UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549
                                ----------------

                                    FORM 10-Q

                                ----------------

(Mark One)

  X      QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
----     EXCHANGE ACT OF 1934 for the quarter ended October 31, 2003.  OR

----     TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
         EXCHANGE ACT OF 1934 for the transition from ________ to _____________.


                         Commission file number: 1-9494


                                  TIFFANY & CO.

             (Exact name of registrant as specified in its charter)

Delaware                                                 13-3228013
(State of incorporation)                    (I.R.S. Employer Identification No.)


727 Fifth Ave. New York, NY                               10022
(Address of principal executive offices)                (Zip Code)


Registrant's telephone number, including area code:     (212) 755-8000


Former name, former address and former fiscal year, if changed since last report
 _________.

Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.
Yes    X   .  No       .
    -------      ------

Indicate by check mark whether the registrant is an accelerated filer (as
defined in Rule 12b-2 of the Exchange Act). Yes _ . No X .

APPLICABLE ONLY TO CORPORATE ISSUERS: Indicate the number of shares outstanding
of each of the issuer's classes of common stock as of the latest practicable
date: Common Stock, $.01 par value, 146,634,595 shares outstanding at the close
of business on November 28, 2003.












                         TIFFANY & CO. AND SUBSIDIARIES
                               INDEX TO FORM 10-Q
                     FOR THE QUARTER ENDED OCTOBER 31, 2003







                                                                                             
PART I - FINANCIAL INFORMATION                                                                  PAGE
                                                                                                ----

Item 1.           Financial Statements

                  Consolidated Balance Sheets - October 31, 2003,
                       January 31, 2003 and October 31, 2002 (Unaudited)                           3

                  Consolidated Statements of Earnings - for the
                       three and nine months ended October 31, 2003 and
                       2002 (Unaudited)                                                            4

                  Consolidated Statements of Cash Flows - for the nine
                       months ended October 31, 2003 and 2002 (Unaudited)                          5

                  Notes to Consolidated Financial Statements
                       (Unaudited)                                                              6-13


Item 2.           Management's Discussion and Analysis of
                       Financial Condition and Results of Operations                           14-22


Item 4.           Controls and Procedures                                                         23


PART II - OTHER INFORMATION

Item 6.           Exhibits and Reports on Form 8-K                                                24

                  (a)  Exhibits

                  (b) Reports on Form 8-K
















                                      - 2 -



PART I.  Financial Information
Item 1.  Financial Statements


                         TIFFANY & CO. AND SUBSIDIARIES
                           CONSOLIDATED BALANCE SHEETS
                                   (Unaudited)
                    (in thousands, except per share amounts)





                                                                            October 31,       January 31,        October 31,
                                                                               2003               2003               2002
                                                                           --------------     --------------     -------------

ASSETS

Current assets:
                                                                                                     
Cash and cash equivalents                                                $       152,724    $       156,197   $        90,646
Accounts receivable, less allowances
  of $6,485, $8,258 and $7,021                                                   115,411            113,061            96,112
Inventories, net                                                                 897,482            732,088           777,932
Deferred income taxes                                                             44,503             44,380            48,660
Prepaid expenses and other current assets                                         43,840             24,662            39,519
                                                                         ----------------   ----------------  ----------------

Total current assets                                                           1,253,960          1,070,388         1,052,869

Property, plant and equipment, net                                               877,205            677,630           650,499
Deferred income taxes                                                              1,967              6,595             6,377
Other assets, net                                                                158,854            168,973           159,177
                                                                         ----------------   ----------------  ----------------

                                                                         $     2,291,986    $     1,923,586   $     1,868,922
                                                                         ================   ================  ================

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:
Short-term borrowings                                                    $       128,202    $        52,552    $       58,268
Current portion of long-term debt                                                 50,573                  -            51,500
Accounts payable and accrued liabilities                                         199,756            163,338           182,123
Income taxes payable                                                                 952             41,297               485
Merchandise and other customer credits                                            44,867             42,720            39,520
                                                                         ----------------   ----------------  ----------------

Total current liabilities                                                        424,350            299,907           331,896

Long-term debt                                                                   386,677            297,107           295,947
Postretirement/employment benefit obligations                                     36,803             33,117            33,999
Other long-term liabilities                                                       97,508             85,406            81,905

Commitments and contingencies

Stockholders' equity:
Common Stock, $.01 par value; authorized 240,000 shares,
  issued and outstanding 146,285, 144,865 and 145,154                              1,463              1,449             1,451
Additional paid-in capital                                                       384,315            351,398           350,469
Retained earnings                                                                955,060            874,694           801,927
Accumulated other comprehensive (loss) gain:
  Foreign currency translation adjustments                                        11,148            (14,561)          (27,206)
  Deferred hedging losses, net of tax                                             (2,691)            (2,284)           (1,466)
  Minimum pension liability adjustment, net of tax                                (2,647)            (2,647)                -
                                                                         ----------------   ----------------  ----------------

Total stockholders' equity                                                     1,346,648          1,208,049         1,125,175
                                                                         ----------------   ----------------  ----------------

                                                                         $     2,291,986    $     1,923,586    $    1,868,922
                                                                         ================   ================  ================

See notes to consolidated financial statements





                                 - 3 -

                         TIFFANY & CO. AND SUBSIDIARIES
                       CONSOLIDATED STATEMENTS OF EARNINGS
                                   (Unaudited)
                    (in thousands, except per share amounts)






                                                               Three Months Ended                   Nine Months Ended
                                                                  October 31,                          October 31,
                                                          ------------------------------   ----------------------------------
                                                              2003              2002             2003               2002
                                                          ------------     -------------   ---------------     --------------

                                                                                                   
Net sales                                                 $   430,123       $   366,033     $   1,268,457      $   1,087,589

Cost of sales                                                 192,402           150,220           546,120            445,554
                                                          ------------     -------------   ---------------     --------------

Gross profit                                                  237,721           215,813           722,337            642,035

Selling, general and administrative expenses                  188,506           165,900           545,700            474,478
                                                          ------------     -------------   ---------------     --------------

Earnings from operations                                       49,215            49,913           176,637            167,557

Other expenses, net                                             4,933             5,446            10,696             14,052
                                                          ------------     -------------   ---------------     --------------

Earnings before income taxes                                   44,282            44,467           165,941            153,505

Provision for income taxes                                     16,251             9,283            60,900             52,898
                                                          ------------     -------------   ---------------     --------------

Net earnings                                              $    28,031       $    35,184     $     105,041      $     100,607
                                                          ============     =============   ===============     ==============


Net earnings per share:

     Basic                                                $      0.19       $      0.24     $        0.72      $        0.69
                                                          ============     =============   ===============     ==============
     Diluted                                              $      0.19       $      0.24     $        0.71      $        0.68
                                                          ============     =============   ===============     ==============

Weighted average number of common shares:

     Basic                                                    146,047           145,137           145,412            145,450
     Diluted                                                  149,079           148,066           148,024            149,046


See notes to consolidated financial statements.











