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Tiffany & Co. has been crafting the prestigious Vince Lombardi Trophy for over 150 years, representing a symbol of excellence in NFL achievement. Manufactured at their Cumberland, R.I. workshop, the trophy features intricate designs and details, capturing a life-size football atop a three-sided kicking tee sculpture. The sterling silver craftsmanship from skilled artisans illustrates Tiffany's commitment to quality and artistry.
Tiffany & Co. (NYSE: TIF) reported a 2% increase in preliminary worldwide net sales during the 2020 holiday period, compared to 2019, marking a record for the period. Key regions showed varied performance: Asia-Pacific surged by 20%, Japan by 8%, while the Americas and Europe declined by 5% and 8%, respectively. E-commerce experienced a remarkable 80% growth compared to last year. CEO Alessandro Bogliolo attributed the success to strategic sales initiatives and strong performance in the Chinese market.
Tiffany & Co. (NYSE: TIF) announced that holders of a majority of its $300 million 4.900% senior notes due October 1, 2044 have provided valid consents for proposed amendments related to the notes. The consent solicitation for the 2044 Notes ended on December 17, 2020. As part of the process, holders will receive a cash payment of $1.50 per $1,000 principal amount for valid consents delivered. Additionally, the company is involved in a merger with LVMH, expected to complete early in 2021, potentially including a guarantee for the payment obligations concerning the affected notes.
Tiffany & Co. (TIF) announced an extension of the consent solicitation for its $300 million 4.900% senior notes due October 1, 2044, which now expires on December 17, 2020. As of December 14, 2020, approximately 44% of holders had validly consented to proposed amendments. The consent solicitation for its $250 million 3.800% senior notes, expiring December 14, 2020, received valid consents from a majority of holders. Upon completion of the Merger with LVMH, holders of the 2024 Notes will receive a $1.50 consent fee per $1,000 principal amount.
Tiffany & Co. (NYSE: TIF) announced consent solicitations for its outstanding senior notes totaling $550 million due in 2024 and 2044. The solicitations, initiated at the request of LVMH, aim to amend terms before their expiration on December 14, 2020. Holders of affected notes will receive $1.50 per $1,000 principal for valid consents. The company’s merger with LVMH is anticipated to close early in 2021, subject to stockholder approval and other conditions. LVMH may offer a guarantee for the notes post-merger, though it is not obligated to do so.
Tiffany & Co. (NYSE: TIF) will hold a special stockholder meeting on December 30, 2020, at 9 a.m. via virtual format due to COVID-19 concerns. Stockholders will vote on the adoption of the Amended Agreement and Plan of Merger with LVMH Moët Hennessy-Louis Vuitton SE. The merger, which aims to position Tiffany for enhanced market presence, is anticipated to close in early 2021, pending stockholder approval and regulatory clearances. Those eligible to vote include stockholders of record as of November 30, 2020.
Tiffany & Co. (NYSE: TIF) reported third-quarter financial results for the period ending October 31, 2020. Worldwide net sales reached $1.0 billion, a 1% decline year-over-year, with comparable sales up 3%. Net earnings surged 52% to $119 million, driven by improved margins and lower tax rates. Year-to-date, net sales fell 25% to $2.3 billion, while net earnings hit $86 million, down 75% from last year. Strong growth in Mainland China (up 70%) and e-commerce (up 92%) highlighted the performance. The company anticipates mid-single-digit sales decline in Q4 but expects earnings growth.
Tiffany & Co. (NYSE: TIF) has announced a quarterly dividend of $0.58 per share, payable on December 22, 2020 to shareholders on record as of December 1, 2020. This reflects the company's ongoing commitment to returning value to its shareholders. Additionally, Tiffany plans to report its third-quarter financial results for the period ended October 31, 2020 on November 24, 2020. The company continues to uphold its reputation for quality craftsmanship and sustainability, operating over 300 retail stores worldwide.
Tiffany & Co. (NYSE:TIF) reported preliminary sales and operating earnings for August and September 2020. Worldwide net sales slightly declined compared to 2019, while operating earnings rose by approximately 25%. E-commerce sales nearly doubled, accounting for 13% of total sales year-to-date. Despite a low double-digit decline in U.S. sales due to decreased tourism, sequential improvement is expected. The company anticipates a mid-single digit decline in sales and a mid-single digit increase in operating earnings for Q4 2020.
Tiffany & Co. (NYSE: TIF) has responded to LVMH's recent counterclaims in Delaware Chancery Court, asserting that LVMH is attempting to evade its contractual obligation to complete the merger. Tiffany claims LVMH's allegations lack substance, and it is confident in its position. Chairman Roger Farah and CEO Alessandro Bogliolo emphasized Tiffany's compliance with the merger agreement and highlighted its financial resilience, reporting over $1.2 billion in cash. The trial will further reveal LVMH's alleged bad faith in this acquisition process.
