Tiffany & Co. (NYSE: TIF) reported today that its net sales increased 15% in the fiscal year ended January 31, 2008 and rose 10% in the fourth quarter. Net earnings per diluted share from continuing operations excluding non-recurring items (see attached "Non-GAAP Measures" schedule) increased 22% to $2.33 in the year and increased 19% to $1.27 in the fourth quarter.

Tiffany & Co. announced that its third-quarter earnings more than tripled, thanks to strong sales growth and a hefty gain on the sale and leaseback of its Tokyo flagship store. It also raised its earnings guidance for the full year.