                                      - 4 -



                         TIFFANY & CO. AND SUBSIDIARIES
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                                   (Unaudited)
                                 (in thousands)





                                                                                              Nine Months Ended
                                                                                                 October 31,
                                                                                  -----------------------------------------
                                                                                           2003                   2002
CASH FLOWS FROM OPERATING ACTIVITIES:
                                                                                                   
    Net earnings                                                                  $         105,041      $         100,607
    Adjustments to reconcile net earnings to net cash
      provided by operating activities:
      Depreciation and amortization                                                          65,659                 56,761
      Loss on equity investments                                                              1,087                  2,592
      Provision for uncollectible accounts                                                      821                  1,005
      Provision for inventories                                                               4,299                  6,506
      Deferred income taxes                                                                   4,937                 (4,529)
      Provision for postretirement/employment benefits                                        3,686                  4,000
      Deferred hedging losses (gains) transferred to earnings                                 2,247                 (7,004)
    Changes in assets and liabilities, excluding effects
      of acquisitions:
      Accounts receivable                                                                       925                  6,875
      Inventories                                                                          (143,557)              (115,422)
      Prepaid expenses and other current assets                                             (20,497)               (10,080)
      Other assets, net                                                                       6,506                 (4,150)
      Accounts payable                                                                       20,322                 12,008
      Accrued liabilities                                                                     9,709                 17,170
      Income taxes payable                                                                  (26,952)               (41,346)
      Merchandise and other customer credits                                                  2,049                    666
      Other long-term liabilities                                                            13,048                  7,249
                                                                                  ------------------     ------------------

    Net cash provided by operating activities                                                49,330                 32,908
                                                                                  ------------------     ------------------

CASH FLOWS FROM INVESTING ACTIVITIES:
    Capital expenditures                                                                   (247,752)              (175,319)
    Acquisitions, net of cash acquired                                                            0                (24,554)
    Proceeds from lease incentives                                                            3,214                  2,945
                                                                                  ------------------     ------------------

    Net cash used in investing activities                                                  (244,538)              (196,928)
                                                                                  ------------------     ------------------

CASH FLOWS FROM FINANCING ACTIVITIES:
    Proceeds from long-term debt                                                            135,105                100,000
    Repayment of long-term debt                                                              (4,000)                     0
    Proceeds from short-term borrowings, net                                                 73,048                  8,315
    Repurchase of Common Stock                                                               (4,610)               (26,195)
    Proceeds from exercise of stock options                                                  16,831                  9,848
    Cash dividends on Common Stock                                                          (20,366)               (17,463)
                                                                                  ------------------     ------------------

    Net cash provided by financing activities                                               196,008                 74,505
                                                                                  ------------------     ------------------

    Effect of exchange rate changes on
      cash and cash equivalents                                                              (4,273)                 6,486
                                                                                  ------------------     ------------------
    Net decrease in cash and cash equivalents                                                (3,473)               (83,029)

    Cash and cash equivalents at beginning of year                                          156,197                173,675
                                                                                  ------------------     ------------------

    Cash and cash equivalents at end of nine months                               $         152,724      $          90,646
                                                                                  ==================     ==================


See notes to consolidated financial statements.








                                      - 5 -






                         TIFFANY & CO. AND SUBSIDIARIES
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                   (Unaudited)


1.        CONSOLIDATED FINANCIAL STATEMENTS
          ---------------------------------

          The  accompanying   consolidated   financial  statements  include  the
          accounts of Tiffany & Co. and all majority-owned  domestic and foreign
          subsidiaries (the "Company").  Intercompany accounts, transactions and
          profits have been eliminated in consolidation.  The interim statements
          are  unaudited  and,  in  the  opinion  of  management,   include  all
          adjustments (which include only normal recurring adjustments including
          the adjustment  necessary as a result of the use of the LIFO (last-in,
          first-out)   method  of  inventory   valuation,   which  is  based  on
          assumptions  as to  inflation  rates  and  projected  fiscal  year-end
          inventory levels) necessary to present fairly the Company's  financial
          position as of October 31, 2003 and the results of its  operations and
          cash flows for the interim periods presented. The consolidated balance
          sheet data for January 31, 2003 are derived from the audited financial
          statements  which are included in the  Company's  report on Form 10-K,
          which should be read in connection with these financial statements. In
          accordance  with the rules of the Securities and Exchange  Commission,
          these financial  statements do not include all disclosures required by
          generally accepted accounting principles.

          Certain  reclassifications  were  made to the prior  year's  financial
          statement  amounts and related  note  disclosures  to conform with the
          current year's presentation.

          The Company's business is seasonal,  with a higher proportion of sales
          and  earnings  generated  in the last  quarter of the fiscal year and,
          therefore, the results of its operations for the three and nine months
          ended October 31, 2003 and 2002 are not necessarily  indicative of the
          results of the entire fiscal year.

2.        STOCK - BASED COMPENSATION
          --------------------------

          Employee  stock options are  accounted  for using the intrinsic  value
          method in accordance  with  Accounting  Principle Board Opinion No. 25
          "Accounting   for  Stock   Issued  to   Employees"   and  its  related
          interpretations.  Compensation costs were not recorded in net earnings
          for stock options,  as all options granted had an exercise price equal
          to the  market  value of the  underlying  common  stock on the date of
          grant.





                                       -6-


          STOCK - BASED COMPENSATION (continued)
          --------------------------------------

          As required by Statement of Financial  Accounting  Standards  ("SFAS")
          No.  148,  "Accounting  for  Stock-Based  Compensation-Transition  and
          Disclosure",  which amends SFAS No. 123,  "Accounting  for Stock-Based
          Compensation",  the following  table estimates the pro forma effect on
          net earnings  and earnings per share had the Company  applied the fair
          value  recognition  provision of SFAS No. 123 to stock-based  employee
          compensation:



                                                        Three Months Ended                  Nine Months Ended
                                                            October 31,                        October 31,
                                                  ----------------------------------------------------------------
                                                                                         
          (in thousands, except per
          share amounts)                                2003         2002               2003            2002
          ---------------------------------------------------------------------------------------------------------
          Net earnings as reported                    $28,031      $35,184            $105,041       $100,607

          Less:  Stock-based
          employee compensation
          expense determined under
          the fair-value method for
          all awards, net of tax                       (3,292)      (3,168)             (9,911)        (9,490)
                                                  --------------------------------  ---------------------------
                                                      $24,739      $32,016            $ 95,130       $ 91,117
          Pro forma net earnings                  ================================  ===========================

          Earnings per basic share:
           As reported                                $ 0.19       $ 0.24             $ 0.72         $ 0.69
                                                  ================================  ===========================
           Pro forma                                  $ 0.17       $ 0.22             $ 0.65         $ 0.63
                                                  ================================  ===========================
          Earnings per diluted
          share:

           As reported                                $ 0.19       $ 0.24             $ 0.71         $ 0.68
                                                  ================================  ===========================
           Pro forma                                  $ 0.17       $ 0.22             $ 0.64         $ 0.61
                                                  ================================  ===========================


3.        ACQUISITIONS
          ------------

          In May 2001,  a  subsidiary  of the  Company  purchased  45% of Little
          Switzerland Inc.'s ("Little Switzerland") outstanding shares of common
          stock  at a  cost  of  $9,546,000.  The  Company  accounted  for  this
          investment  under the equity method based upon its ownership  interest
          and its  significant  influence.  In 2001,  the Company also  provided
          Little  Switzerland  with an  interest-bearing  loan in the  amount of
          $2,500,000. The Company recorded equity losses for its share of Little
          Switzerland's  results from operations (through September 30, 2002) in
          other  expenses,  net in the amount of  $503,000  in the three  months
          ended October 31, 2002 and $1,138,000 in the nine months ended October
          31, 2002.



                                       -7-


          ACQUISITIONS (continued)
          ------------------------

          In October  2002,  the  subsidiary  of the Company  purchased and paid
          $27,530,000 for additional  shares  acquired,  which,  with the shares
          previously owned,  represented 98% of the outstanding shares of Little
          Switzerland. On November 20, 2002, the subsidiary merged with and into
          Little  Switzerland.  The  purchase  price has been  allocated  to the
          assets  acquired and liabilities  assumed  according to estimated fair
          values.  The amount  assigned to goodwill at January 31, 2003 has been
          reduced by $733,000 due to the  finalization of deferred taxes,  which
          was  completed in the third  quarter of 2003.  The total amount of the
          purchase  price  allocated  to  goodwill  is  $8,803,000.  The Company
          commenced  the  consolidation  of  Little   Switzerland's   operations
          effective October 1, 2002.

          The  acquisition  was accounted  for in accordance  with SFAS No. 141,
          "Business Combinations."

