All of these coincide with the company's expansion. The increase in sales is due to new customers. Whereas, the increase in assets in due to building new stores, and increasing inventory. Even the increase in liabilities is reasonable in a time of expansion, so that a company doesn't risk overextending itself. As previously discussed, the company has expanded.
Sales is the company's main source of funds.
However, the liquidity is backed up by an equallu large amount of cash from operating activities and some borrowing as seen through the increase in long-term liabilities. There are no rapid gains or losses in it's ROE pattern, and it does not fluctuate back and forth constantly. The lower beta is probably due to the fact that Tiffany's is a much older an established firm. By now, an investor would hope that the company knew their market well and would be able to adapt accordingly. This means that this model fails, at least for use in evaluating this stock.