Calculate the 2011 Operating Profit Margin for Tiffany and Company (using the financial statement provided to you). The correct answer is: 54% 19% 45% 91% September 30, 2011 September 30, 2010 September 30, 2009 September 30, 2008 (in thousands, except per share amounts) percentages, ratios, retail locations and employees) EARNINGS DATA Net sales Gross profit Selling, general & administrative expenses Net earnings from continuing operations Net earnings Net earnings from continuing operations per diluted share Net earnings per diluted share 2009 2008 2011 2010 $ 3,642,937 $ 3,085,290 $ 2,709,704 $ 2,848,859 2,151,154 1,822,278 1,530,219 1,646,442 1,442,728 1,227,497 1,089,727 1,153,944 439,190 368,403 265,676 232,155 439,190 368,403 264,823 220,022 3.40 2.87 2.12 1.84 3.40 2.87 Weighted-average number of diluted common shares 129,083 128,406 2.11 125,383 1.74 126,410 BALANCE SHEET AND CASH FLOW DATA Total assets 4,158,992 $ 3,735,669 $ 3,488,360 $ 3,102,283 Cash and cash equivalents 433,954 681,591 785,702 160,445 Inventories, net 2,073,212 1,625,302 1,427,855 Short-term borrowings and long-term 1,601,236 712,147 688,240 debt (including current portion) 754,049 708,804 Stockholders' equity 2,348,905 2,177,475 Working capital 1,883,239 2,262,998 1,588,371 2,204,632 Cash flows from operating activities 1,845,393 210,606 1,446,812 298,925 Capital expenditures 687,199 142.270 239.443 127,002 Stockholders' equity per share 75,403 18.54 Cash dividends paid per share 17.15 14.91 1.12 0.95 0.68 154,409 12.83 0.66 GOLBAL RESULTS FOR TIFFANY AND COMPANY (in thousands, except per share amounts) percentages, ratios, retail locations and employees) EARNINGS DATA Net sales Gross profit Selling, general & administrative expenses Net earnings from continuing operations Net earnings Net earnings from continuing operations per diluted share Net eamings per diluted share Weighted-average number of diluted common shares BALANCE SHEET AND CASH FLOW DATA Total assets September 30, 2011 September 30, 2010 September 30, 2009 September 30, 2008 2011 2010 2009 2008 $ 3,642,937 $ 3,085,290 $ 2,709,704 $ 2,848,859 2,151,154 1,822,278 1,530,219 1,646,442 1,442,728 1,227,497 1,089,727 1,153,944 439,190 368,403 265,676 232,155 439,190 368,403 264,823 220,022 3.40 2.87 2.12 1.84 3.40 129,083 2.87 2.11 128,406 125,383 1.74 126,410 $ 4.158.992 $ 3,735,669 $ 3,488,360 $ 3,102,283 Cash and cash equivalents 433,954 681,591 785,702 160,445 Inventories, net 2,073,212 1,625,302 1,427,855 1,601,236 Short-term borrowings and long-term 712.147 688,240 754,049 708,804 debt (including current portion) Stockholders' equity 2,177,475 1,883,239 1,588,371 Working capital 2,204,632 1,845,393 1,446,812 Cash flows from operating activities 210.606 298,925 687,199 142,270 Capital expenditures 239.443 127.002 75.403