4.        INCOME TAXES
          ------------

          The  effective  income  tax rate for the three and nine  months  ended
          October  31,  2003 was 36.7%.  The  effective  income tax rate for the
          three and nine months ended October 31, 2002 was 20.9% and 34.5%.  The
          change  in the tax rate  from the  prior  year was due to the  Company
          recognizing,  in 2002,  the  cumulative  effect of prior  periods' tax
          benefits provided by the Extraterritorial Income Exclusion Act of 2000
          ("ETI"). The Company began recognizing the tax benefits related to the
          ETI in the third quarter of 2002 when the Company  determined  the ETI
          was applicable to its operations.

          In  November  2000,  the United  States  Government  repealed  the tax
          provisions  associated  with Foreign  Sales  Corporations  ("FSC") and
          enacted, in their place, the ETI, certain provisions of which differed
          from those governed by the FSC  regulations.  The ETI provides for the
          exclusion  from United States  income tax of certain  extraterritorial
          income  earned from the sale of qualified  United States origin goods.
          Qualified  United States  origin goods are generally  defined as those
          wherein  not  more  than  50%  of the  fair  market  value  (including
          intangible  values) is  attributable to foreign content or value added
          outside the United States.

          It is unknown if this  benefit  will  continue to be  available to the
          Company in the future, as the World Trade  Organization  ("WTO") ruled
          in January  2002 in favor of a complaint by the  European  Union,  and
          joined by Canada, Japan and India, that the ETI exclusion  constitutes
          a prohibited  export subsidy under WTO regulations.  The United States
          Government  is  currently  reviewing  its  options in response to this
          ruling.




                                       -8-


5.        SUPPLEMENTAL CASH FLOW INFORMATION
          ----------------------------------



                                                                                     Nine Months Ended
                                                                                        October 31,
                                                                         ------------------------------------
                                                                                               
           (in thousands)                                                         2003                2002
          ---------------------------------------------------------------------------------------------------

          Cash paid during the year for:

           Interest, net of interest capitalization                               $ 6,795             $ 7,309
                                                                         ================    ================
           Income taxes                                                           $80,276             $96,035
                                                                         ================    ================
          Details of businesses acquired in
          purchase transactions:

           Fair value of assets acquired                                          $     -             $42,039
           Less: liabilities assumed                                                    -              16,454
                                                                         ----------------    ----------------
           Cash paid for acquisitions                                                   -              25,585
           Less: cash acquired                                                          -               1,031
                                                                         ----------------    ----------------
           Net cash paid for acquisitions                                         $     -             $24,554
                                                                         ================    ================

          Supplemental Noncash Investing
          and Financing Activities:

           Issuance of Common Stock for the
            Employee Profit Sharing and
            Retirement Savings Plan                                               $ 2,000             $ 1,000
                                                                         ================    ================




6.        INVENTORIES
          -----------



                                                    October 31,           January 31,             October 31,
                                                                                            
          (in thousands)                               2003                   2003                   2002
          ----------------------------------------------------------------------------------------------------
          Finished goods                              $706,653               $615,247               $655,853
          Raw materials                                141,520                 91,505                 90,567
          Work-in-process                               53,911                 29,698                 36,038
                                                  ----------------       ---------------       ---------------
                                                       902,084                736,450                782,458
          Reserves                                      (4,602)                (4,362)                (4,526)
                                                  ----------------       ---------------       ---------------
          Inventories, net                            $897,482               $732,088               $777,932
                                                  ================       ===============       ===============


          LIFO-based  inventories  at October  31,  2003,  January  31, 2003 and
          October 31, 2002 were  $632,909,000,  $532,160,000  and  $575,660,000,
          with  the  current  cost  exceeding  the  LIFO   inventory   value  by
          approximately  $27,735,000,  $20,135,000 and $19,471,000 at the end of
          each period.  The LIFO  valuation  method had the effect of decreasing
          net  earnings  per diluted  share by $0.01 and $0.03 for the three and
          nine months  ended  October 31, 2003 and had no effect on net earnings
          per  diluted  share for the three and nine  months  ended  October 31,
          2002.

7.        NEW ACCOUNTING PRONOUNCEMENTS
          -----------------------------

          In September 2001, the Financial  Accounting  Standards Board ("FASB")
          issued SFAS No. 143,  "Accounting for Asset  Retirement  Obligations,"
          which  addresses  the  accounting  and  financial  reporting for legal
          obligations  associated  with the  retirement  of tangible  long-lived
          assets and the associated asset retirement  costs. The Company adopted
          the  provisions of SFAS No. 143,  effective  February 1, 2003, and its
          impact  was  not  significant  on the  Company's  financial  position,
          earnings or cash flows.

                                       -9-


          NEW ACCOUNTING PRONOUNCEMENTS (continued)
          -----------------------------------------

          In April 2003,  the FASB issued SFAS No. 149,  "Amendment of Statement
          133 on Derivative  Instruments and Hedging  Activities."  SFAS No. 149
          amends and clarifies financial accounting and reporting for derivative
          instruments,  including  certain  derivative  instruments  embedded in
          other  contracts  and for  hedging  activities  under  SFAS  No.  133,
          "Accounting  for Derivative  Instruments  and Hedging  Activities." In
          general,  SFAS No. 149 is  effective  for  contracts  entered  into or
          modified after June 30, 2003 and for hedging relationships  designated
          after  June 30,  2003.  The  adoption  of SFAS No.  149 did not have a
          significant impact on the Company's  financial  position,  earnings or
          cash flows.

8.        PROPERTY, PLANT AND EQUIPMENT
          -----------------------------

          In June 2003, a  wholly-owned  subsidiary of the Company  acquired the
          land and building  housing its Japan flagship store located in Tokyo's
          Ginza  shopping  district.  The cost to purchase the land and building
          was  $140,400,000  of  which  $134,700,000  and  $5,200,000  has  been
          allocated to land and building,  with the remaining costs allocated to
          other balance sheet accounts.  The building is being  depreciated on a
          straight-line basis over its estimated useful life of 39 years.

9.        DEBT
          ----

          As  discussed in Note 8, the Company  purchased  the land and building
          housing its Japan  flagship  store.  This purchase was financed with a
          short-term yen 11,000,000,000 bridge loan ("Bridge Loan") with a bank.
          The loan had an interest  rate of 0.58% and matured on  September  30,
          2003. The loan was paid in full upon maturity.

          In  September   2003,  a   subsidiary   of  the  Company   issued  yen
          15,000,000,000  of senior unsecured First Series Yen denominated Bonds
          ("Bonds") due 2010 with principal due upon maturity and a fixed coupon
          rate of 2.02% payable in semi-annual installments. The Bonds were sold
          in a private  transaction  to  qualified  institutional  investors  in
          Japan.  The  obligations  under  the  Bonds  are  unconditionally  and
          irrevocably  guaranteed by the Company. The proceeds from the issuance
          have been primarily used by the Company to repay the Bridge Loan.

          In connection with the acquisition of Little  Switzerland in 2002, the
          Company  assumed their  outstanding  debt.  Little  Switzerland  had a
          senior  collateralized  revolving  and term loan credit  facility ("LS
          Facility"),   which  allowed  Little   Switzerland  to  borrow  up  to
          $12,000,000,  through March 21, 2005, of which up to $8,000,000  was a
          revolving  loan and  $4,000,000  was a term  loan.  In May  2003,  the
          Company  replaced the LS Facility with an unsecured  revolving  credit
          facility  ("LS Credit  Facility"),  guaranteed  by the Company,  which
          allows Little  Switzerland  to borrow up to $10,000,000 at an interest
          rate of 0.80%  above  LIBOR or a LIBOR  Market  Index.  The LS  Credit
          Facility,  which expires in November  2005,  contains  covenants  that
          require   the   Company   to   maintain   certain    debt/equity   and
          interest-coverage  ratios, in addition to other requirements customary
          to  loan  facilities  of  this  nature.  There  was no  gain  or  loss
          associated with the replacement of the LS Facility.




