MRQ) |
3.28 |
3.85 |
6.61 |
5.21 |
|
Price to Cash Flow Per Share (TTM) |
13.21 |
14.06 |
14.95 |
14.22 |
|
Price to Free Cash Flow Per Share (TTM) |
- |
24.90 |
25.61 |
26.26 |
|
|
|
|
|
|
|
Dividends |
||||
|
Dividend Yield |
2.06% |
1.57% |
2.91% |
2.26% |
|
Dividend Per Share - 5 Yr Avg |
0.79 |
0.64 |
1.96 |
1.99 |
|
Dividend 5 Yr Growth |
24.13% |
-21.00% |
-1.39% |
0.08% |
|
Payout Ratio (TTM) |
34.22% |
8.41% |
11.60% |
25.98% |
|
|
|
|
|
|
|
Growth Rates (%) |
||||
|
Revenue (MRQ) vs Qtr 1 Yr Ago |
1.59% |
12.43% |
-0.77% |
15.58% |
|
Revenue (TTM) vs TTM 1 Yr Ago |
8.73% |
10.84% |
-4.27% |
17.69% |
|
Revenue 5 Yr Growth |
7.30% |
9.32% |
23.25% |
8.97% |
|
EPS (MRQ) vs Qtr 1 Yr Ago |
3.65% |
30.89% |
12.66% |
19.49% |
|
EPS (TTM) vs TTM 1 Yr Ago |
8.98% |
37.83% |
17.36% |
32.55% |
|
EPS 5 Yr Growth |
10.75% |
10.63% |
8.65% |
9.86% |
|
Capital Spending 5 Yr Growth |
6.53% |
-3.85% |
-14.30% |
-2.04% |
|
|
|
|
|
|
|
Financial Strength |
||||
|
Quick Ratio (MRQ) |
1.53 |
0.61 |
0.63 |
1.24 |
|
Current Ratio (MRQ) |
5.95 |
2.11 |
0.97 |
1.79 |
|
LT Debt/Equity (MRQ) |
0.33 |
0.51 |
1.48 |
0.64 |
|
Total Debt/Equity (MRQ) |
0.39 |
0.58 |
1.73 |
0.73 |
|
Interest Coverage (TTM) |
14.87 |
13.90 |
4.20 |
13.80 |
|
|
|
|
|
|
|
Profitability Ratios (%) |
||||
|
Gross Margin (TTM) |
58.17% |
37.85% |
37.46% |
45.21% |
|
Gross Margin - 5 Yr Avg |
57.86% |
37.91% |
39.96% |
44.91% |
|
EBITD Margin (TTM) |
23.55% |
12.91% |
8.34% |
24.43% |
|
EBITD Margin - 5 Yr Avg |
22.55% |
11.51% |
13.48% |
22.84% |
|
Operating Margin (TTM) |
19.42% |
10.63% |
10.36% |
20.63% |
|
Operating Margin - 5 Yr Avg |
17.92% |
8.93% |
2.67% |
18.28% |
|
Pretax Margin (TTM) |
18.12% |
9.35% |
6.99% |
17.95% |
|
Pretax Margin - 5 Yr Avg |
16.74% |
8.10% |
5.24% |
17.10% |
|
Net Profit Margin (TTM) |
11.88% |
5.93% |
4.44% |
13.65% |
|
Net Profit Margin - 5 Yr Avg |
11.01% |
5.06% |
2.82% |
12.10% |
|
Effective Tax Rate (TTM) |
34.41% |
36.81% |
29.02% |
28.45% |
|
Effective Tax rate - 5 Yr Avg |
34.23% |
36.54% |
28.67% |
29.92% |
|
|
|
|
|
|
|
Management Effectiveness (%) |
||||
|
Return on Assets (TTM) |
10.69% |
8.25% |
0.41% |
8.54% |
|
Return on Assets - 5 Yr Avg |
9.96% |
7.58% |
3.69% |
8.40% |
|
Return on Investment (TTM) |
12.23% |
9.88% |
3.14% |
7.90% |
|
Return on Investment - 5 Yr Avg |
11.95% |
8.99% |
4.63% |
8.27% |
|
Return on Equity (TTM) |
18.59% |
15.46% |
-2.30% |
19.72% |
|
Return on Equity - 5 Yr Avg |
17.74% |
12.04% |
14.07% |
20.06% |
|
|
|
|
|
|
|
Efficiency |
||||
|
Revenue/Employee (TTM) |
379,076.10 |
316,828.32 |
764,536.05 |
927,613.77 |
|
Net Income/Employee (TTM) |
45,042.75 |
17,978.12 |
144,529.55 |
116,121.92 |
|
Receivables Turnover (TTM) |
21.02 |
35.53 |
16.95 |
13.25 |
|
Inventory Turnover (TTM) |
0.76 |
3.95 |
17.44 |
14.53 |
|
Asset Turnover (TTM) |
0.90 |
1.64 |
1.00 |
0.93 |
Annual
Ratios
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
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Stock report
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Stock Snapshot |
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Stock History
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DIAMOND INDUSTRY –
