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 April 30, 2005.  OR

        TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
        EXCHANGE ACT OF 1934 for the transition period 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 X . No . 
                                          ------- -------

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,  143,688,544 shares outstanding at the close
of business on May 31, 2005.














                         TIFFANY & CO. AND SUBSIDIARIES
                               INDEX TO FORM 10-Q
                      FOR THE QUARTER ENDED APRIL 30, 2005






                                                                           

PART I - FINANCIAL INFORMATION                                                   PAGE
                                                                                 ----

Item 1.     Financial Statements

            Condensed Consolidated Balance Sheets - April 30, 2005,
                January 31, 2005 and April 30, 2004 (Unaudited)                     3

            Condensed Consolidated Statements of Earnings - for the
                three months ended April 30, 2005 and 2004 (Unaudited)              4

            Condensed Consolidated Statements of Cash Flows - for the
                three months ended April 30, 2005 and 2004 (Unaudited)              5

            Notes to Condensed Consolidated Financial Statements
               (Unaudited)                                                       6-10


Item 2.     Management's Discussion and Analysis of
               Financial Condition and Results of Operations                    11-19


Item 4.     Controls and Procedures                                                20


PART II - OTHER INFORMATION


Item 2.     Unregistered Sales of Equity Securities and Use of Proceeds

            (e) Issuer Purchases of Equity Securities                              21


Item 6.     Exhibits and Reports on Form 8-K                                       22

            (a)  Exhibits

            (b)  Reports on Form 8-K






                                        2



PART I.  Financial Information
Item 1.  Financial Statements


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





                                                                            April 30,       January 31,          April 30,
                                                                              2005              2005               2004
                                                                          --------------    --------------     --------------
ASSETS

Current assets:
                                                                                                                
Cash and cash equivalents                                               $       213,708   $       187,681    $       190,793
Short-term investments                                                                -           139,200                  -
Accounts receivable, less allowances
   of $6,181 $7,491 and $5,053                                                  120,713           133,545            115,512
Inventories, net                                                              1,073,605         1,057,245            964,954
Deferred income taxes                                                            69,385            64,790             48,624
Prepaid expenses and other current assets                                        41,119            25,428             40,410
                                                                        ----------------  ----------------   ----------------
Total current assets                                                          1,518,530         1,607,889          1,360,293

Property, plant and equipment, net                                              917,415           917,853            879,105
Other assets, net                                                               140,512           140,376            180,360
                                                                        ----------------  ----------------   ----------------
                                                                        $     2,576,457   $     2,666,118    $     2,419,758
                                                                        ===============   ===============    ================
                                                                        
LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:
Short-term borrowings                                                   $        47,488   $        42,957    $        95,842
Current portion of long-term debt                                                     -                 -             49,973
Accounts payable and accrued liabilities                                        177,514           186,013            185,594
Income taxes payable                                                             35,137           118,536             26,544
Merchandise and other customer credits                                           52,084            52,315             46,413
                                                                        ----------------  ----------------   ----------------

Total current liabilities                                                       312,223           399,821            404,366

Long-term debt                                                                  392,178           397,606            382,883
Postretirement/employment benefit obligations                                    40,449            40,220             37,287
Deferred income taxes                                                            21,666            33,175             18,516
Other long-term liabilities                                                      99,409            94,136             79,756

Commitments and contingencies

Stockholders' equity:
Common stock, $0.01 par value; authorized 240,000 shares,
  issued and outstanding 143,830, 144,548 and 146,845                             1,438             1,445              1,468
Additional paid-in capital                                                      439,235           426,308            407,575
Retained earnings                                                             1,245,309         1,246,331          1,083,706
Accumulated other comprehensive gain (loss), net of tax:
  Foreign currency translation adjustments                                       26,000            29,045              6,433
  Deferred hedging losses                                                        (1,449)           (2,118)            (1,447)
  Unrealized (losses) gains on marketable securities                                 (1)              149               (785)
                                                                        ----------------  ----------------   ----------------
Total stockholders' equity                                                    1,710,532         1,701,160          1,496,950
                                                                        ----------------  ----------------   ----------------

                                                                        $     2,576,457   $     2,666,118    $     2,419,758
                                                                        ================= =================  ================


See notes to condensed consolidated financial statements


                                        3



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






                                                                Three Months Ended
                                                                    April 30,
                                                           -----------------------------
                                                                2005             2004
                                                           -------------    ------------
                                                                      

Net sales                                                  $    509,901     $   456,960 

Cost of sales                                                   235,080         198,084
                                                           -------------    ------------
                          
Gross profit                                                    274,821         258,876

Selling, general and administrative expenses                    208,510         196,181
                                                          --------------    ------------
                                                             
Earnings from operations                                         66,311          62,695

Other expenses, net                                               4,206           3,324
                                                           -------------    ------------
                      
Earnings before income taxes                                     62,105          59,371

Provision for income taxes                                       22,047          22,560
                                                           -------------    ------------
                      
Net earnings                                               $     40,058     $    36,811
                                                           -------------    ------------
                      
Net earnings per share:

  Basic                                                    $       0.28     $      0.25 
                                                           -------------    ------------
  Diluted                                                  $       0.27     $      0.25 
                                                           -------------    ------------
                       

Weighted average number of common shares:

  Basic                                                         144,248         146,815
  Diluted                                                       146,285         149,289



See notes to condensed consolidated financial statements.