                                      -10-


 10.      EARNINGS PER SHARE
          ------------------

          Basic  earnings per share is computed as net  earnings  divided by the
          weighted  average number of common shares  outstanding for the period.
          Diluted earnings per share includes the dilutive effect of the assumed
          exercise of stock options.

          The following table  summarizes the  reconciliation  of the numerators
          and  denominators for the basic and diluted earnings per share ("EPS")
          computations:



                                                    Three Months  Ended               Nine Months Ended
                                                       October 31,                       October 31,
                                                --------------------------------------------------------------

                                                                                           
         (in thousands)                             2003              2002           2003              2002
         -----------------------------------------------------------------------------------------------------
         Net earnings for basic
         and diluted EPS                          $28,031           $35,184        $105,041          $100,607

                                                ============== ==============    ==============  =============

         Weighted average shares
         for basic EPS                            146,047           145,137         145,412           145,450

         Incremental shares from
         assumed exercise of
         stock options                              3,032             2,929           2,612             3,596
                                                -------------- --------------    --------------  -------------

         Weighted average shares
         for diluted EPS                          149,079           148,066         148,024           149,046
                                                ============== ==============    ==============  =============



          For the three  months  ended  October  31,  2003 and 2002,  there were
          1,421,000  and  5,094,000   stock  option  shares  excluded  from  the
          computations  of earnings per diluted share due to their  antidilutive
          effect.  For the nine months  ended  October 31, 2003 and 2002,  there
          were  4,665,000  and 4,906,000  stock option shares  excluded from the
          computations  of earnings per diluted share due to their  antidilutive
          effect.

11.       COMPREHENSIVE EARNINGS
          ----------------------

          The components of comprehensive earnings were:



                                                     Three Months Ended           Nine Months Ended
                                                        October 31,                  October 31,
                                                   ------------------------------------------------------

                                                                                     
         (in thousands)                              2003          2002           2003           2002
         ------------------------------------------------------------------------------------- ----------

         Net earnings                              $28,031       $35,184        $105,041       $100,607

         Other comprehensive
         gain(loss):
          Deferred hedging
           losses, net of tax                       (1,080)         (473)           (407)        (7,981)

          Foreign currency
           translation adjustments                  25,116        (4,919)         25,709         18,100
                                                  ------------- -------------  ------------- -------------

         Comprehensive earnings                    $52,067       $29,792        $130,343       $110,726
                                                  ============= ============== ============= ==============



          Foreign currency  translation  adjustments are not adjusted for income
          taxes since they relate to  investments  that are permanent in nature.

                                      -11-




12.       SEGMENT INFORMATION
          --------------------

          The Company's  reportable  segments are:  U.S.  Retail,  International
          Retail,  Direct  Marketing  and  Specialty  Retail  (see  Management's
          Discussion  and  Analysis  of  Financial   Condition  and  Results  of
          Operations  for an  overview  of the  Company's  business).  Effective
          October 1, 2002 the Company  established the Specialty  Retail segment
          to include the consolidated  results of Little  Switzerland,  Inc., as
          well as the  consolidated  results from other ventures that are now or
          will be operated  under  non-TIFFANY & CO.  trademarks or trade names.
          The  Company's  other  reportable   segments   represent  channels  of
          distribution  that offer  similar  merchandise  and  service  and have
          similar  marketing  and  distribution  strategies.  In deciding how to
          allocate  resources and assess  performance,  the Company's  Executive
          Officers regularly evaluate the performance of its reportable segments
          on the basis of net  sales and  earnings  from  operations,  after the
          elimination of inter-segment sales and transfers.


          Certain information  relating to the Company's  reportable segments is
          set forth below:



                                                  Three Months Ended                      Nine Months Ended
                                                      October 31,                            October 31,
                                            ----------------------------------------------------------------------------

                                                                                                
          (in thousands)                      2003                2002                2003                  2002
          --------------------------------------------------------------------------------------------------------------
          Net sales:
            U.S. Retail                  $   202,844         $  168,493         $    589,466          $    521,381
            International Retail             173,533            156,281              508,044               452,381
            Direct Marketing                  39,311             37,337              120,537               109,905
            Specialty Retail                  14,435              3,922               50,410                 3,922
                                         ----------------    --------------     -----------------     -----------------
                                         $   430,123       $    366,033         $  1,268,457          $  1,087,589
                                         ================    ==============     =================     =================

          Earnings(losses) from
          operations*:
            U.S. Retail                  $    37,654         $   27,205         $    118,638          $     99,954
            International Retail              43,568             43,172              134,429               126,730
            Direct Marketing                   5,053              4,461               22,145                16,533
            Specialty Retail                  (4,132)            (1,024)              (7,213)               (1,024)
                                         ----------------    --------------     -----------------     -----------------
                                         $    82,143         $   73,814         $    267,999          $    242,193
                                         ================    ==============     =================     =================


          * Represents earnings from operations before unallocated corporate expenses and
            interest and other expenses, net.





                                      -12-



          SEGMENT INFORMATION (continued)
          -------------------------------

          The  following  table sets forth a  reconciliation  of the  reportable
          segment's  earnings  from  operations  to the  Company's  consolidated
          earnings before income taxes:



                                                     Three Months Ended                      Nine Months Ended
                                                        October 31,                             October 31,
                                              --------------------------------------------------------------------
                                                                                                
         (in thousands)                               2003             2002                 2003            2002
         ---------------------------------------------------------------------------------------------------------
         Earnings from
          operations for
          reportable segments                  $    82,143       $   73,814         $    267,999     $   242,193

         Unallocated
          corporate expenses                       (32,928)         (23,901)             (91,362)        (74,636)

         Other expenses, net                        (4,933)          (5,446)             (10,696)        (14,052)
                                              --------------    --------------     --------------   --------------
         Earnings before
          income taxes                         $    44,282       $   44,467         $    165,941     $   153,505
                                              ==============    ==============     ==============   ==============


13.      SUBSEQUENT EVENTS
         -----------------

          On November  20, 2003,  the  Company's  Board of Directors  declared a
          quarterly  dividend of $0.05 per share.  This dividend will be paid on
          January 12, 2004 to stockholders of record on December 19, 2003.

          On November 20, 2003,  the Board of Directors  extended the  Company's
          stock  repurchase  program  until  November 30, 2006 and increased the
          remaining  authorization  by  $100,000,000,  allowing  the  Company to
          repurchase  up to  $116,500,000  of the Company's  outstanding  Common
          Stock in addition to those which already have been purchased.




                                      -13-


PART I.  Financial Information
Item 2.  Management's Discussion and Analysis of
         Financial Condition and Results of Operations


RESULTS OF OPERATIONS
---------------------

Overview
--------
The Company operates four channels of distribution:

o    U.S. Retail - sales in Company-operated TIFFANY & CO. stores in the U.S.;

o    International  Retail - sales in Company-operated  TIFFANY & CO. stores and
     department    store   boutiques    outside   the   U.S.,   (also   includes
     business-to-business sales, Internet sales and wholesale sales of TIFFANY &
     CO. products outside the U.S.);

o    Direct  Marketing -  business-to-business,  catalog and  Internet  sales of
     TIFFANY & CO. products in the U.S.;

o    Specialty Retail - worldwide sales made under  non-TIFFANY & CO. trademarks
     or trade names, including LITTLE SWITZERLAND.


All references to years relate to the fiscal year that ends on January 31 of the
following calendar year.


Net sales  increased 18% to  $430,123,000  in the three months  (third  quarter)
ended October 31, 2003 and increased  17% to  $1,268,457,000  in the nine months
(year-to-date)  ended  October 31, 2003.  The Company's  reported  sales reflect
either a translation-related  benefit from strengthening foreign currencies or a
detriment   from   a    strengthening    U.S.    dollar.    Therefore,    on   a
constant-exchange-rate basis, net sales rose 15% in the third quarter and 14% in
the  year-to-date,  and worldwide  comparable  store sales rose 10% in the third
quarter and 6% in the year-to-date.  Net earnings declined 20% to $28,031,000 in
the third  quarter,  or $0.19 per diluted  share versus $0.24 in the prior year.
Net earnings  increased 4% to  $105,041,000  in the  year-to-date,  or $0.71 per
diluted share versus $0.68 in the prior year.


