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Coach, Inc. (COH) Tops Q1 EPS by 1c

October 22, 2013 7:05 AM EDT
Coach, Inc. (NYSE: COH) reported Q1 EPS of $0.77, $0.01 better than the analyst estimate of $0.76. Revenue for the quarter came in at $1.15 billion versus the consensus estimate of $1.19 billion.

Performance:

* Total North American sales decreased 1%, to $778 million from $784 million last year. North American direct sales also declined 1% for the quarter with comparable store sales down 6.8%. At POS, sales in North American department stores were modestly below prior year, while shipments into department stores declined slightly.
* International sales decreased slightly to $365 million from $367 million last year. On a constant currency basis, International sales rose about 9%. China results continued very strong, with total sales up over 35% and comparable store sales rising at a double-digit rate. In Japan, sales declined 2% on a constant currency basis, while dollar sales declined 22%, reflecting the weaker yen. At POS, sales in international wholesale locations increased, while shipments declined due to timing of a Chinese holiday versus the prior year. The company also completed the acquisition of its European joint venture during the period.

Lew Frankfort, Chairman and Chief Executive Officer of Coach, Inc., said, “During the first quarter we achieved slight overall sales gains in constant currency, benefiting from our geographic diversity. We continued to drive excellent growth in emerging markets and Europe as well as in the Men’s business and developing lifestyle categories, such as footwear. Importantly, we moved forward with our transformation initiatives across all consumer touch points - product, store environments and marketing - focused on addressing the competitive handbag and accessories category in North America.”

For earnings history and earnings-related data on Coach, Inc. (COH) click here.


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