                                        4



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




                                                                                                     Three Months Ended
                                                                                                         April 30,
                                                                                             ---------------------------------------
                                                                                                    2005                  2004 
                                                                                                             
CASH FLOWS FROM OPERATING ACTIVITIES:
     Net earnings                                                                             $        40,058      $       36,811
     Adjustments to reconcile net earnings to net cash
     (used in) provided by operating activities:
       Depreciation and amortization                                                                   27,987              24,944
       Gain on equity investments                                                                           -                (137)
       Provision for uncollectible accounts                                                               508                 390
       Provision for inventories                                                                        1,742               1,583
       Deferred income taxes                                                                          (14,869)             (3,758)
       Provision for postretirement/employment benefits                                                   228                 541
       Stock compensation expense                                                                       6,173               5,641
       Excess tax benefits from share-based payment arrangements                                         (821)               (892)
       Deferred hedging losses transferred to earnings                                                    768                 772
     Changes in assets and liabilities:
       Accounts receivable                                                                              7,001              16,465
       Inventories                                                                                    (22,963)           (106,610)
       Prepaid expenses and other current assets                                                      (15,541)            (16,428)
       Other assets, net                                                                                 (770)             (1,626)
       Accounts payable                                                                                 3,185               3,506
       Accrued liabilities                                                                             (6,823)            (25,767)
       Income taxes payable                                                                           (81,896)            (17,033)
       Merchandise and other customer credits                                                            (236)                932
       Other long-term liabilities                                                                     10,524               5,731
                                                                                             -----------------      ----------------

     Net cash used in operating activities                                                            (45,745)            (74,935)
                                                                                             -----------------      ----------------

CASH FLOWS FROM INVESTING ACTIVITIES:
     Capital expenditures                                                                             (31,879)            (28,964)
     Proceeds from sale of marketable securities and short-term investments                           238,175              49,370
     Purchases of marketable securities and short-term investments                                    (99,168)            (46,347)
     Purchases of other investments                                                                      (656)                  -
     Proceeds from sale of other investments                                                              252                   -
                                                                                             -----------------      ----------------

     Net cash provided by (used in) investing activities                                              106,724             (25,941)
                                                                                             -----------------      ----------------

CASH FLOWS FROM FINANCING ACTIVITIES:
     Proceeds from short-term borrowings, net                                                           4,843              55,088
     Excess tax benefits from share-based payment arrangements                                            821                 892
     Repurchase of Common Stock                                                                       (33,978)             (4,129)
     Proceeds from exercise of stock options                                                            2,632               2,606
     Cash dividends on Common Stock                                                                    (8,668)             (7,346)
                                                                                             -----------------      ----------------

     Net cash (used in) provided by financing activities                                              (34,350)             47,111
                                                                                             -----------------      ----------------

     Effect of exchange rate changes on
     cash and cash equivalents                                                                           (602)             (4,107)
                                                                                             -----------------      ----------------
     Net increase (decrease) in cash and cash equivalents                                              26,027             (57,872)
     Cash and cash equivalents at beginning of year                                                   187,681             248,665
                                                                                             -----------------      ----------------

     Cash and cash equivalents at end of three months                                         $       213,708       $     190,793
                                                                                             =================      ================


See notes to condensed consolidated financial statements.



                                        5


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


1.        CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

          The accompanying  condensed  consolidated financial statements include
          the  accounts  of Tiffany & Co. and all  majority-owned  domestic  and
          foreign subsidiaries ("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 April 30, 2005 and the  results of its  operations  and
          cash  flows  for  the  interim   periods   presented.   The  condensed
          consolidated  balance  sheet data for January 31, 2005 is derived from
          the audited financial statements,  which are included in the Company's
          report  on Form  10-K and  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 months ended
          April 30, 2005 and 2004 are not necessarily  indicative of the results
          of the entire fiscal year.

2.        NEW ACCOUNTING STANDARDS

          In December 2004, the Financial  Accounting  Standards  Board ("FASB")
          issued Statement of Financial  Accounting Standards ("SFAS") No. 123R,
          "Share-Based   Payment."  This   statement   replaces  SFAS  No.  123,
          "Accounting for Stock-Based  Compensation"  and supersedes  Accounting
          Principles Board "("APB") Opinion No. 25, "Accounting for Stock Issued
          to  Employees."  SFAS No. 123R requires that new,  modified and vested
          share-based  payment   transactions  with  employees  be  measured  at
          fair-value  and  recognized as  compensation  expense over the vesting
          period.  The Company  adopted  SFAS No. 123R in the fourth  quarter of
          2004,   retroactive   to   February  1,  2004,   using  the   modified
          retrospective  method of transition  which allowed for the restatement
          of  interim  financial  statements  based  on the  amounts  previously
          calculated and reported in the pro forma footnote disclosures required
          by SFAS No. 123. The results of the  restatement  for the three months
          ended  April  30,  2004  had the  effect  of  reducing  earnings  from
          operations  by  $5,641,000,  reducing net earnings by  $3,497,000  and
          reducing  basic and diluted  earnings per share by $0.02.  The balance
          sheet and statement of cash flows as of and for the three months ended
          April 30, 2004 were also restated accordingly.






                                        6


          NEW ACCOUNTING STANDARDS (continued)
          In November  2004, the FASB issued SFAS No. 151,  "Inventory  Costs-an
          amendment of ARB No. 43,  Chapter 4". SFAS No. 151 amends the guidance
          in ARB  No.  43,  Chapter  4,  "Inventory  Pricing,"  to  clarify  the
          accounting  for abnormal  amounts of idle facility  expense,  freight,
          handling costs and wasted material (spoilage). This Statement requires
          that those items be recognized as current period charges. In addition,
          SFAS No. 151 requires that allocation of fixed production overheads to
          the  costs  of  conversion  be  based on the  normal  capacity  of the
          production  facilities.  SFAS No. 151 is effective for inventory costs
          incurred during fiscal years beginning after June 15, 2005. Management
          is currently evaluating the effect that the adoption of this statement
          will have on the Company's financial position, earnings or cash flows.

3.        INVENTORIES



                                       April 30,            January 31,            April 30,
          (in thousands)                   2005                   2005                 2004
          ------------------------------------------------------------------------------------
                                                                                
          Finished goods             $  792,103               $771,192              $697,357
          Raw materials                 236,695                236,802               212,127
          Work-in-process                49,460                 53,988                60,152
                                   ---------------       --------------        ---------------
                                      1,078,258              1,061,982               969,636
          Reserves                       (4,653)                (4,737)               (4,682)
                                   ---------------       ---------------       ---------------
          Inventories, net           $1,073,605             $1,057,245              $964,954
                                   ===============       ===============       ===============


          LIFO-based  inventories at April 30, 2005,  January 31, 2005 and April
          30, 2004  represented  68%, 66% and 69% of inventories,  net, with the
          current  cost  exceeding  the LIFO  inventory  value  by  $65,276,000,
          $64,058,000 and $34,161,000 at the end of each period.

