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Tempering sales growth this year will be Japan, which still accounts for more than a quarter ofTiffany's business. Japan in April instituted a 3% to 5% consumption tax, which is expected to put a Tiffany Bangle crimp in the stunning sales gains of the past few months, says Furman Selz analyst Kim Walin. Nevertheless, she puts Japanese sales growth at a solid 8% to 9% for the remainder of the year.Back in the United States, Tiffany may need to pay more attention to its flagship New York store, which rang up sales gains of just 3% in the first quarter, below that of most other outlets.The company's declining wholesale and catalog business needs shoring up, too. Eileen Gormley of Donaldson Lukin & Jenrette says sales of corporate gifts are still suffering from downsizing and consolidations in the United States.But others note that Tiffany should be able to speed up growth as it makes the switch later this quarter to an automated, paperless distribution system.TIFFANY & CO. MAY BE WORTH its weight in gold. But with its shares trading close to a 52-week high, the stock's ability to shine more seems limited.The purveyor of fine jewelry has come far since it was hit by the recession in the United States and then by a weakening economy in Japan. Domestic sales have been on the rebound for three years, and Tiffany's Japanese operations made a strong recovery last year, with comparable-store sales up a surprising 26%. The gain helped drive up first-quarter earnings by 75% to $8.88 million, beating most analysts' Tiffany Ring by a solid 6 cents a share.But Tiffany's turnaround has been no secret among investors, who've driven the stock above $45 a share, or 20 times expected 1998 earnings. That puts the stock on par with its growth rate, which is "right where it should be," says Amy Ryan, who follows Tiffany for Prudential Securities Inc. Her rating on the stock is "hold."Stock market ratios aside, the outlook remains sterling for the 160-year-old retailer.

Four stores will open in the United States this year, and five to six boutiques will be added in the Asia-Pacific markets, for a worldwide total of 108 outlets. With 24 stores in the United States, Tiffany is no longer as dependent as it once was on sales in Japan and on Japanese tourists in New York.Led by Chairman William Chaney, Tiffany has also broadened its appeal to middle-class shoppers without sacrificing its upper-crust image. Its average sale these days adds up to just $260, and items costing $50,000 and up account for only 5% of sales. The decision to go after less-affluent buyers has boosted total sales by an average of 17.6% in each of the past three years and to $922 million last year. Earnings, which grew 34% in 1995 and 49% in 1996, are expected to climb another 25% this year to $72.9 million, or $2 a share.Tempering sales growth Tiffany Pendant year will be Japan, which still accounts for more than a quarter ofTiffany's business. Japan in April instituted a 3% to 5% consumption tax, which is expected to put a slight crimp in the stunning sales gains of the past few months, says Furman Selz analyst Kim Walin. Nevertheless, she puts Japanese sales growth at a solid 8% to 9% for the remainder of the year.Back in the United States, Tiffany may need to pay more attention to its flagship New York store, which rang up sales gains of just 3% in the first quarter, below that of most other outlets.The company's declining wholesale and catalog business needs shoring up, too. Eileen Gormley of Donaldson Lukin & Jenrette says sales of corporate gifts are still suffering from downsizing and consolidations in the United States.

Tiffany & Co. posted a 75% jump in fiscal first-quarter earnings on substantial sales increases in the U.S. and abroad, particularly in Japan. The jewelry retailer, based in New York, said net income for the quarter ended April 30 soared to $8.9 million, or 25 cents a share, from $5.1 million, or 15 cents a share, a year earlier. Sales increased 10% to $199.7 million. The results easily surpassed First Call estimates of 19 cents a share. The news helped lift Tiffany's shares, which rose 50 cents to $43.875 in New York Stock Exchange composite trading. Tiffany attributed its Tiffany Note results to a 9% increase in U.S. sales to $87.7 million and a 17% gain in international sales to $95.2 million. In Japan, Tiffany's largest international market, total retail sales rose 29%.Tiffany & Co. is coming to Cherry Creek. The upscale jeweler will open a 6,000-square-foot store as part of Cherry Creek shopping center's plan to redevelop the mall space currently occupied by Lord & Taylor. The redevelopment plan, reported in The Denver Post last year, calls for demolition of the current Lord & Taylor and the vacant Columbia Savings building and filling the space with up to the dozen new shops and restaurants. Lord & Taylor will move into a w building next to Clayton Street, where parking spaces are currently located.Tiffany & Co declared a 2-for-1 stock split and raised its quarterly dividend effective Jul 23, 1996 to holders of record on Jun 28. Tiffany said that on a post-split basis its dividend will be five cents a share compared with seven cents a share on a pre-split basis.