TIF Reports Holiday Sales; Guides

Tiffany & Co. (NYSE: TIF) reported that its net sales for the holiday period from November 1 - December 31 increased 6% to $712,024,000, compared with $673,823,000 a year ago. Assuming no meaningful change in sales or margin trends in January, the company is now forecasting full year 2005 earnings of $1.60-$1.62 per diluted share, versus our previously-announced forecast of $1.55-$1.65 per diluted share (cons is $1.64)

Initial full year expectations call for approximately 10% growth in net sales, at least 12% growth in earnings before income taxes, and diluted earnings per share in a range of $1.77-$1.82 (cons is $1.84)

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