4.        INCOME TAXES

          The  effective  income tax rate for the three  months  ended April 30,
          2005 and 2004 was 35.5% and 38.0%.  The decrease from the prior year's
          tax rate was  primarily  due to a tax benefit  recognized in the first
          quarter  of  2005  related  to  the   anticipated   fiscal  year  2005
          repatriation  of  approximately  $100,000,000  of accumulated  foreign
          earnings in the form of extraordinary  dividends,  provided for in the
          American Jobs Creation Act of 2004 ("AJCA").

          In May 2005, the Internal Revenue Service clarified certain provisions
          of the AJCA related to the U.S. tax  consequences  of  repatriation of
          extraordinary dividends from foreign subsidiaries. As a result of this
          clarification,  it is  anticipated  that the Company will recognize an
          additional  benefit of approximately  $6,500,000 in the second quarter
          of 2005.

          The AJCA also provides a deduction for income from qualified  domestic
          production  activities  ("manufacturing  deduction"),  which  will  be
          phased in from 2005 through 2010.  Pursuant to FASB Staff Position No.
          109-1,  "Application of SFAS No. 109 (Accounting for Income Taxes), to
          the Tax Deduction on Qualified  Production  Activities provided by the
          AJCA," the effect of this deduction is reported in the period in which
          it is  claimed on the  Company's  tax  return.  Although  the  Company
          recorded a tax benefit for the manufacturing  deduction, the amount of
          the benefit is immaterial in the first quarter and is  anticipated  to
          be immaterial for the year.




                                        7


          INCOME TAXES (continued)
          In return for this  manufacturing  deduction,  the AJCA provides for a
          two-year  transition  from the existing ETI  exclusion tax benefit for
          foreign sales, which the World Trade Organization ("WTO") ruled was an
          illegal  export  subsidy.  The European  Union  believes that the AJCA
          fails to adequately  repeal illegal export subsidies  because of these
          transitional  provisions and has asked the WTO to review whether these
          transitional provisions are in compliance with the WTO's prior ruling.
          Until the final  resolution of this matter,  management will be unable
          to predict what impact, if any, this will have on future earnings.

5.        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 include the dilutive effect of the assumed
          exercise of stock options and restricted stock units.

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




                                                                          Three Months Ended
                                                                               April 30,
                                                             ---------------------------------------------
                                                                                             
          (in thousands)                                                   2005                      2004
          ------------------------------------------------------------------------------------------------
        
          Net earnings for basic         
           and diluted EPS                                              $40,058                   $36,811
                                                            ===================    ======================
                                                                        
          Weighted average shares for basic 
           EPS                                                          144,248                   146,815

          Incremental shares based upon the 
           assumed exercise of stock 
           options and restricted stock
           units                                                          2,037                     2,474
                                                            -------------------    ----------------------
          Weighted average shares for 
           diluted EPS                                                  146,285                   149,289
                                                            ===================    ======================

          For the three  months  ended  April  30,  2005 and  2004,  there  were
          7,422,000 and 5,136,000 stock options  excluded from the  computations
          of earnings per diluted share due to their antidilutive effect.











                                        8


6.        COMPREHENSIVE EARNINGS



          The components of comprehensive earnings were:

                                                                   Three Months Ended
                                                                       April 30,
                                                         -------------------------------------
                                                                           
         (in thousands)                                            2005            2004
         -------------------------------------------------------------------------------------
         Net earnings                                           $40,058         $36,811
         Other comprehensive gain (loss), net               
           of tax:

          Deferred hedging gains                                    669           1,061

          Foreign currency translation
           adjustments                                           (3,045)         (9,423)

          Unrealized losses on marketable
           securities                                              (150)           (785)
                                                         ------------------  ------------------
         Comprehensive earnings                                 $37,532         $27,664
                                                         ------------------  ------------------



7.        EMPLOYEE BENEFIT PLANS
          The Company maintains several pension and retirement plans, as well as
          providing certain health-care and life insurance benefits.

          Net periodic pension and other postretirement benefit expense included
          the following components:



                                                                                     Three Months Ended April 30,
                                                            --------------------------------------------------------
                                                                                                           Other
                                                                                                  Postretirement
                                                                    Pension Benefits                    Benefits
                                                            ------------------------------- ------------------------
                                                                                                
          (in thousands)                                         2005           2004          2005          2004
          -------------------------------------------------- --------------- --------------- ------------ ----------
          Service cost                                         $3,181        $ 2,699         $ 342        $  307
          Interest cost                                         2,904          2,640           421           418
          Expected return on plan assets                       (2,519)        (2,079)            -             -
          Amortization of prior service   
           cost                                                   201            201          (298)         (303)
          Amortization of net loss                                592            395            89            98
                                                            --------------- --------------- ------------ -----------
          Net expense                                          $4,359        $ 3,856         $ 554        $  520
                                                            =============== =============== ============ ===========


8.        SEGMENT INFORMATION

          The Company's  reportable  segments are:  U.S.  Retail,  International
          Retail and Direct Marketing (see Management's  Discussion and Analysis
          of Financial  Condition and Results of  Operations  for an overview of
          the Company's business).  These reportable segments represent channels
          of  distribution  that offer similar  merchandise and service and have
          similar  marketing and distribution  strategies.  Its Other channel of
          distribution  includes all  non-reportable  segments  which consist of
          worldwide  sales  and  businesses  operated  under  non-TIFFANY  & CO.
          trademarks  or  trade  names,  as well as  sales  associated  with the
          Company's diamond sourcing and manufacturing  operations.  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.


