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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
  
 
FORM 10-Q
 
 
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended July 31, 2020
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                      to                     
Commission file number: 1-9494
TIFFANY & CO.
(Exact name of registrant as specified in its charter)
Delaware
 
13-3228013
(State of incorporation)
 
(I.R.S. Employer Identification No.)

200 Fifth Avenue, New York, NY 10010
(Address of principal executive offices and zip code)
Registrant’s telephone number, including area code: (212755-8000
Former name, former address and former fiscal year, if changed since last report                     

Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading symbol(s)
Name of each exchange on which registered

Common Stock, par value $0.01 per share
TIF
New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer
Emerging growth company
Non-accelerated filer
Smaller reporting company
 
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).    Yes    No  

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date: Common Stock, $0.01 par value, 121,368,585 shares outstanding at the close of business on July 31, 2020.



TIFFANY & CO. AND SUBSIDIARIES
INDEX TO FORM 10-Q
FOR THE QUARTER ENDED July 31, 2020
 
 
Page
 
Item 1.
 
 

 
 
 
 

 
Item 2.
Item 3.
Item 4.
 
 
 
 
Item 1.
Item 1A.
Item 6.





PART I. Financial Information
Item 1. Financial Statements
TIFFANY & CO. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(in millions, except per share amounts)
 
July 31, 2020
 
January 31, 2020
 
July 31, 2019
ASSETS
 
 
 
 
 
Current assets:
 
 
 
 
 
Cash and cash equivalents
$
1,043.7

 
$
874.7

 
$
641.0

Short-term investments

 
22.7

 
39.6

Accounts receivable, net
196.6

 
240.0

 
241.0

Inventories, net
2,510.4

 
2,463.9

 
2,487.7

Prepaid expenses and other current assets
314.4

 
274.2

 
264.4

Total current assets
4,065.1

 
3,875.5

 
3,673.7

Operating lease right-of-use assets
1,120.6

 
1,102.7

 
1,073.4

Property, plant and equipment, net
1,090.7

 
1,098.8

 
1,021.2

Deferred income taxes
226.9

 
225.2

 
209.7

Other assets, net
353.0

 
357.9

 
337.9

 
$
6,856.3

 
$
6,660.1

 
$
6,315.9

LIABILITIES AND STOCKHOLDERS' EQUITY
 
 
 
 
 
Current liabilities:
 
 
 
 
 
Short-term borrowings
$
591.3

 
$
147.9

 
$
135.2

Accounts payable and accrued liabilities
394.0

 
541.5

 
430.3

Current portion of operating lease liabilities
209.6

 
202.8

 
217.1

Income taxes payable
19.5

 
16.4

 
17.1

Merchandise credits and deferred revenue
63.2

 
61.8

 
71.4

Total current liabilities
1,277.6

 
970.4

 
871.1

Long-term debt
887.7

 
884.1

 
884.0

Pension/postretirement benefit obligations
379.1

 
374.5

 
287.7

Long-term portion of operating lease liabilities
1,024.0

 
1,008.4

 
969.6

Other long-term liabilities
80.2

 
87.3

 
110.4

Commitments and contingencies


 


 

Stockholders' equity:
 
 
 
 
 
Preferred Stock, $0.01 par value; authorized 2.0 shares, none issued and outstanding

 

 

Common Stock, $0.01 par value; authorized 240.0 shares, issued and outstanding 121.4, 121.2, 120.8
1.2

 
1.2

 
1.2

Additional paid-in capital
1,396.1

 
1,387.3

 
1,276.5

Retained earnings
2,030.7

 
2,207.6

 
2,139.4

Accumulated other comprehensive loss, net of tax
(232.2
)
 
(273.2
)
 
(237.0
)
Total Tiffany & Co. stockholders' equity
3,195.8

 
3,322.9

 
3,180.1

Non-controlling interests
11.9

 
12.5

 
13.0

Total stockholders' equity
3,207.7

 
3,335.4

 
3,193.1

 
$
6,856.3

 
$
6,660.1

 
$
6,315.9

See notes to condensed consolidated financial statements.

