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The Company reports information in accordance with U.S. Generally Accepted Accounting Principles ("GAAP"). Internally, management monitors its international sales performance on a non-GAAP cheap Tiffany Key that eliminates the positive or negative effects that result from translating international sales into U.S. dollars ("constant-exchange-rate basis"). Management believes this constant-exchange-rate measure provides a more representative assessment of the sales performance and provides better comparability between reporting periods.It can take millions of years for Mother Nature to make a diamond. Investors won't have to wait nearly that long for US-based Tiffany, the world's second-largest luxury-jewelry retailer, to sparkle again. But they will have to be patient: Big spenders aren't spending so big in the current economic climate, and the Street sees dulling sales and profits in 2009. So critics have good reason to pan the stock, which is off more than 50% this year, as its sales and profits fall victim to a weakening global economy. Tiffany's shares have fallen into the bargain bin. At 9.7 times forward earnings, the stock trades at a 2% discount to the Standard & Poor's 500, according to Thomson Reuters.IT CAN TAKE MILLIONS OF YEARS FOR Mother Nature to make a diamond.Investors won't have to wait nearly that long for U.S.-based Tiffany, the world's second-largest luxury-jewelry retailer, to sparkle again. But they will have to be patient: Big spenders aren't spending so big in the current economic cheap Tiffany Money Clip, and the Street sees dulling sales and profits in 2009. So critics have good reason to pan the stock (ticker: TIF), which is off more than 50% this year, as its sales and profits -once fueled by flush natives and tourists- fall victim to a weakening global economy.Yet the stock trades near a record-low forward price/earnings ratio. And with profits expected to start recovering in 2010, Tiffany offers a compelling investment opportunity, particularly since the shares already seem to reflect expectations of a very bleak year ahead.

'The shares are attractive right now, but you must be patient," says Larry Coats, chief executive officer of Oak Value Capital Management. "This is a good business, with good management, andthestocknowtrades at bargain valuations. That is what people should look for right now."Profits are expected to fall for each of the next four quarters as sales suffer. But Tiffany has scaled back its expansion plans and is cutting costs and eliminating jobs. The company also stands to gain market share as mom-and-pop jewelry stores go out of business.Tiffany operates 204 stores here and abroad, including a flagship Fifth Avenue shop in New York (opened in 1940). Profits at the company, which had $2.9 billion in revenue last year, cheap Tiffany Necklace start climbing in late 2009 and keep rising in 2010 as the U.S. economy and jewelry demand revive. "Tiffany's brand and the quality of its merchandise will outlive this downturn," says Stephanie Hoff, an analyst with Edward Jones.Now renowned for its "little blue boxes," Tiffany was founded in 1837 when Charles Lewis Tiffany and John B. Young opened a stationery and fancy-goods emporium in New York. It controls just over 2% of the fragmented $130 billion global retail market for jewelry. According to Barclays Capital, it gets 40% of its sales from diamond jewelry,.

In the U.S., where jewelry retailing is a $35 billion annual business, Tiffany is the No. 3 player. "They have always leaned toward the high end of the market, which provided good insulation from the twists and turns of the economy," says George Van Horn,- a senior analyst with IBISWorld, a market-research firm.That insulation, however, has worn thin: The global financial crisis has hurt the rich. It's also dampened demand for luxury goods in emerging markets, which had been offsetting a drop in U.S. consumer spending. Combined with a stronger U.S. dollar and fatigued overseas economies, these developments have helped end the boom in foreign tourism to the U.S., which had helped Tiffany and other luxury retailers late cheap Tiffany Note year.Last quarter, Tiffany's year-over-year same-store sales fell 7%. This quarter, the company expects same-store sales in the U.S to slide 25% to 35%.Tiffany recently slashed profit projections for the current fiscal year, which ends Jan. 30. The company now expects to earn $2.30 to $2.50 a share, versus previous targets of $2.82 a share to $2.92 a share. And in the fiscal year that starts Feb. 2, profits could be 10% below the current fiscal year's, according to Thomson Reuters.In a Nov. 26 conference call, Tiffany didn't reveal how much cost-cutting it would do. But Kristine Koerber, an analyst at JMP Securities, expects sales, general and administrative expenses to fall 9% in the next fiscal year. The company has offered voluntaryretirement incentives to 800 U.S. employees, a recent regulatory filing says.