                                        9


          SEGMENT INFORMATION (continued)
          Reclassifications were made to the prior year's earnings (losses) from
          operations by segment to conform to the current year  presentation and
          to  reflect  the  revised  manner in which  management  evaluates  the
          performance of segments. The reclassifications  resulted in LIFO costs
          being included in segment results, as opposed to unallocated corporate
          expenses where it was previously included.

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



                                                                    Three Months Ended
                                                                         April 30,
                                                                -----------------------------
                                                                             
          (in thousands)                                            2005          2004
          -----------------------------------------------------------------------------------
          Net sales:
            U.S. Retail                                         $243,411        $213,662
            International Retail                                 190,316         184,731
            Direct Marketing                                      41,377          36,899
            Other                                                 34,797          21,668
                                                              --------------- ---------------
                                                                $509,901         $456,960
                                                              --------------- ---------------

          Earnings(losses)from operations*:
            U.S. Retail                                         $ 47,954         $ 41,165
            International Retail                                  43,675           49,292
            Direct Marketing                                       7,380            4,724
            Other                                                 (1,515)          (1,336)
                                                              ---------------  ---------------
                                                                $ 97,494         $ 93,845
                                                              ===============  ===============

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


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



                                                                      Three Months Ended
                                                                           April 30,
                                                                  -----------------------------
                                                                               
          (in thousands)                                            2005            2004
          -------------------------------------------------------------------------------------
          Earning from operations for 
           segments                                              $ 97,494        $ 93,845

          Unallocated corporate expenses
                                                                  (31,183)        (31,150)

          Other expenses, net                                      (4,206)         (3,324)
                                                                --------------- ---------------

          Earnings before income taxes                           $ 62,105        $ 59,371
                                                                =============== ===============

          
          Unallocated  corporate expenses include costs related to the Company's
          administrative  support  functions,  such as  information  technology,
          finance,  legal  and  human  resources,  which  the  Company  does not
          allocate to its segments.



9.  SUBSEQUENT EVENT

          On May 19, 2005, the Company's Board of Directors declared an increase
          in the quarterly  dividend  rate,  increasing it by 33% from $0.06 per
          share to $0.08 per share.  This dividend will be paid on July 11, 2005
          to stockholders of record on June 20, 2005.



                                       10



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

OVERVIEW
--------

Tiffany  & Co.  is a  holding  company  that  operates  through  its  subsidiary
companies  (the  "Company").  The Company's  principal  subsidiary,  Tiffany and
Company, is a jeweler and specialty retailer whose merchandise offerings include
an  extensive  selection  of  fine  jewelry,  as well  as  timepieces,  sterling
silverware,  china,  crystal,  stationery,  fragrances and accessories.  Through
Tiffany and Company  and other  subsidiaries,  the Company is engaged in product
design, manufacturing and retailing activities.


The Company's channels of distribution are as follows:

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

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

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

o    Other - worldwide  sales of  businesses  operated  under  non-TIFFANY & CO.
     trademarks  or  trade  names  ("specialty  retail"),  as well as  sales  of
     diamonds  associated with the Company's  diamond sourcing and manufacturing
     operations.


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

A store's sales are included in "comparable store sales" when the store has been
open for more  than 12  months.  The  results  of  relocated  stores  remain  in
comparable  store sales if the  relocation  occurs within the same  geographical
market.  The results of a store in which the square footage has been expanded or
reduced remain in the comparable store base.


Net sales increased 12% to $509,901,000 in the three months ended April 30, 2005
("first  quarter")  led by  strong  U.S.  comparable  store  sales  growth.  The
Company's  reported  sales  reflect  either a  translation-related  benefit from
strengthening foreign currencies or a detriment from a strengthening U.S dollar.
On a  constant-exchange-rate  basis (see Non-GAAP  Measures section below),  net
sales rose 11% and worldwide comparable store sales rose 4%.


Gross margin (gross profit as a percentage of net sales) declined  primarily due
to  changes in  geographic  and  product  sales mix and  higher  product  costs.
Selling,  general and  administrative  ("SG&A")  expenses as a percentage of net
sales improved due to sales leverage on fixed costs.  As a result,  net earnings
in the first quarter  increased 9% to  $40,058,000,  or $0.27 per diluted share,
versus $36,811,000, or $0.25 per diluted share, in the prior year.

NON-GAAP MEASURES
-----------------
The Company  reports  information  in accordance  with U.S.  Generally  Accepted
Accounting  Principles  ("GAAP").  Internally,  management  monitors  the  sales
performance of its  international  stores and boutiques on a non-GAAP basis that
eliminates  the  positive or  negative  effects  that  result  from  translating


                                       11


international sales into U.S. dollars (constant-exchange-rate basis). Management
uses  this  constant-exchange-rate  measure  because  it  believes  it is a more
representative  assessment of the sales performance of its international  stores
and boutiques and provides better comparability between reporting periods.

The Company's  management  does not, nor does it suggest that investors  should,
consider such non-GAAP  financial measures in isolation from, or as a substitute
for,  financial  information  prepared  in  accordance  with GAAP.  The  Company
presents such non-GAAP  financial measures in reporting its financial results to
provide  investors with an additional  tool to evaluate the Company's  operating
results.