Certain operating data as a percentage of net sales were as follows:



                                 Three Months                 Nine Months
                              Ended October 31,            Ended October 31,
                              ------------------           ------------------
                               2003        2002             2003        2002
                              ------------------           ------------------

                                                            
Net sales                     100.0%      100.0%            100.0%      100.0%
Cost of sales                  44.7        41.0              43.1        41.0
                              ------------------           ------------------
Gross profit                   55.3        59.0              56.9        59.0
Selling, general
  and administrative expenses  43.8        45.3              43.0        43.6
                              ------------------           ------------------
Earnings from operations       11.5        13.7              13.9        15.4
Other expenses, net             1.2         1.5               0.8         1.3
                              ------------------           ------------------
Earnings before income taxes   10.3        12.2              13.1        14.1
Provision for income taxes      3.8         2.6               4.8         4.8
                              ------------------           ------------------
Net earnings                    6.5%        9.6%              8.3%        9.3%
                              ------------------           ------------------









                                      -14-


Net Sales
---------

Net sales by channel of distribution were as follows:



                                   Three Months                Nine Months
                                Ended October 31,           Ended October 31,
                               -------------------       ----------------------
                                                             
(in thousands)                      2003     2002             2003       2002
--------------                 -------------------       ----------------------
U.S. Retail                     $202,844  $168,493       $  589,466  $  521,381
International Retail             173,533   156,281          508,044     452,381
Direct Marketing                  39,311    37,337          120,537     109,905
Specialty Retail                  14,435     3,922           50,410       3,922
                               -------------------      -----------------------
                                $430,123  $366,033       $1,268,457  $1,087,589
                               -------------------      -----------------------


U.S. Retail sales rose 20% in the third quarter and 13% in the  year-to-date due
to  comparable  store sales  growth of 16% and 9% and the opening of new stores.
Comparable  branch  store  sales rose 16% and 10%,  while  sales in the New York
flagship store rose 15% and 4%. The comparable  store sales growth resulted from
an  increase  in the  average  transaction  size  as well  as in the  number  of
transactions.  Comparable store sales growth was generated by increased sales to
local customers and tourists.

International  Retail sales  increased  11% in the third  quarter and 12% in the
year-to-date.  On a  constant-exchange-rate  basis,  International  Retail sales
increased 5% and 6%.

In Japan,  total retail sales in local currency  increased  fractionally  in the
third quarter and 3% in the year-to-date,  reflecting an increased average price
per jewelry  unit sold and a decline in jewelry  unit volume  (primarily  due to
lower unit sales of silver  jewelry);  comparable  store sales in local currency
declined 3% in the third  quarter and 1% in the  year-to-date.  Japan sales have
been affected by generally weak consumer spending and increased competition. The
Company is seeking to mitigate  sales lost due to diminished  demand for diamond
engagement  rings and silver jewelry in Japan by changes in its  merchandise and
marketing practices.

In   non-U.S.   markets   outside  of  Japan,   comparable   store  sales  on  a
constant-exchange-rate  basis in the third quarter and year-to-date rose 25% and
10% in the  Asia-Pacific  region due to strong growth in most markets,  and rose
10% and 11% in Europe primarily due to strength in London.

Worldwide retail gross square footage of  Company-operated  TIFFANY & CO. stores
will increase by approximately 5% in 2003.  Actual/expected  2003 store openings
are as follows:


Location                            Actual Opening 2003    Expected Opening 2003
--------                            -------------------    ---------------------

Coral Cables, Florida               First Quarter
Guam (conversion from wholesale)    First Quarter
Walnut Creek, California            Second Quarter
Palm Desert, California             Third Quarter
Ikebukuro, Japan                    First Quarter
Sapporo, Japan                      First Quarter
Nagoya, Japan (relocation)          First Quarter
Tamagawa, Japan                                            Fourth Quarter
Korea                               First Quarter
Hong Kong*                                                 Fourth Quarter
Brazil                              Third Quarter
Mexico                              Third Quarter



* - Includes 2 new locations and the closing of an existing location




                                      -15-


Direct Marketing sales rose 5% in the third quarter and 10% in the year-to-date.
Combined  Internet/catalog  sales  increased 23% in the third quarter and 22% in
the year-to-date  primarily due to a higher number of orders. The Business Sales
division's  sales  declined 19% in the third quarter and 6% in the  year-to-date
reflecting  a decline in the number of orders  shipped  but an  increase  in the
average  dollars per order.  As announced in November  2002,  the Business Sales
division is no longer soliciting  employee service award programs and is phasing
out of that  portion  of its  business  as  existing  customer  commitments  are
satisfied.   Annual  sales  affected  by  this  action   represented  less  than
$30,000,000,  or less than half of the Business Sales  division's sales in 2002.
The Business Sales division will continue to offer a range of business gifts, as
well as event-related trophies and other awards.

The Company  established a new channel of distribution,  "Specialty  Retail," in
2002 to include the consolidated results of Little Switzerland, Inc., (effective
October 1, 2002) as well as the  consolidated  results from other  ventures that
are now or will be operated under  non-TIFFANY & CO.  trademarks or trade names.
Therefore,  results  in  the  third  quarter  and  year-to-date  are  not  fully
comparative to the prior year.

Gross Profit
------------
Gross profit as a percentage of net sales ("gross  margin") in the third quarter
and  year-to-date  was lower than the prior year due to:  the  consolidation  of
Little  Switzerland,  which retails goods  manufactured by others and achieves a
gross margin below the Company's average;  the opening of the Company's Customer
Fulfillment/Distribution  Center ("CFC") in the third quarter;  changes in sales
mix  toward  higher-priced,  lower-margin  diamond  jewelry  as the U.S.  retail
selling environment  improved and the sales of silver jewelry in Japan declined;
and higher inventory costs due to increased precious metal costs.

The Company's hedging program uses yen put options to stabilize product costs in
Japan over the short-term  despite exchange rate  fluctuations,  and the Company
adjusts  its retail  prices in Japan  from time to time to  address  longer-term
changes  in  the  yen/dollar   relationship  and  local   competitive   pricing.
Management's long-term strategy and objectives include achieving further product
manufacturing/sourcing efficiencies, leveraging its fixed costs and implementing
selective price  adjustments in order to maintain the Company's gross margin at,
or above,  prior year levels.  However,  management  expects gross margin in the
fourth  quarter to be  slightly  below the prior year due to the  opening of the
CFC, sales mix and higher  inventory  costs, as well as ongoing costs related to
establishing rough diamond sourcing and processing  organizations in Belgium and
Canada,  all of which are expected to more than offset  benefits  from growth in
internal  jewelry  manufacturing  and  from the  sourcing  of a  portion  of the
Company's diamond needs from mines in Canada.

Selling, General and Administrative Expenses ("SG&A")
-----------------------------------------------------
SG&A  rose  14% in the  third  quarter  and  15%  in  the  year-to-date,  due to
incremental  depreciation,  staffing  and  occupancy  expenses  related  to  the
Company's  expansion,  as well  as  higher  insurance  costs,  higher  marketing
expenses,   (which  includes   increased   advertising  for   timepieces),   the
consolidation  of  Little  Switzerland's  SG&A and  business  development  costs
related to the Specialty  Retail  channel.  As a percentage  of net sales,  SG&A
declined in both periods, as the strong sales growth more than absorbed the rate
of increase in fixed expenses.  Management's  longer-term objective is to reduce
this ratio by  leveraging  anticipated  rates of  comparable  store sales growth
against the Company's  fixed-expense base, although management expects the ratio
in full year 2003 to be  approximately  unchanged from the prior year due to the
above-mentioned factors.

