Tiffany & Co announced that it has filed a Report on Form 8-K with the U.S. Securities and Exchange Commission that supplements the joint press release made on Sunday, December 2, 2007 with The Swatch Group Ltd and the earnings press release made by Tiffany on Friday, November 30, 2007.
The Report on Form 8-K filed states that as a consequence of the strategic alliance with Swatch Group, Tiffany management has concluded that Tiffany will discontinue certain existing watch collections.
As a result, Tiffany expects to record, in its fourth quarter ending January 31, 2008, a pre-tax expense of approximately $20 million associated with its inventory of the watches to be discontinued.
This expense was not included in the financial expectations for fiscal 2007 that Tiffany reported in its November 30, 2007 press release announcing its unaudited financial results for its third quarter ended October 31, 2007.
Tiffany & Co
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