The following tables reconcile net sales  percentage  increases  (decreases) for
the first  quarter of 2005 versus the first  quarter of 2004,  as  measured  and
reported in accordance with GAAP to the non-GAAP constant-exchange-rate basis:



                                          Net Sales                                 Comparable Store Sales
                         --------------------------------------------      ------------------------------------------
                                                         Constant-                                      Constant-
                                           Trans-        Exchange-                          Trans-      Exchange-
                             GAAP          lation          Rate                GAAP         lation        Rate
                           Reported        Effect         Basis               Reported      Effect       Basis
                                                                                
                         -------------- ------------- ---------------      -------------- ----------- ---------------
                                                                                        
Worldwide                    12%             1%            11%                  5%            1%          4%

U.S. Retail                  14%             -%            14%                 11%            -%         11%

International
  Retail                      3%             2%             1%                 (3%)           3%         (6%)

Japan                        (3%)            2%            (5%)                (8%)           2%        (10%)

Other Asia-
  Pacific                    18%             4%            14%                  9%            4%          5%

Europe                       10%             4%             6%                  2%            5%         (3%)





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

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



                                              First Quarter 
                                              -------------
                                             2005        2004                
                                           -------------------
                                                     
Net sales                                   100.0%      100.0%
Cost of sales                                46.1        43.3
                                           -------------------
Gross profit                                 53.9        56.7
Selling, general
  and administrative expenses                40.9        42.9
                                           -------------------
Earnings from operations                     13.0        13.8
Other expenses, net                           0.8         0.8
                                           -------------------
Earnings before income taxes                 12.2        13.0
Provision for income taxes                    4.3         4.9
                                           -------------------
Net earnings                                  7.9%        8.1%
                                           ===================





                                       12


Net Sales
---------
Net sales by channel of distribution were as follows:



                                               First Quarter  
                                               -------------
(in thousands)                                2005        2004
--------------                            --------------------
                                                     
U.S. Retail                               $243,411    $213,662
International Retail                       190,316     184,731
Direct Marketing                            41,377      36,899
Other                                       34,797      21,668
                                         ---------------------
                                          $509,901    $456,960
                                         =====================


U.S.  Retail sales  increased  14% in the first  quarter.  Growth was  primarily
generated  by sales of  higher-priced  jewelry  and, to a lesser  extent,  by an
increased  number of  transactions.  Comparable store sales rose 11%, due to 11%
growth in the New York flagship  store  (primarily  from  increased  spending by
tourists) and a geographically broad-based 11% increase in branch stores.

International   Retail  sales   increased  3%  in  the  first   quarter.   On  a
constant-exchange-rate  basis,  International  Retail  sales  increased  1%, but
comparable store sales declined 6%.

In Japan, on a  constant-exchange-rate  basis, total retail sales declined 5% in
the first quarter and  comparable  store sales  declined 10%.  Sales declined in
most product categories. Management believes that Japan sales have been affected
partly by generally weak consumer spending on jewelry,  increased "luxury-goods"
competition and shifts in consumer demand,  particularly for silver jewelry.  In
addition,  management has, in recent years,  increased  average price points and
introduced  selections  at higher price points in the silver  jewelry  category,
which  adversely  affected  sales.  Sales in the silver jewelry  category (which
represented 23% of Japan's total retail sales in full year 2004) declined in the
first  quarter.  Management  continues  to focus on new  product  introductions,
publicity and targeted marketing initiatives,  as well as enhancing the shopping
and customer service experience in its stores and boutiques.

In the  Asia-Pacific  region  outside  of  Japan,  comparable  store  sales on a
constant-exchange-rate   basis   increased  5%  in  the  first  quarter  due  to
particularly  strong growth in Hong Kong and  Australia.  In Europe,  comparable
store sales on a  constant-exchange-rate  basis declined 3% in the first quarter
primarily due to a decline in London's comparable store sales.

Direct Marketing sales rose 12% in the first quarter.  Combined Internet/catalog
sales  increased  14% in the first quarter due to growth in the number of orders
shipped and in the average  amount spent per order.  Sales in the Business Sales
division increased 9% in the first quarter due to growth in the number of orders
shipped and in the average order size.

Other sales increased 61% in the first quarter.  Approximately two-thirds of the
increase  resulted  from  wholesale  sales of rough  diamonds  that the  Company
determined,  in the normal course of business, were not suitable for production;
such sales commenced in the third quarter of 2004 and will continue on a regular
basis.  The increase  was also due to growth in the  Company's  three  specialty
retail  businesses,  including  18% sales growth in LITTLE  SWITZERLAND  stores.
Increased  wholesale  sales of TEMPLE ST. CLAIR jewelry and sales from the first
two  IRIDESSE  stores,  which opened in fall 2004 and focus  exclusively  on the
pearl jewelry category, were positive but smaller factors.


                                       13



Management's  plan to open or close TIFFANY & CO. stores in 2005 are shown below
and would represent a 3% net increase in gross square footage:




                                       Openings         
Location                           (Closings) 2005      Expected Openings 2005
--------                           ---------------      ----------------------
                                                   
Mitsukoshi, Osaka, Japan           (First Quarter)
Mitsukoshi, Yokohama, Japan        (First Quarter)
Mitsukoshi, Kurashiki, Japan       (First Quarter)
Mitsukoshi, Fukuoka, Japan         (First Quarter)
Carmel, California                                       Second Quarter
Pasadena, California                                     Second Half
Naples, Florida                                          Second Half
San Antonio, Texas                                       Second Half
Brisbane, Australia                                      Second Quarter
Paris, France                                            Second Quarter
Japan (2)                                                Second Half



Gross Margin
------------
Gross  margin   declined  in  the  first  quarter  by  2.8  percentage   points.
Approximately  1.8 points of the decline resulted from changes in geographic and
product sales mix away from Japan and silver  jewelry and toward  higher-priced,
lower-margin  diamond  jewelry,  as well as higher product costs.  The remaining
decline  primarily  related to wholesale sales of rough  diamonds,  which earn a
minimal or no gross margin.

The Company's hedging program uses yen put options to stabilize product costs in
Japan over the  short-term  despite  exchange  rate  fluctuations.  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  product
manufacturing/sourcing  efficiencies  (including  increased direct rough-diamond
sourcing  and  internal  manufacturing),   controlling  costs  and  implementing
selective price  adjustments in order to maintain the Company's gross margin at,
or above,  prior year  levels.  Near the end of the first  quarter,  the Company
increased  certain  U.S.  retail  prices;  these price  increases  were taken in
response to higher raw materials costs related to diamond and platinum  jewelry.
However,  management expects a modest year-over-year  decline in gross margin in
2005 due to the continued effect from sales mix and other adverse factors.

