Tiffany & Co. has recently posted a double-digit sales and earnings growth for the year ended January 31, 2012 (“fiscal 2011”). Worldwide net sales rose 18 percent to $3.6 billion. On a constant-exchange-rate basis that excludes the effect of translating foreign-currency-denominated sales into U.S. dollars, worldwide net sales and comparable store sales rose 15 percent and 13 percent. Net earnings rose 19 percent to $439 million, or $3.40 per diluted share, compared with $368 million, or $2.87 per diluted share, in the prior year. Net earnings as a percentage of net sales rose to 12.1 percent, from 11.9 percent in the prior year. Net earnings in fiscal 2011 were reduced by $0.20 per diluted share for nonrecurring items related to the relocation of Tiffany’s headquarters staff.