INDIA
-
From time immemorial, India is well known in the world
as the birthplace for diamonds. It is difficult to trace the origin of
diamonds but history says that in the remote past, diamonds were mined only in
India. Diamond production in India can be traced back to almost 8th
Century B.C. India, in fact, remained undisputed leader till 18th
Century when Brazilian fields were discovered in 1725 followed by emergence of
S. Africa, Russia and Australia.
-
The achievement of the Indian diamond industry was
possible only due to combination of the manufacturing skills of the Indian
workforce and the untiring and unflagging efforts of the Indian diamantaires,
supported by progressive Government policies.
-
The area of study of family owned diamond businesses
derives its importance from the huge conglomerate of family run organizations
which operate in the diamond industry since many generations.
-
Some of the basic traits of family run business
enterprises include spirit of entrepreneurship, mutual trust lowers transaction
costs, small, nimble and quick to react, information as a source of advantage
and philanthropy.
-
Family owned diamond businesses need to improve on
many fronts including higher standard of corporate governance, long-term
performance – focused strategies, modern management and technology.
-
The diamond jewellery industry in India today may be
more than Rs 60000 mil and is rated amongst the fastest growing in the
world. Indi ranks third in the world in domestic diamond consumption.
-
Utmost caution is to be exercised while dealing with
some medium and large diamond traders which are usually engaged in fictitious
import – export, inter-company transactions, financially assisted by banks. In
the process, several public sector banks lost several hundred million rupees.
They mostly diverted borrowed money for diamond business into real estate and
capital markets.
-
Excerpts from Times of India dated 30th
October 2010 is as under –
DIAMOND SAGA – DIRTY DOZEN STUCK WITH 2K CR DEBT
This could
be the biggest credibility crisis the Indian diamond industry has ever faced.
Fifteen banks run the risk of losing Rs 2000 crore lent to a dozen diamond
firms in Surat. Until about two months ago, they had not repaid these
dues. Bankers believe many diamantaires borrowed money during the economic
downturn two years ago and diverted funds to businesses like real estate and
capital markets. Many of themselves made money from these businesses but their
diamond companies have gone sick and declared insolvency.
-
Most of the money borrowed from the banks in the name
of their diamond business has been diverted in real estate and the share
market. The banks are not in a position to seize their properties because in
many cases, these were purchased in the name of their relatives and friends.
Standard
& Poor’s
|
United
States of America Long-Term Rating Lowered To 'AA+' Due To Political Risks,
Rising Debt Burden; Outlook Negative |
|
Publication
date: 05-Aug-2011 20:13:14 EST |
·
We have lowered our long-term sovereign
credit rating on the United States of America to 'AA+' from 'AAA' and affirmed
the 'A-1+' short-term rating.