Selling, General and Administrative Expenses
--------------------------------------------
SG&A  expenses  increased  6% in the first  quarter.  Approximately  half of the
increase was due to higher labor costs and the balance to growth in depreciation
and occupancy expenses.  As a percentage of net sales, SG&A expenses improved in
the first quarter due to the strong sales growth.  Management's  objective is to
continue  to  improve  the ratio of SG&A  expenses  to net sales by  controlling
expenses so that  anticipated  sales  growth  will result in improved  earnings.
Management  expects  a  low-to-mid  single-digit  percentage  increase  in  SG&A
expenses in 2005 and a corresponding improvement in the expense ratio versus the
prior year.






                                       14



Earnings from Operations 


                                                                        First Quarter
                                                       ---------------------------------------
(in thousands)                                                     2005                2004
----------------------------------------------------------------------------------------------
                                                                             
Earnings (losses) from operations:

    U.S. Retail                                              $  47,954           $  41,165

    International Retail                                        43,675              49,292

    Direct Marketing                                             7,380               4,724

    Other                                                       (1,515)             (1,336)
                                                       ---------------------------------------
Earnings from operations for reportable 
    segments                                                    97,494              93,845
     Unallocated corporate expenses                            (31,183)            (31,150)
                                                       ---------------------------------------
Earnings from operations                                     $  66,311           $  62,695
                                                       =======================================


Earnings from operations rose 6% in the first quarter.  On a reportable  segment
basis,  the ratios of earnings  (losses) from  operations  (before the effect of
unallocated  corporate  expenses and other expenses,  net) to each segment's net
sales in the first quarter of 2005 and 2004 were as follows:

o    U.S. Retail:  20% in 2005 versus 19% in 2004 (increase was primarily due to
     increased sales,  partly offset by lower gross margin from changes in sales
     mix and higher product costs); 
o    International  Retail:  23% in  2005  versus  27%  in  2004  (decrease  was
     primarily  due to lower gross margin  resulting  from changes in geographic
     and product sales mix and  insufficient  sales growth to absorb the rate of
     increase in fixed  costs);  
o    Direct  Marketing:  18% in 2005 versus 13% in 2004  (increase was primarily
     due to increased  sales and minimal  increases in  expenses);  and 
o    Other:(4)%  in 2005 versus (6)% in 2004  (improvement  was primarily due to
     increased sales and the leveraging of fixed expenses).

Unallocated   corporate   expenses   include  costs  related  to  the  Company's
administrative support functions such as information technology,  finance, legal
and human resources.

Other Expenses, Net
-------------------
Other  expenses,  net in the first  quarter  were  higher  than the  prior  year
primarily due to an increase in interest expense.

Provision for Income Taxes
--------------------------
The effective income tax rate for the three months ended April 30, 2005 and 2004
was 35.5% and 38.0%.  The decrease  from the prior year's tax rate was primarily
due to a tax  benefit  recognized  in the first  quarter of 2005  related to the
anticipated  fiscal year 2005  repatriation  of  approximately  $100,000,000  of
accumulated foreign earnings in the form of extraordinary dividends, as provided
for in the American Jobs Creation Act of 2004 ("AJCA").

In May 2005, the Internal Revenue Service  clarified  certain  provisions of the
AJCA related to the U.S.  tax  consequences  of  repatriation  of  extraordinary
dividends from foreign  subsidiaries.  As a result of this clarification,  it is
anticipated   that  the  Company  will   recognize  an  additional   benefit  of
approximately $6,500,000 in the second quarter of 2005.

The AJCA also provides a deduction for income from qualified domestic production
activities  ("manufacturing  deduction"),  which  will be  phased  in from  2005
through 2010.  Pursuant to FASB Staff Position No. 109-1,  "Application  of SFAS
No. 109  (Accounting  for  Income  Taxes),  to the Tax  Deduction  on  Qualified
Production  Activities  provided by the AJCA," the 

                                       15


effect of this deduction is reported in the period in which it is claimed on the
Company's  tax  return.  Although  the  Company  recorded a tax  benefit for the
manufacturing  deduction,  the amount of the benefit is  immaterial in the first
quarter and is anticipated to be immaterial for the year.

In return for this  manufacturing  deduction,  the AJCA  provides for a two-year
transition from the existing ETI exclusion tax benefit for foreign sales,  which
the World Trade  Organization  ("WTO") ruled was an illegal export subsidy.  The
European Union believes that the AJCA fails to adequately  repeal illegal export
subsidies  because  of these  transitional  provisions  and has asked the WTO to
review whether these  transitional  provisions are in compliance  with the WTO's
prior  ruling.  Until the final  resolution of this matter,  management  will be
unable to predict what impact, if any, it will have on future earnings.

New Accounting Standards
------------------------
In December  2004, the Financial  Accounting  Standards  Board  ("FASB")  issued
Statement  of Financial  Accounting  Standards  ("SFAS") No. 123R,  "Share-Based
Payment."  This statement  replaces SFAS No. 123,  "Accounting  for  Stock-Based
Compensation"  and supersedes  Accounting  Principles Board "("APB") Opinion No.
25, "Accounting for Stock Issued to Employees." SFAS No. 123R requires that new,
modified  and  unvested  share-based  payment  transactions  with  employees  be
measured at fair value and recognized as  compensation  over the vesting period.
The Company adopted SFAS No. 123R in the fourth quarter of 2004,  retroactive to
February 1, 2004,  using the modified  retrospective  method of transition which
allows for the restatement of interim financial  statements based on the amounts
previously  calculated  and  reported  in the  pro  forma  footnote  disclosures
required by SFAS No. 123. The results of the  restatement  for the first quarter
of 2004 had the effect of  reducing  earnings  from  operations  by  $5,641,000,
reducing net earnings by $3,497,000 and reducing basic and diluted  earnings per
share by $0.02.  The balance sheet and statement of cash flows as of and for the
first quarter of 2004 were also restated accordingly.

