Strong China and Men's Sales Push Coach (COH) Past Q2 Views
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Coach (NYSE: COH) is no bench warmer Tuesday following strong second-quarter numbers that saw a boost from China.
Revenue rose 14.6 percent from $1.27 billion during the same period last year to $1.45 billion. The number bested Street views calling for revs of $1.43 billion.
Net income also gained a respectable 14.5 percent to $347.50 million, or $1.18 per diluted share, which was similar following adjustments for one-time items. The Street expected EPS of $1.15.
Coach's direct-to-customer sales "which now include our Singapore business, increased 17% to $1.28 billion from $1.10 billion last year. North American comparable store sales for the quarter rose 8.8%. In Japan, sales were even on a constant-currency basis, while dollar sales rose 6% driven by a stronger yen. China sales remained robust, as POS sales continued to comp at a double-digit rate."
Operating margins improved slightly from 35.9 percent in the same period last year to 36.0 percent.
"We’re also excited about the results we’re achieving in our Men’s business, which is on track to double in FY12, to over $400 million globally," said CEO Lew Frankfort. "Coach Men’s has been successful across all concepts and store types and in all geographies and channels."
Shares are up over 3 percent early Tuesday.
Revenue rose 14.6 percent from $1.27 billion during the same period last year to $1.45 billion. The number bested Street views calling for revs of $1.43 billion.
Net income also gained a respectable 14.5 percent to $347.50 million, or $1.18 per diluted share, which was similar following adjustments for one-time items. The Street expected EPS of $1.15.
Coach's direct-to-customer sales "which now include our Singapore business, increased 17% to $1.28 billion from $1.10 billion last year. North American comparable store sales for the quarter rose 8.8%. In Japan, sales were even on a constant-currency basis, while dollar sales rose 6% driven by a stronger yen. China sales remained robust, as POS sales continued to comp at a double-digit rate."
Operating margins improved slightly from 35.9 percent in the same period last year to 36.0 percent.
"We’re also excited about the results we’re achieving in our Men’s business, which is on track to double in FY12, to over $400 million globally," said CEO Lew Frankfort. "Coach Men’s has been successful across all concepts and store types and in all geographies and channels."
Shares are up over 3 percent early Tuesday.
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