·
We have also removed both the short- and
long-term ratings from CreditWatch negative.
·
The downgrade
reflects our opinion that the fiscal consolidation plan that Congress and the
Administration recently agreed to falls short of what, in our view, would be
necessary to stabilize the government's medium-term debt dynamics.
·
More broadly, the
downgrade reflects our view that the effectiveness, stability, and
predictability of American policymaking and political institutions have
weakened at a time of ongoing fiscal and economic challenges to a degree more
than we envisioned when we assigned a negative outlook to the rating on April
18, 2011.
·
Since then, we
have changed our view of the difficulties in bridging the gulf between the
political parties over fiscal policy, which makes us pessimistic about the
capacity of Congress and the Administration to be able to leverage their
agreement this week into a broader fiscal consolidation plan that stabilizes
the government's debt dynamics any time soon.
·
The outlook on
the long-term rating is negative. We could lower the long-term rating to 'AA'
within the next two years if we see that less reduction in spending than agreed
to, higher interest rates, or new fiscal pressures during the period result in
a higher general government debt trajectory than we currently assume in our
base case.
TORONTO (Standard &
Poor's) Aug. 5, 2011--Standard & Poor's Ratings Services said today that it
lowered its long-term sovereign credit rating on the United States of America
to 'AA+' from 'AAA'. Standard & Poor's also said that the outlook on the
long-term rating is negative. At the same time, Standard & Poor's affirmed
its 'A-1+' short-term rating on the U.S. In addition, Standard & Poor's
removed both ratings from CreditWatch, where they were placed on July 14, 2011,
with negative implications.
The
transfer and convertibility (T&C) assessment of the U.S.--our assessment of
the likelihood of official interference in the ability of U.S.-based public-
and private-sector issuers to secure foreign exchange for
debt service--remains
'AAA'.
We lowered our long-term rating
on the U.S. because we believe that the prolonged controversy over raising the
statutory debt ceiling and the related fiscal policy debate indicate that
further near-term progress containing the growth in public spending, especially
on entitlements, or on reaching an agreement on raising revenues is less likely
than we previously assumed and will remain a contentious and fitful process. We
also believe that the fiscal consolidation plan that Congress and the
Administration agreed to this week falls short of the amount that we believe is
necessary to stabilize the general government debt burden by the middle of the
decade.
Our lowering of the
rating was prompted by our view on the rising public debt burden and our
perception of greater policymaking uncertainty, consistent with our criteria
(see "Sovereign Government Rating Methodology and
Assumptions ," June 30, 2011, especially
Paragraphs 36-41). Nevertheless, we view the U.S. federal government's other
economic, external, and monetary credit attributes, which form the basis for
the sovereign rating, as broadly unchanged.
We have taken the ratings
off CreditWatch because the Aug. 2 passage of the Budget Control Act Amendment
of 2011 has removed any perceived immediate threat of payment default posed by
delays to raising the government's debt ceiling. In addition, we believe that
the act provides sufficient clarity to allow us to evaluate the likely course
of U.S. fiscal policy for the next few years.
The
political brinksmanship of recent months highlights what we see as America's
governance and policymaking becoming less stable, less effective, and less
predictable than what we previously believed. The statutory debt ceiling and
the threat of default have become political bargaining chips in the debate over
fiscal policy. Despite this year's wide-ranging debate, in our view, the
differences between political parties have proven to be extraordinarily
difficult to bridge, and, as we see it, the resulting agreement fell well short
of the comprehensive fiscal consolidation program that some proponents had
envisaged until quite recently. Republicans and Democrats have only been able
to agree to relatively modest savings on discretionary spending while
delegating to the Select Committee decisions on more comprehensive measures. It
appears that for now, new revenues have dropped down on the menu of policy
options. In addition, the plan envisions only minor policy changes on Medicare
and little change in other entitlements,
the containment of which
we and most other independent observers regard as key to long-term fiscal
sustainability.