In November 2004, the FASB issued SFAS No. 151, "Inventory Costs-an amendment of
ARB No. 43,  Chapter 4". SFAS No. 151 amends the guidance in ARB No. 43, Chapter
4, "Inventory  Pricing," to clarify the accounting for abnormal  amounts of idle
facility expense, freight,  handling costs and wasted material (spoilage).  This
Statement requires that those items be recognized as current period charges.  In
addition, SFAS No. 151 requires that allocation of fixed production overheads to
the  costs of  conversion  be based on the  normal  capacity  of the  production
facilities. SFAS No. 151 is effective for inventory costs incurred during fiscal
years  beginning  after June 15, 2005.  Management is currently  evaluating  the
effect that the adoption of this statement will have on the Company's  financial
position, earnings or cash flows.

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.  The  Company  had  a net  cash  outflow  from  operating  activities  of
$45,745,000 in the first quarter, compared with an outflow of $74,935,000 in the
first  quarter  of 2004.  The  reduced  outflow  was due to  smaller  growth  in
inventories  partly offset by increased tax payments  largely  associated with a
gain recognized on the sale of its equity  holdings in Aber Diamond  Corporation
in the fourth quarter of 2004.

Working Capital
---------------
Working capital (current assets less current  liabilities) and the corresponding
current   ratio   (current   assets   divided  by  current   liabilities)


                                       16


were  $1,206,307,000 and 4.9 at April 30, 2005, compared with $1,208,068,000 and
4.0 at January 31, 2005 and $955,927,000 and 3.4 at April 30, 2004.

Accounts  receivable,  less  allowances at April 30, 2005 were 10% lower than at
January 31, 2005 (which is  typically a seasonal  high point) and were 5% higher
than at April 30, 2004 due to sales growth.

Inventories,  net at April 30, 2005 were 2% above January 31, 2005 and 11% above
April 30, 2004. Combined raw material and work-in-process  inventories decreased
2% versus  January 31, 2005 and increased 5% versus April 30, 2004. The increase
versus April 30, 2004 resulted from expanded direct  rough-diamond  sourcing and
increased costs of raw materials. Finished goods inventories increased 3% versus
January  31,  2005  and  14%  versus  April  30,  2004  largely  due to new  and
anticipated store openings,  anticipated  comparable store sales growth, product
introductions  and  merchandising  investments.   Changes  in  foreign  currency
exchange rates had an insignificant  effect on the changes in inventory balances
from January 31, 2005 and April 30,  2004.  The Company  continually  strives to
manage its  inventories by developing  more effective  systems and processes for
product  development,  assortment  planning,  sales  forecasting,   supply-chain
logistics,  and  store  replenishment.   Management  expects  that  the  overall
year-over-year  rate of inventory  growth will  decelerate from 21% in 2004 to a
mid-single-digit percentage increase in 2005.

Capital Expenditures
--------------------
Capital  expenditures  were  $31,879,000  in the  first  quarter  compared  with
$28,964,000  in the first  quarter of 2004.  Management  estimates  that capital
expenditures will be approximately  $175,000,000 in 2005 due to costs related to
the opening and renovation of stores and manufacturing facilities and to ongoing
investments  in new systems.  Management  continues to expect that total capital
expenditures in 2005 and beyond will approximate 7-8% of net sales.

In 2000, the Company began a multi-year  project to renovate and reconfigure its
New  York  flagship  store  in  order  to  increase  the  total  sales  area  by
approximately  25%,  and to  provide  additional  space  for  customer  service,
customer   hospitality   and   special   exhibitions.   The  Company  has  spent
approximately  $83,300,000 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 $110,000,000 when completed in 2007.

Share Purchases
---------------
In March 2005,  the Board of  Directors  approved a new stock  purchase  program
("2005  Program")  that  authorized  the purchase of up to  $400,000,000  of the
Company's  common  stock  through  March  2007  through  open  market or private
transactions.  The 2005 Program replaced and terminated an earlier program.  The
timing of purchases and the actual number of shares to be purchased  depend on a
variety of discretionary  factors such as price and other market conditions.  In
the first quarter,  the Company purchased and retired 1,036,792 shares of Common
Stock at a cost of $33,978,000, or an average cost of $32.77 per share. At April
30, 2005,  there remained  $375,004,000 of  authorization  for future  purchases
under the 2005  Program.  Future  purchases  under the 2005 Program in excess of
$134,000,000  are  currently  subject  to lender  approval  under the  Company's
primary Credit Facility.

Borrowings
----------
The Company's sources of working capital are internally-generated cash flows and
funds available under multicurrency revolving credit facilities.

The  ratio  of  total  debt  (short-term   borrowings  and  long-term  debt)  to
stockholders'  equity was 26% at April 30, 2005, 26% at January 31, 2005 and 35%
at April 30, 2004.


                                       17


Based  on the  Company's  financial  position  at  April  30,  2005,  management
anticipates  that cash on hand,  internally-generated  cash  flows and the funds
available  under revolving  credit  facilities will be sufficient to support the
Company's planned worldwide business expansion, share repurchases,  debt service
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 April
30, 2005 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, 2005.

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,  earnings 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.

In  Japan,  the  Company  uses yen put  options  to  minimize  the  impact  of a
strengthening of the U.S. dollar on  yen-denominated  transactions.  To a lesser
extent, the Company uses  foreign-exchange  forward contracts to protect against
weakening local currencies.  Gains or losses on these instruments  substantially
offset losses or gains on the assets, liabilities and transactions being hedged.
Management does not expect  significant  changes in foreign currency exposure in
the near future.

The  Company  uses  interest  rate  swap  contracts   related  to  certain  debt
arrangements  to manage its net exposure to interest  rate changes and to reduce
its overall  borrowing  costs.  The  interest  rate swap  contracts  effectively
convert fixed-rate obligations to floating-rate instruments. Additionally, since
the fair  value of the  Company's  fixed-rate  long-term  debt is  sensitive  to
interest rate  changes,  the interest  rate swap  contracts  serve as a hedge to
changes in the fair value of these debt instruments.

