The company will open six stores in the United States andapproximately 20 units internationally this year. One US unit willbe in a new, smaller 2,000-sf format, in Los Angeles.

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"We believe the design of this exciting smaller store formatwill help the selling and service environment that will furtherenhance Tiffany's appeal to the self-purchase customer and broadenour expansion plans," said Michael J. Kowalski, chairman and chiefexecutive officer.

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International expansion will dominate, including the company'sfirst units in Spain and Belgium, and openings in Asia andAustralia.

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For the fourth quarter, sales were $1.1 billion, up 10% from theprevious year. Worldwide comp sales rose 1%. Net earnings were$118.3 million, down 16% from the previous year due in part to anumber of one-time charges.

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For the year, net sales were $2.9 billion, up 15% from theprevious year. Comparable store sales increased 7%. Net earnings inthe fiscal year increased 20% to $303.8 million, up 20% from lastyear.

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At year-end, the company operated 184 Tiffany & Co. storesand boutiques worldwide.

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