TIFFANY & CO.
2


TIFFANY & CO. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(Unaudited)
(in millions, except per share amounts)

 
Three Months Ended July 31,
 
Six Months Ended July 31,
 
2020
 
2019
 
2020
 
2019
Net sales
$
747.1

 
$
1,048.5

 
$
1,302.6

 
$
2,051.6

Cost of sales
285.5

 
390.8

 
532.0

 
774.7

Gross profit
461.6

 
657.7

 
770.6

 
1,276.9

Selling, general and administrative expenses
401.9

 
473.4

 
816.3

 
931.7

Earnings (loss) from operations
59.7

 
184.3

 
(45.7
)
 
345.2

Interest expense and financing costs
11.1

 
9.8

 
20.9

 
20.2

Other income, net
(0.8
)
 
(0.9
)
 
(26.2
)
 
(1.9
)
Earnings (loss) from operations before income taxes
49.4

 
175.4

 
(40.4
)
 
326.9

Provision (benefit) for income taxes
17.5

 
39.1

 
(7.7
)
 
65.4

Net earnings (loss)
$
31.9

 
$
136.3

 
$
(32.7
)
 
$
261.5

Net earnings (loss) per share:
 
 
 
 
 
 
 
Basic
$
0.26

 
$
1.13

 
$
(0.27
)
 
$
2.16

Diluted
$
0.26

 
$
1.12

 
$
(0.27
)
 
$
2.15

Weighted-average number of common shares:
 
 
 
 
 
 
 
Basic
121.4

 
121.1

 
121.3

 
121.3

Diluted
121.7

 
121.4

 
121.3

 
121.6


See notes to condensed consolidated financial statements.


TIFFANY & CO.
3


TIFFANY & CO. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS
(Unaudited)
(in millions)

 
Three Months Ended July 31,
 
Six Months Ended July 31,
 
2020
 
2019
 
2020
 
2019
Net earnings (loss)
    $
31.9

 
    $
136.3

 
    $
(32.7
)
 
    $
261.5

Other comprehensive earnings (loss), net of tax
 
 
 
 
 
 
 
Foreign currency translation adjustments
49.0

 
(2.7
)
 
20.9

 
(26.9
)
Unrealized gain on hedging instruments
6.4

 
7.6

 
11.7

 
16.4

Unrealized gain on benefit plans
4.1

 
2.1

 
8.4

 
4.3

Total other comprehensive earnings (loss), net of tax
59.5

 
7.0

 
41.0

 
(6.2
)
Comprehensive earnings
    $
91.4

 
    $
143.3

 
    $
8.3

 
    $
255.3


See notes to condensed consolidated financial statements.


TIFFANY & CO.
4



TIFFANY & CO. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(Unaudited)
(in millions)

 
Three Months Ended July 31, 2020
 
Total
Stockholders'
Equity
 
Retained
Earnings
 
Accumulated
Other
Comprehensive
Loss
 
Common Stock
 
Additional
Paid-In
Capital
 
Non-
Controlling
Interests
Shares
 
Amount
Balance at April 30, 2020
$
3,181.0

 
$
2,069.7

 
$
(291.7
)
 
121.3

 
$
1.2

 
$
1,389.7

 
$
12.1

Exercise of stock options and vesting of restricted stock units
0.3

 

 

 
0.1

 

 
0.3

 

Shares withheld related to net share settlement of share-based compensation
(0.4
)
 

 

 

 

 
(0.4
)
 

Share-based compensation expense
6.4

 

 

 

 

 
6.4

 

Cash dividends on Common Stock ($0.58 per share)
(70.4
)
 
(70.4
)
 

 

 

 

 

Accrued dividends on share-based awards
(0.4
)
 
(0.5
)
 

 

 

 
0.1

 

Other comprehensive earnings, net of tax
59.5

 

 
59.5

 

 

 

 