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,  including  changes in  consumer  preferences  for  certain
jewelry styles and materials.  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

                                       18


expectations communicated by management:  (i) that low or negative growth in the
economy or 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  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 which have TIFFANY & CO. retail  locations;  (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 and retail market for high-quality rough and cut diamonds will provide
continuity of supply and pricing;  (x) that the Company's rough diamond sourcing
initiative  achieves  its  financial  and  strategic  objectives;  (xi) that the
Company's  gross margins in Japan and for diamond  products can be maintained in
the face of increased  competition  from  traditional and e-commerce  retailers;
(xii)  that the  Company  is able to pass on higher  costs of raw  materials  to
consumers through price increases;  (xiii) that the sale of counterfeit products
does not  significantly  undermine  the value of the  Company's  trademarks  and
demand for the Company's products;  (xiv) 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;
(xv) that the  Company  can achieve  satisfactory  results  from any current and
future businesses into which it enters that are operated under non-TIFFANY & CO.
trademarks  or trade names;  and (xvi) 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.





                                       19



Part I.  Financial Information
Item 4.  Controls and Procedures

    (a) Evaluation of Disclosure Controls and Procedures

     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 April 30, 2005, 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.











                                       20

 

PART II. Other Information
Item 2.  Unregistered Sales of Equity Securities and Use of Proceeds




This table  provides  information  with  respect to  purchases by the Company of
shares of its Common Stock during the first fiscal quarter of 2005:




______________________________________________________________________________________________________
                                                                          

                                                                      (c)Total
                                                                     Number of        (d)Approximate
                                                                        Shares          Dollar Value
                                                                     Purchased        of Shares that
                                 (a)Total                            Under all            May Yet be
                                Number of          (b)Average         Publicly             Purchased
                                   Shares          Price Paid        Announced             Under the
Period                          Purchased           Per Share        Programs*             Programs*
______________________________________________________________________________________________________

February 1, 2005 
through
February 28, 2005                       -                   -                -                     -
______________________________________________________________________________________________________

March 1, 2005 
through
March 31, 2005                    510,840              $32.14          510,840          $392,565,000
_____________________________________________________________________________________________________

April 1, 2005 
through
April 30, 2005                    525,952              $33.39          525,952          $375,004,000
______________________________________________________________________________________________________

Total                           1,036,792              $32.77        1,036,792          $375,004,000
======================================================================================================



 

* During the quarter ended April 30, 2005,  purchases  were made pursuant to two
publicly  announced  programs.  Under the program announced in November 2003 the
Issuer  was  authorized  to  expend  up to  $116,500,000  to  purchase  Issuer's
outstanding  Common Stock.  That program was scheduled to expire on November 30,
2006  but was  early  terminated  on  March  17,  2005  upon  the  adoption  and
announcement  of a new program.  Under the program  announced on March 17, 2005,
Issuer was authorized to expend up to $400,000,000 to purchase its Common Stock.
This  program  will expire on March 30,  2007.  Purchases  under this program in
excess of  $134,000,000  are  currently  subject  to lender  approval  under the
Company's multi-bank credit facility.












                                       21




ITEM 6         Exhibits and Reports on Form 8-K

     (a)       Exhibits:

               31.1      Certification of Chief Executive Officer pursuant to 
                         Section 302 of the Sarbanes-Oxley Act of 2002.

               31.2      Certification of Chief Financial Officer pursuant to 
                         Section 302 of the Sarbanes-Oxley Act of 2002.

               32.1      Certification of Chief Executive Officer Pursuant to 18
                         U.S.C. Section 1350, as adopted pursuant to Section 906
                         of the Sarbanes-Oxley Act of 2002.

               32.2      Certification of Chief Financial Officer Pursuant to 18
                         U.S.C. Section 1350, as adopted pursuant to Section 906
                         of the Sarbanes-Oxley Act of 2002.



(b)            Reports on Form 8-K:


               On  February  28,  2005,   Registrant   issued  a  press  release
               announcing  its unaudited  earnings and results of operations for
               the fourth quarter and fiscal year ended January 31, 2005.

               On  March  16,  2005,  Registrant  filed a  Report  on  Form  8-K
               reporting that the Compensation  Committee of Registrant's  Board
               of  Directors  had made  various  changes to date in fiscal 2005.
               Forms of changed  awards,  terms and  agreements  subject to such
               changes  made in  fiscal  2005  were  attached  as  exhibits  and
               incorporated by reference.

               On March 18, 2005,  Registrant issued a press release  announcing
               that the  Board of  Directors  of  Tiffany & Co.  (NYSE-TIF)  had
               approved a new stock repurchase program.

               On  April  14,  2005,  Registrant  filed a  Report  on  Form  8-K
               reporting  that  subsequent  to the  Company's  February 28, 2005
               press release announcing unaudited fiscal 2004 fourth quarter and
               annual results, certain expenses associated with the expensing of
               share-based    compensation   were   reclassified    within   the
               consolidated statement of earnings.

















                                       22





                                   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: June 1, 2005                         By:     /S/ James N. Fernandez
                                                   ----------------------------
                                                   James N. Fernandez
                                                   Executive Vice President and
                                                   Chief Financial Officer
                                                   (principal financial officer)







                                      





                                  EXHIBIT INDEX


EXHIBIT         DESCRIPTION
NUMBER

31.1            Certification  of Chief Executive  Officer  pursuant to Section
                302 of the Sarbanes-Oxley Act of 2002.

31.2            Certification of Chief Financial Officer pursuant to Section
                302 of the Sarbanes-Oxley Act of 2002.

32.1            Certification of Chief Executive Officer Pursuant to 18 U.S.C.
                Section 1350, as adopted pursuant to Section 906 of the
                Sarbanes-Oxley Act of 2002.

32.2            Certification of Chief Financial Officer Pursuant to 18 U.S.C.
                Section 1350, as adopted pursuant to Section 906 of the
                Sarbanes-Oxley Act of 2002.