                                      -16-



In 2001, the Company signed new distribution  agreements with Mitsukoshi Ltd. of
Japan  ("Mitsukoshi"),  whereby TIFFANY & CO. boutiques will continue to operate
within  Mitsukoshi's  stores in Japan  until at least  January 31,  2007.  Prior
agreements  expired in 2001. The new agreements  largely continue the principles
on which Mitsukoshi and the Company have been  cooperating  since 1993, when the
relationship  was last  renegotiated.  The main agreement,  which will expire on
January 31, 2007,  covers the  continued  operation of TIFFANY & CO.  boutiques.
Separate agreements cover the operation of a freestanding TIFFANY & CO. store on
Tokyo's Ginza.  Under the new  agreements,  the Company is not  restricted  from
further expansion of its Tokyo operations. Under the main agreement, the Company
pays to Mitsukoshi a percentage of certain sales;  this percentage is lower than
under the prior  agreements.  Fees paid to  Mitsukoshi  were reduced in 2002 and
were further  reduced at the start of 2003.  The Company will employ  increasing
numbers of its own personnel in certain Mitsukoshi boutiques in the future.

Other Expenses, Net
-------------------
Other expenses,  net in the third quarter and  year-to-date  were lower than the
prior year  principally due to lower interest  expense as well as a reduction in
the Company's portion of losses in its equity investments,  primarily due to the
consolidation of Little Switzerland which the Company acquired in October 2002.

Provision for Income Taxes
--------------------------
The  effective  income  tax  rate  was  36.7%  in both  the  third  quarter  and
year-to-date versus 20.9% and 34.5% in the prior-year periods. The change in the
tax rate  from the prior  year was due to the  Company  recognizing  in 2002 the
cumulative   effect   of  prior   periods'   tax   benefits   provided   by  the
Extraterritorial  Income Exclusion Act of 2000 ("ETI").  Tax benefits related to
the ETI were not  recognized  until the third  quarter of 2002 when the  Company
determined the ETI was applicable to its operations and recorded a nonrecurring,
cumulative tax benefit.

In November  2000,  the United  States  Government  repealed the tax  provisions
associated with Foreign Sales Corporations  ("FSC") and enacted, in their place,
the ETI,  certain  provisions of which  differed from those  governed by the FSC
regulations. The ETI provides for the exclusion from United States income tax of
certain  extraterritorial income earned from the sale of qualified United States
origin goods.  Qualified  United  States  origin goods are generally  defined as
those wherein not more than 50% of the fair market value  (including  intangible
values) is  attributable  to foreign  content or value added  outside the United
States.  It is unknown if this  benefit  will  continue to be  available  to the
Company in the future  because the World  Trade  Organization  ("WTO")  ruled in
January  2002 in favor of a  complaint  by the  European  Union,  and  joined by
Canada, Japan and India, that the ETI exclusion  constitutes a prohibited export
subsidy  under WTO  regulations.  The  United  States  Government  is  currently
reviewing its options in response to this ruling.

New Accounting Standards
------------------------
In September  2001, the Financial  Accounting  Standards  Board ("FASB")  issued
Statement of Financial  Accounting  Standards ("SFAS") No. 143,  "Accounting for
Asset  Retirement  Obligations,"  which  addresses the  accounting and financial
reporting  for legal  obligations  associated  with the  retirement  of tangible
long-lived assets and the associated asset retirement costs. The Company adopted
the provisions of SFAS No. 143,  effective  February 1, 2003, and its impact was
not significant on the Company's financial position, earnings or cash flows.

In April 2003,  the FASB issued SFAS No. 149,  "Amendment  of  Statement  133 on
Derivative Instruments and Hedging Activities." SFAS No. 149 amends and

                                      -17-





clarifies  financial  accounting  and  reporting  for  derivative   instruments,
including  certain  derivative  instruments  embedded in other contracts and for
hedging  activities under SFAS No. 133,  "Accounting for Derivative  Instruments
and Hedging  Activities."  In general,  SFAS No. 149 is effective  for contracts
entered  into or  modified  after June 30,  2003 and for  hedging  relationships
designated  after June 30,  2003.  The  adoption  of SFAS No. 149 did not have a
significant impact on the Company's financial position, earnings or cash flows.

FINANCIAL CONDITION
-------------------

Liquidity and Capital Resources
-------------------------------
The Company's liquidity needs have been, and are expected to remain, primarily a
function of its seasonal working capital  requirements  and capital  expenditure
needs, which have increased due to the Company's expansion.

The Company achieved a net cash inflow from operating  activities of $49,330,000
in the nine months ended October 31, 2003 compared with an inflow of $32,908,000
in the 2002 period.

Working capital (current assets less current liabilities) and the corresponding
current ratio (current assets divided by current liabilities) were $829,610,000
and 3.0:1 at October 31, 2003 compared with $770,481,000 and 3.6:1 at January
31, 2003 and $720,973,000 and 3.2:1 at October 31, 2002.

Accounts  receivable,  less allowances at October 31, 2003 were 2% above January
31,  2003 (which is  typically  a seasonal  high point) and were 20% higher than
October 31, 2002 due to sales growth.

Inventories,  net at October  31,  2003 were 23% above  January 31, 2003 and 15%
above October 31, 2002. Finished goods inventories  increased versus October 31,
2002 largely due to the translation  effect from a weaker U.S. dollar, new store
openings and expanded product offerings. Higher raw material and work-in-process
inventories  versus  October 31, 2002 and  January  31, 2003 were  necessary  to
support the expansion of internal jewelry manufacturing  activities.  Management
expects that inventory  levels at the end of 2003 will be higher than at the end
of 2002 to support  anticipated  comparable  store  sales  growth,  new  stores,
product  introductions  and the  Company's  expansion  of its  diamond  sourcing
operations.  The  Company's  ongoing  inventory  objectives  are to  continue to
refine:  worldwide replenishment systems; the specialized disciplines of product
development, category management and sales demand forecasting;  presentation and
management of inventory  assortments in each store; and warehouse management and
supply-chain logistics.

Capital  expenditures  were  $247,752,000  in the nine months ended  October 31,
2003, compared with $175,319,000 in the 2002 period.  Expenditures for full year
2003 are expected to be  approximately  $280,000,000 due to costs related to the
opening, renovation and expansion of stores and distribution facilities, ongoing
investments in new systems and the  expenditure of  $140,400,000 in June 2003 to
purchase the land and building housing the Company's Tokyo flagship store.

In 2002, the Company  acquired the property housing its store on Old Bond Street
in London and an adjacent  building in order to proceed  with a  renovation  and
reconfiguration  of the interior retail selling space.  The cost to purchase the
London buildings was  approximately  $43,000,000 and construction is expected to
commence in the first half of 2004 and be  completed  in the first half of 2006.
The Company  does not expect to continue to acquire real estate  housing  retail
branch operations because it now owns its three flagship stores.

In 2001, the Company  commenced  construction of its CFC, a leased  distribution
center.  The CFC opened in  September  2003 and is being used to process  direct
shipments to customers. The Company's Parsippany, New Jersey retail

                                      -18-





service/distribution   center   ("RSC"),   formerly   known   as  the   customer
service/distribution  center  ("CSC"),will  focus on  replenishing  retail store
inventories. The Company estimates that the overall cost of the CFC project will
be approximately $111,000,000, of which $105,600,000 has been incurred to date.

In 2000, the Company began a five-year  project to renovate and  reconfigure its
New  York  flagship  store  in  order  to  increase  the  total  sales  area  by
approximately 25% (completed November 2001), and to provide additional space for
customer service,  customer hospitality and special  exhibitions.  The renovated
second floor re-opened in 2001 to provide an expanded presentation of engagement
and other  jewelry.  The  renovated  sixth  floor that now  houses the  customer
service  department  re-opened in 2002.  The renovated  fourth floor that offers
tableware  merchandise  re-opened in November 2003. In conjunction  with the New
York store project, the Company relocated its after-sales service functions to a
new location and relocated several of its administrative  functions. The Company
has spent $69,600,000 to date for the New York store and related projects. Based
on current plans, the Company  estimates that the overall cost of these projects
will be approximately $100,000,000.