Our opinion is that
elected officials remain wary of tackling the structural issues required to
effectively address the rising U.S. public debt burden in a manner consistent
with a 'AAA' rating and with 'AAA' rated sovereign peers (see Sovereign Government Rating Methodology and
Assumptions," June 30, 2011,
especially Paragraphs 36-41). In our view, the difficulty in framing a
consensus on fiscal policy weakens the government's ability to manage public
finances and diverts attention from the debate over how to achieve more
balanced and dynamic economic growth in an era of fiscal stringency and
private-sector deleveraging (ibid). A new political consensus might (or might
not) emerge after the 2012 elections, but we believe that by then, the
government debt burden will likely be higher, the needed medium-term fiscal
adjustment potentially greater, and the inflection point on the U.S.
population's demographics and other age-related spending drivers closer at hand
(see "Global Aging 2011: In The U.S., Going Gray Will Likely
Cost Even More Green, Now,"
June 21, 2011).
Standard & Poor's
takes no position on the mix of spending and revenue measures that Congress and
the Administration might conclude is appropriate for putting the U.S.'s
finances on a sustainable footing.
The act calls for as much
as $2.4 trillion of reductions in expenditure growth over the 10 years through 2021.
These cuts will be implemented in two steps: the $917 billion agreed to
initially, followed by an additional $1.5 trillion that the newly formed
Congressional Joint Select Committee on Deficit Reduction is supposed to
recommend by November 2011. The act contains no measures to raise taxes or
otherwise enhance revenues, though the committee could recommend them.
The act further provides
that if Congress does not enact the committee's recommendations, cuts of $1.2
trillion will be implemented over the same time period. The reductions would
mainly affect outlays for civilian discretionary spending, defense, and
Medicare. We understand that this fall-back mechanism is designed to encourage
Congress to embrace a more balanced mix of expenditure savings, as the
committee might recommend.
We note that in a letter
to Congress on Aug. 1, 2011, the Congressional Budget Office (CBO) estimated
total budgetary savings under the act to be at least $2.1 trillion over the
next 10 years relative to its baseline assumptions. In updating our own fiscal
projections, with certain modifications outlined below, we have relied on the
CBO's latest "Alternate Fiscal Scenario" of June 2011, updated to
include the CBO assumptions contained in its Aug. 1 letter to Congress. In general,
the CBO's "Alternate Fiscal Scenario" assumes a continuation of
recent Congressional action overriding existing law.
We view the act's
measures as a step toward fiscal consolidation. However, this is within the
framework of a legislative mechanism that leaves open the details of what is
finally agreed to until the end of 2011, and Congress and the Administration
could modify any agreement in the future. Even assuming that at least $2.1
trillion of the spending reductions the act envisages are implemented, we
maintain our view that the U.S. net general government debt burden (all levels
of government combined, excluding liquid financial assets) will likely continue
to grow. Under our revised base case fiscal scenario--which we consider to be
consistent with a 'AA+' long-term rating and a negative outlook--we now project
that net general government debt would rise from an estimated 74% of GDP by the
end of 2011 to 79% in 2015 and 85% by 2021. Even the projected 2015 ratio of
sovereign indebtedness is high in relation to those of peer credits and, as
noted, would continue to rise under the act's revised policy settings.
Compared with previous
projections, our revised base case scenario now assumes that the 2001 and 2003
tax cuts, due to expire by the end of 2012, remain in place. We have changed
our assumption on this because the majority of Republicans in Congress continue
to resist any measure that would raise revenues, a position we believe Congress
reinforced by passing the act. Key macroeconomic assumptions in the base case
scenario include trend real GDP growth of 3% and consumer price inflation near
2% annually over the decade.
Our revised upside
scenario--which, other things being equal, we view as consistent with the
outlook on the 'AA+' long-term rating being revised to stable--retains these
same macroeconomic assumptions. In addition, it incorporates $950 billion of
new revenues on the assumption that the 2001 and 2003 tax cuts for high earners
lapse from 2013 onwards, as the Administration is advocating. In this scenario,
we project that the net general government debt would rise from an estimated
74% of GDP by the end of 2011 to 77% in 2015 and to 78% by 2021.