Net earnings
31.9

 
31.9

 

 

 

 

 

Non-controlling interests
(0.2
)
 

 

 

 

 

 
(0.2
)
Balance at July 31, 2020
$
3,207.7

 
$
2,030.7

 
$
(232.2
)
 
121.4

 
$
1.2

 
$
1,396.1

 
$
11.9

 
Three Months Ended July 31, 2019
 
Total
Stockholders'
Equity
 
Retained
Earnings
 
Accumulated
Other
Comprehensive
Loss
 
Common Stock
 
Additional
Paid-In
Capital
 
Non-
Controlling
Interests
Shares
 
Amount
Balance at April 30, 2019
$
3,172.0

 
$
2,128.3

 
$
(244.0
)
 
121.4

 
$
1.2

 
$
1,273.1

 
$
13.4

Exercise of stock options and vesting of restricted stock units
0.6

 

 

 

 

 
0.6

 

Shares withheld related to net share settlement of share-based compensation
(1.0
)
 

 

 

 

 
(1.0
)
 

Share-based compensation expense
9.3

 

 

 

 

 
9.3

 

Purchase and retirement of Common Stock
(60.0
)
 
(54.5
)
 

 
(0.6
)
 

 
(5.5
)
 

Cash dividends on Common Stock ($0.58 per share)
(70.2
)
 
(70.2
)
 

 

 

 

 

Accrued dividends on share-based awards
(0.5
)
 
(0.5
)
 

 

 

 

 

Other comprehensive earnings, net of tax
7.0

 

 
7.0

 

 

 

 

Net earnings
136.3

 
136.3

 

 

 

 

 

Non-controlling interests
(0.4
)
 

 

 

 

 

 
(0.4
)
Balance at July 31, 2019
$
3,193.1

 
$
2,139.4

 
$
(237.0
)
 
120.8

 
$
1.2

 
$
1,276.5

 
$
13.0



TIFFANY & CO.
5


 
Six Months Ended July 31, 2020
 
Total
Stockholders'
Equity
 
Retained
Earnings
 
Accumulated
Other
Comprehensive
Loss
 
Common Stock
 
Additional
Paid-In
Capital
 
Non-
Controlling
Interests
Shares
 
Amount
Balance at January 31, 2020
$
3,335.4

 
$
2,207.6

 
$
(273.2
)
 
121.2

 
$
1.2

 
$
1,387.3

 
$
12.5

Exercise of stock options and vesting of restricted stock units
4.0

 

 

 
0.3

 

 
4.0

 

Shares withheld related to net share settlement of share-based compensation
(10.3
)
 

 

 
(0.1
)
 

 
(10.3
)
 

Share-based compensation expense
14.0

 

 

 

 

 
14.0

 

Purchase and retirement of Common Stock

 

 

 

 

 

 

Cash dividends on Common Stock ($1.16 per share)
(140.7
)
 
(140.7
)
 

 

 

 

 

Accrued dividends on share-based awards
0.1

 
(1.0
)
 

 

 

 
1.1

 

Other comprehensive earnings, net of tax
41.0

 

 
41.0

 

 

 

 

Cumulative effect adjustment from adoption of new accounting standards
(2.5
)
 
(2.5
)
 

 

 

 

 

Net loss
(32.7
)
 
(32.7
)
 

 

 

 

 

Non-controlling interests
(0.6
)
 

 

 

 

 

 
(0.6
)
Balance at July 31, 2020
$
3,207.7

 
$
2,030.7

 
$
(232.2
)
 
121.4

 
$
1.2

 
$
1,396.1

 
$
11.9

 
Six Months Ended July 31, 2019
 
Total
Stockholders'
Equity
 
Retained
Earnings
 
Accumulated
Other
Comprehensive
Loss
 
Common Stock
 
Additional
Paid-In
Capital
 
Non-
Controlling
Interests
Shares
 
Amount
Balance at January 31, 2019
$
3,130.9

 
$
2,045.6

 
$
(204.8
)
 
