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Calculate the 2011 Return on Equity for Tiffany and Company (using the financial statement provided to you). The correct answer is: 18.7% 71.8% 81.7% 17.8%

Calculate the 2011 Return on Equity for Tiffany and Company (using the financial statement provided to you). The correct answer is: 18.7% 71.8% 81.7% 17.8% 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 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 Selling, general & administrative 1,442,728 1,227,497 1,089,727 1,153,944 expenses Net earnings from continuing operations Net earnings 439,190 368,403 265,676 232,155 439,190 368,403 264,823 220,022 Net earnings from continuing 3.40 2.87 2.12 1.84 operations per diluted share Net earnings per diluted share 3.40 2.87 Weighted-average number of diluted 129,083 128,406 2.11 125,383 1.74 126,410 common shares BALANCE SHEET AND CASH FLOW DATA Total assets 4,158,992 $ 3,735,669 $ 3,488,360 $ Cash and cash equivalents 3,102,283 433,954 681,591 Inventories, net 785,702 160,445 2,073,212 1,625,302 1,427,855 Short-term borrowings and long-tem 712,147 688,240 debt (including current portion) 754,049 Stockholders' equity 2,348,905 Working capital 2,177,475 1,883,239 2,262,998 Cash flows from operating activities 2,204,632 210,606 298,925 Capital expenditures 1,845,393 687,199 239.443 Stockholders' equity per share 127,002 18.54 Cash dividends paid per share 17.15 1.12 0.95 75,403 14.91 0.68 1,601,236 708,804 1,588,371 1,446,812 142 270 154,409 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 S 4,158,992 $ 3,735,669 $ 3,488,360 $ 3,102,283 Cash and cash equivalents 433,954 681,591 Inventories, net 2,073,212 1,625,302 785,702 1,427,855 160,445 1,601,236 Short-term borrowings and long-term 712,147 688.240 754,049 708,804 debt (including current portion) Stockholders' equity Working capital QQ 2,177,475 1,883,239 2,204,632 1,845,393 1,588,371 1,446,812 Cash flows from operating activities 210.606 298,925 687,199 142,270 Capital expenditures 239.443 127.002 75.403

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