Our revised downside scenario--which,
other things being equal, we view as being consistent with a possible further
downgrade to a 'AA' long-term rating--features less-favorable macroeconomic
assumptions, as outlined below and also assumes that the second round of
spending cuts (at least $1.2 trillion) that the act calls for does not occur.
This scenario also assumes somewhat higher nominal interest rates for U.S.
Treasuries. We still believe that the role of the U.S. dollar as the key
reserve currency confers a government funding advantage, one that could change
only slowly over time, and that Fed policy might lean toward continued loose
monetary policy at a time of fiscal tightening. Nonetheless, it is possible
that interest rates could rise if investors re-price relative risks. As a
result, our alternate scenario factors in a 50 basis point (bp)-75 bp rise in
10-year bond yields relative to the base and upside cases from 2013 onwards. In
this scenario, we project the net public debt burden would rise from 74% of GDP
in 2011 to 90% in 2015 and to 101% by 2021.
Our revised scenarios
also take into account the significant negative revisions to historical GDP
data that the Bureau of Economic Analysis announced on July 29. From our
perspective, the effect of these revisions underscores two related points when
evaluating the likely debt trajectory of the U.S. government. First, the
revisions show that the recent recession was deeper than previously assumed, so
the GDP this year is lower than previously thought in both nominal and real
terms. Consequently, the debt burden is slightly higher. Second, the revised
data highlight the sub-par path of the current economic recovery when compared
with rebounds following previous post-war recessions. We believe the sluggish
pace of the current economic recovery could be consistent with the experiences
of countries that have had financial crises in which the slow process of debt
deleveraging in the private sector leads to a persistent drag on demand. As a
result, our downside case scenario assumes relatively modest real trend GDP
growth of 2.5% and inflation of near 1.5% annually going forward.
When comparing the U.S.
to sovereigns with 'AAA' long-term ratings that we view as relevant
peers--Canada, France, Germany, and the U.K.--we also observe, based on our
base case scenarios for each, that the trajectory of the U.S.'s net public debt
is diverging from the others. Including the U.S., we estimate that these five
sovereigns will have net general government debt to GDP ratios this year
ranging from 34% (Canada) to 80% (the U.K.), with the U.S. debt burden at 74%.
By 2015, we project that their net public debt to GDP ratios will range between
30% (lowest, Canada) and 83% (highest, France), with the U.S. debt burden at
79%. However, in contrast with the U.S., we project that the net public debt
burdens of these other sovereigns will begin to decline, either before or by
2015.
Standard & Poor's
transfer T&C assessment of the U.S. remains 'AAA'. Our T&C assessment
reflects our view of the likelihood of the sovereign restricting other public
and private issuers' access to foreign exchange needed to meet debt service.
Although in our view the credit standing of the U.S. government has
deteriorated modestly, we see little indication that official interference of
this kind is entering onto the policy agenda of either Congress or the
Administration. Consequently, we continue to view this risk as being highly
remote.
The outlook on the
long-term rating is negative. As our downside alternate fiscal scenario illustrates,
a higher public debt trajectory than we currently assume could lead us to lower
the long-term rating again. On the other hand, as our upside scenario
highlights, if the recommendations of the Congressional Joint Select Committee
on Deficit Reduction--independently or coupled with other initiatives, such as
the lapsing of the 2001 and 2003 tax cuts for high earners--lead to fiscal
consolidation measures beyond the minimum mandated, and we believe they are
likely to slow the deterioration of the government's debt dynamics, the
long-term rating could stabilize at 'AA+'.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.57 |
|
UK Pound |
1 |
Rs.87.90 |
|
Euro |
1 |
Rs.71.53 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
---- |
NB |
New Business |
---- |
This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.