In June 2003,  the Company  purchased  the land and  building  housing its Japan
flagship store. This purchase was financed with a short-term yen  11,000,000,000
bridge loan ("Bridge  Loan") with a bank. The loan had an interest rate of 0.58%
and matured on September 30, 2003. The loan was paid in full upon maturity.

In September  2003, a subsidiary  of the Company  issued yen  15,000,000,000  of
senior  unsecured  First Series Yen  denominated  Bonds  ("Bonds") due 2010 with
principal  due  upon  maturity  and a fixed  coupon  rate of  2.02%  payable  in
semi-annual  installments.  The  Bonds  were sold in a  private  transaction  to
qualified  institutional investors in Japan. The obligations under the Bonds are
unconditionally and irrevocably guaranteed by the Company. The proceeds from the
issuance have been primarily used by the Company to repay the Bridge Loan.

In July 2002, the Company, in a private  transaction with various  institutional
lenders, issued, at par, $40,000,000 of 6.15% Series C Senior Notes Due July 18,
2009 and  $60,000,000  of 6.56%  Series D Senior  Notes  Due July 18,  2012 with
seven-year  and 10-year lump sum  repayments  upon  maturities.  The proceeds of
these issues were used by the Company for general corporate purposes,  including
seasonal  working  capital  and to redeem the  Company's  $51,500,000  principal
amount  7.52%  Senior Notes which came due in January  2003.  The Note  Purchase
Agreements require  maintenance of specific  financial  covenants and ratios and
limit certain changes to indebtedness and the general nature of the business, in
addition to other requirements customary to such borrowings.  Concurrently,  the
Company entered into an interest-rate swap agreement to hedge the change in fair
value of its fixed-rate obligation.  Under the swap agreement,  the Company pays
variable rate interest and receives fixed  interest-rate  payments  periodically
over the life of the instrument. The Company accounts for its interest-rate swap
as a fair  value  hedge  and,  therefore,  recognizes  gains  or  losses  on the
derivative  instrument  and the hedged item  attributable  to the hedged risk in
earnings in the current period.  The terms of the swap agreement match the terms
of the underlying debt, thereby resulting in no ineffectiveness.

In May 2001, a subsidiary of the Company  purchased 45% of Little  Switzerland's
outstanding  shares  of  common  stock  at a cost  of  $9,546,000.  The  Company
accounted for this  investment  under the equity method based upon its ownership
interest and its  significant  influence.  In 2001,  the Company  also  provided
Little  Switzerland with an  interest-bearing  loan in the amount of $2,500,000.
The Company recorded equity losses for its share of Little Switzerland's results
from operations (through September 30, 2002) in other expenses, net and amounted
to a loss of $503,000 and $1,138,000 for the three

                                      -19-



months and nine months ended October 31, 2002.  In October  2002,  the Company's
subsidiary purchased and paid $27,530,000 for additional shares, which, together
with shares  previously  owned,  represented  98% of the  outstanding  shares of
Little  Switzerland.  On November 20, 2002, the subsidiary  merged with and into
Little Switzerland. The purchase price has been allocated to the assets acquired
and liabilities  assumed according to estimated fair values. The amount assigned
to  goodwill  at  January  31,  2003 has been  reduced  by  $733,000  due to the
finalization  of deferred  taxes,  which was  completed in the third  quarter of
2003.  The  total  amount  of  the  purchase  price  allocated  to  goodwill  is
$8,803,000.  The Company  commenced the  consolidation  of Little  Switzerland's
operations  effective  October 1, 2002.  The  acquisition  was  accounted for in
accordance with SFAS No. 141, "Business Combinations."

In 1999,  the Company made a strategic  investment  in Aber Diamond  Corporation
("Aber") by purchasing  eight million  unregistered  shares of its common stock,
which represents 14.7% of Aber's  outstanding  shares, at a cost of $70,636,000.
Aber holds a 40%  interest  in the Diavik  Diamond  Mine in  Canada's  Northwest
Territories,  an operation developed to mine diamonds.  Production  commenced in
the first  quarter of 2003.  In  addition,  the Company  entered  into a diamond
purchase agreement with Aber whereby the Company has the obligation to purchase,
subject to the Company's quality standards, a minimum of $50,000,000 of diamonds
per year for 10 years.  It is expected that this  commercial  relationship  will
enable the Company to secure a considerable portion of its future diamond needs.
The Company has  established a diamond  sorting/processing  facility in Antwerp,
Belgium and a polishing operation in Yellowknife,  Canada to handle a portion of
the subsequent cutting and polishing requirements.

In November  2003,  the Board of Directors  extended and expanded the  Company's
stock  repurchase  program,  which expired in November 2003,  until November 30,
2006.  The Board  increased the remaining  authorization  by  $100,000,000.  The
program now authorizes expenditures up to $116,500,000 to repurchase outstanding
shares of the  Company's  Common  Stock.  The timing of purchases and the actual
number of shares to be repurchased depends on a variety of factors such as price
and other  market  conditions.  In the nine months ended  October 31, 2003,  the
Company  repurchased  and retired  200,000  shares of Common  Stock at a cost of
$4,610,000, or an average cost of $23.05 per share.

The Company's  sources of working capital are  internally-generated  cash flows,
borrowings  available under a multicurrency  revolving credit facility  ("Credit
Facility") and Little Switzerland's  revolving credit facility guaranteed by the
Company ("LS  Facility").  In November 2001,  the Company  entered into a Credit
Facility to increase the borrowing limit from  $160,000,000 to $200,000,000  and
the number of banks from five to six. All borrowings are at interest rates based
on a prime rate or LIBOR and are  affected by local  borrowing  conditions.  The
Credit  Facility  expires  in  November  2006.  The LS  Facility  allows  Little
Switzerland to borrow up to $10,000,000 at an interest rate of 0.80% above LIBOR
or a LIBOR Market Index.  Both the LS Facility,  which expires in November 2005,
and the Credit Facility  contain  covenants that require  maintenance of certain
debt/equity  and  interest-coverage  ratios,  in addition to other  requirements
customary to loan facilities of this nature.

Net-debt (short-term  borrowings plus the current portion of long-term debt plus
long-term debt less cash and cash  equivalents) and the  corresponding  ratio of
net-debt as a percentage of total capital (net-debt plus  stockholders'  equity)
were  $412,728,000 and 23% at October 31, 2003,  compared with  $193,462,000 and
14% at January  31,  2003 and  $315,069,000  and 22% at October  31,  2002.  The
increases were largely due to the Company's purchase of its Tokyo flagship store
in June 2003.

Based on the  Company's  financial  position  at October  31,  2003,  management
anticipates that internally-generated cash flows and funds available under

                                      -20-



the  Credit  Facility  will be  sufficient  to  support  the  Company's  planned
worldwide  business  expansion and seasonal  working capital  increases that are
typically required during the third and fourth quarters of the year.

The Company's contractual cash obligations and commercial commitments at October
31, 2003 and the effects such  obligations  and commitments are expected to have
on  the  Company's   liquidity  and  cash  flows  in  future  periods  have  not
significantly changed since January 31, 2003.


Market Risk
-----------
The  Company is exposed to market  risk from  fluctuations  in foreign  currency
exchange rates and interest rates, which could affect its consolidated financial
position, results of operations and cash flows. The Company manages its exposure
to market risk through its regular operating and financing  activities and, when
deemed appropriate,  through the use of derivative  financial  instruments.  The
Company uses derivative  financial  instruments as risk management tools and not
for trading or speculative purposes, and does not maintain such instruments that
may expose the Company to significant market risk.