121.5

 
$
1.2

 
$
1,275.4

 
$
13.5

Exercise of stock options and vesting of restricted stock units
2.6

 

 

 
0.3

 

 
2.6

 

Shares withheld related to net share settlement of share-based compensation
(9.1
)
 

 

 
(0.1
)
 

 
(9.1
)
 

Share-based compensation expense
15.2

 

 

 

 

 
15.2

 

Purchase and retirement of Common Stock
(85.4
)
 
(77.6
)
 

 
(0.9
)
 

 
(7.8
)
 

Cash dividends on Common Stock ($1.13 per share)
(137.0
)
 
(137.0
)
 

 

 

 

 

Accrued dividends on share-based awards
(0.7
)
 
(0.9
)
 

 

 

 
0.2

 

Other comprehensive loss, net of tax
(6.2
)
 

 
(6.2
)
 

 

 

 

Cumulative effect adjustment from adoption of new accounting standards
21.8

 
47.8

 
(26.0
)
 

 

 

 

Net earnings
261.5

 
261.5

 

 

 

 

 

Non-controlling interests
(0.5
)
 

 

 

 

 

 
(0.5
)
Balance at July 31, 2019
$
3,193.1

 
$
2,139.4

 
$
(237.0
)
 
120.8

 
$
1.2

 
$
1,276.5

 
$
13.0


See notes to condensed consolidated financial statements.

TIFFANY & CO.
6


TIFFANY & CO. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(in millions)
 
Six Months Ended July 31,
 
2020
 
2019
CASH FLOWS FROM OPERATING ACTIVITIES:
 
 
 
Net (loss) earnings
   $
(32.7
)
 
   $
261.5

Adjustments to reconcile net (loss) earnings to net cash (used in) provided by operating activities:
 
 
 
Depreciation and amortization
133.0

 
125.6

Provision for inventories
18.5

 
11.1

Deferred income taxes
(1.0
)
 
(9.6
)
Provision for pension/postretirement benefits
19.0

 
14.7

Share-based compensation expense
13.9

 
15.1

Changes in assets and liabilities:
 
 
 
Accounts receivable
39.1

 
3.0

Inventories
(45.0
)
 
(91.4
)
Prepaid expenses and other current assets
5.6

 
(36.4
)
Accounts payable and accrued liabilities
(135.4
)
 
(78.3
)
Income taxes payable
(30.3
)
 
(28.9
)
Merchandise credits and deferred revenue
1.1

 
2.0

Other, net
0.9

 
(34.5
)
Net cash (used in) provided by operating activities
(13.3
)
 
153.9

CASH FLOWS FROM INVESTING ACTIVITIES:
 
 
 
Purchases of marketable securities and short-term investments
(0.1
)
 
(39.8
)
Proceeds from sales of marketable securities and short-term investments
22.4

 
59.8

Capital expenditures
(132.1
)
 
(121.9
)
Other, net
1.2

 

Net cash used in investing activities
(108.6
)
 
(101.9
)
CASH FLOWS FROM FINANCING ACTIVITIES:
 
 
 
Proceeds from credit facility borrowings, net
501.2

 
11.5

Proceeds from other credit facility borrowings
23.5

 
48.9

Repayment of other credit facility borrowings
(76.6
)
 
(34.9
)
Repurchase of Common Stock

 
(85.4
)
Proceeds from exercised stock options
4.0

 
2.6

Payments related to tax withholding for share-based payment arrangements
(10.3
)
 
(8.8
)
Cash dividends on Common Stock
(140.7
)
 
(137.0
)
Financing fees
(0.9
)
 

Net cash provided by (used in) financing activities
300.2

 
(203.1
)
Effect of exchange rate changes on cash and cash equivalents
(9.3
)
 
(0.5
)
Net increase (decrease) in cash and cash equivalents
169.0

 
(151.6
)
Cash and cash equivalents at beginning of year
874.7

 
792.6

Cash and cash equivalents at end of six months
   $
1,043.7