Based on first quarter results exceeding our expectations, we are increasing our net earnings outlook to $2.55 - $2.60 per diluted share, from $2.45-$2.50. This new outlook excludes nonrecurring items, such as expenses related to the pending Links of London Sirens Leaf Earrings of our New York headquarters staff, as well as the first quarter's net tax benefit, which in total will reduce earnings in 2010 by approximately $0.09 per diluted share; our previous earnings forecast did not factor in any such items." 2010 Outlook: Management's outlook for fiscal 2010 is based on the following assumptions which may or may not Links of London Raindance Earrings valid: Today's Conference Call: The Company will host a conference call today at 8:30 a.m. (Eastern Time) to review these actual results and its outlook. Investors may listen at http://investor.tiffany.com ("Events and Presentations"). Next Scheduled Announcement: The Company expects to report its second quarter 2010 financial results on August 27, 2010 with a Links of London Flutter & Wow 18ct Gold Stiletto Earrings call at 8:30 a.m. (Eastern Time). To receive notifications of news releases, please reTiffany & Co. operates jewelry stores and manufactures products through its subsidiary corporations. Its principal Links of London is Tiffany and Company. The Company operates TIFFANY & CO. retail stores and boutiques in the Americas, Asia-Pacific and Europe and engages in direct selling through Internet, catalog and business gift operations. For additional information, please visit www.tiffany.com or call our shareholder information line at 800-TIF-0110. This document contains certain "forward-looking" statements concerning the Company's objectives and expectations with respect to sales, store openings, operating margin, net earnings and inventories.
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