The Company uses foreign  currency-purchased put options, primarily yen, and, to
a lesser extent, foreign-exchange forward contracts, to minimize the impact of a
strengthening of the U.S. dollar on foreign  currency-denominated  transactions.
Gains or losses on these instruments substantially offset losses or gains on the
assets,  liabilities and transactions being hedged.  Management does not foresee
nor expect any  significant  changes in foreign  currency  exposure  in the near
future.

The fair  value of the  Company's  fixed-rate  long-term  debt is  sensitive  to
interest rate changes.  Interest rate changes would result in gains  (losses) in
the market value of this debt due to differences  between market  interest rates
and  rates at the  inception  of the debt  obligation.  In order to  manage  the
exposure to interest rate  changes,  the Company  entered into an  interest-rate
swap to reduce the amount of fixed-rate debt exposed to interest rate movements.

The  Company  also uses an  interest  rate swap to  manage  its  yen-denominated
floating-rate  long-term  debt in order to reduce  the impact of  interest  rate
changes on earnings and cash flows.

Management  neither  foresees  nor  expects  significant  changes in exposure to
interest rate fluctuations, nor in market risk-management practices.

Seasonality
-----------
As a jeweler  and  specialty  retailer,  the  Company's  business is seasonal in
nature, with the fourth quarter typically  representing a proportionally greater
percentage of annual sales,  earnings from operations and cash flow.  Management
expects such seasonality to continue.

Risk Factors
------------
This document  contains  certain  "forward-looking  statements"  concerning  the
Company's  objectives and  expectations  with respect to store openings,  retail
prices, gross profit, expenses, inventory performance,  capital expenditures and
cash flow. In addition,  management makes other forward-looking  statements from
time to time concerning objectives and expectations.  As a jeweler and specialty
retailer,  the Company's success in achieving its objectives and expectations is
partially  dependent  upon economic  conditions,  competitive  developments  and
consumer  attitudes.  However,  certain  assumptions are specific to the Company
and/or the  markets  in which it  operates.  The  following  assumptions,  among
others,  are "risk factors"  which could affect the likelihood  that the Company
will achieve the objectives and  expectations  communicated  by management:  (i)
that low or negative growth in the economy or

                                      -21-






in the financial markets, particularly in the U.S. and Japan, will not occur and
reduce  discretionary  spending  on goods  that  are,  or are  perceived  to be,
"luxuries";  (ii) that consumer spending does not decline  substantially  during
the fourth  quarter of any year;  (iii) that  unsettled  regional  and/or global
conflicts  or crises do not result in military,  terrorist  or other  conditions
creating long- or short-term  disruptions or disincentives to, or changes in the
pattern,  practice or frequency of tourist  travel to the various  regions where
the Company  operates retail stores nor to the Company's  continuing  ability to
operate  in  those   regions;   (iv)  that  sales  in  Japan  will  not  decline
substantially;  (v) that there will not be a substantial  adverse  change in the
exchange  relationship  between the Japanese yen and the U.S. dollar;  (vi) that
Mitsukoshi  and  other  department  store  operators  in  Japan,  in the face of
declining  or stagnant  department  store sales,  will not close or  consolidate
stores  in  which  TIFFANY  & CO.  retail  locations  are  located;  (vii)  that
Mitsukoshi will continue as a leading department store operator in Japan; (viii)
that existing product supply  arrangements,  including license arrangements with
third-party designers Elsa Peretti and Paloma Picasso, will continue;  (ix) that
the  wholesale  market for  high-quality  rough and cut  diamonds  will  provide
continuity of supply and pricing;  (x) that the  investment in Aber achieves its
financial  and strategic  objectives;  (xi) that new systems,  particularly  for
inventory  management,   can  be  successfully  integrated  into  the  Company's
operations;  (xii) that warehousing and  distribution  productivity and capacity
can  be  further  improved  to  support  the  Company's  worldwide  distribution
requirements;  (xiii) that new and existing stores and other sales locations can
be leased,  re-leased or otherwise obtained on suitable terms in desired markets
and that construction can be completed on a timely basis; (xiv) that the Company
can  successfully   improve  the  results  of  Little  Switzerland  and  achieve
satisfactory  results  from any future  ventures  into which it enters  that are
operated under  non-TIFFANY & CO.  trademarks or trade names;  and (xv) that the
Company's   expansion  plans  for  retail  and  direct  selling  operations  and
merchandise  development,  production and management can continue to be executed
without  meaningfully  diminishing the  distinctive  appeal of the TIFFANY & CO.
brand.


                                      -22-





Part I.  Financial Information
Item 4.  Controls and Procedures

    (a)  Evaluation of Disclosure Controls and Procedures

     Within  90  days  before   filing  this  report,   an   evaluation  of  the
effectiveness of the design and operation of the Company's  disclosure  controls
and procedures was carried out by the Company under the supervision and with the
participation of the Company's management, including the Chief Executive Officer
and Chief  Financial  Officer.  Based on that  evaluation,  the Chief  Executive
Officer and Chief  Financial  Officer  concluded  that,  as of the date of their
evaluation  and as of October 31, 2003,  the Company's  disclosure  controls and
procedures  have been designed and are being  operated in a manner that provides
reasonable  assurance  that the  information  required  to be  disclosed  by the
Company in reports filed under the Securities  Exchange Act of 1934 is recorded,
processed,  summarized  and reported  within the time  periods  specified in the
SEC's rules and forms. The Company  believes that a controls  system,  no matter
how well designed and  operated,  cannot  provide  absolute  assurance  that the
objectives  of the controls  system are met, and no  evaluation  of controls can
provide  absolute  assurance that all control issues and instances of fraud,  if
any, within a company have been detected.

     (b)  Changes in Internal Controls

     Subsequent  to the  date of the most  recent  evaluation  of the  Company's
internal controls,  there were no significant  changes in the Company's internal
controls  or in other  factors  that could  significantly  affect  the  internal
controls,   including  any   corrective   actions  with  regard  to  significant
deficiencies and material weaknesses.













                                      -23-



ITEM 6         Exhibits and Reports on Form 8-K

    (a)        Exhibits:

               31.1 Certification by Michael J. Kowalski pursuant to Section 302
                    of Sarbanes-Oxley Act of 2002.

               31.2 Certification by James N. Fernandez  pursuant to Section 302
                    of Sarbanes-Oxley Act of 2002.

               32   Certification  by Michael J. Kowalski and James N. Fernandez
                    pursuant to Section 906 of Sarbanes-Oxley Act of 2002.


(b)            Reports on Form 8-K:


               On August 13, 2003, Registrant filed a Current Report on Form 8-K
               reporting  the issuance of a press release  announcing  its sales
               and earnings for the second quarter ended July 31, 2003.

               On September 29, 2003,  Registrant filed a Current Report on Form
               8-K reporting the issuance of a press release  announcing that J.
               Thomas Presby has been  appointed to fill a newly created seat on
               the Board of Directors.

               On September 30, 2003,  Registrant filed a Current Report on Form
               8-K  reporting the issuance of a press  release  announcing  that
               Tiffany & Co. Japan, Inc., an indirect wholly-owned subsidiary of
               Tiffany & Co., completed long-term debt financing.




























                                      -24-




                                   SIGNATURES


         Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.


                                               TIFFANY & CO.
                                              (Registrant)


Date: December 4, 2003                     By:/s/ James N. Fernandez
                                              ----------------------------
                                              James N. Fernandez
                                              Executive Vice President and
                                              Chief Financial Officer
                                              (principal financial officer)









                                      -25-





                                  EXHIBIT INDEX


EXHIBIT         DESCRIPTION
NUMBER


31.1           Certification by Michael J. Kowalski pursuant to Section 302 of
               Sarbanes-Oxley Act of 2002.

31.2           Certification by James N. Fernandez pursuant to Section 302 of
               Sarbanes-Oxley Act of 2002.

32             Joint certification by Michael J. Kowalski and James N. Fernandez
               pursuant to Section 906 of Sarbanes-Oxley Act of 2002.