Coach, Inc. (COH) Tops Q4 EPS by 6c

Coach, Inc. (NYSE: COH) reported Q4 EPS of $0.59, $0.06 better than the analyst estimate of $0.53. Revenue for the quarter came in at $1.14 billion versus the consensus estimate of $1.1 billion.

Comps declined 17%.

Fourth fiscal quarter and fiscal year sales results in each of Coach’s primary segments were as follows:

• Total North American sales decreased 16% for the quarter to $691 million from $825 million last year. North American direct sales declined 15% for the quarter with comparable store sales down 17%. At POS, sales in North American department stores were modestly above prior year while shipments into this channel decreased, as expected.For the full year, total North American sales decreased 11% to $3.10 billion from $3.48 billion last year. North American direct sales declined 10% for the year with comparable store sales down 15%. At POS, sales in North American department stores were slightly below prior year while shipments into this channel also declined as planned.

• International sales increased 7% for the quarter to $414 million from $388 million last year. On a constant currency basis, sales rose 9% for the quarter. China results continued to be very strong, with total sales growing 20% and comparable store sales rising at a double-digit rate. In Japan, sales were down 6% versus prior year on a constant-currency basis, while dollar sales declined 10%, reflecting the weaker yen. Shipments into international wholesale accounts declined, while underlying POS sales rose.For the full year, international sales rose 6% to $1.64 billion from $1.56 billion generated in fiscal 2013. On a constant currency basis, sales rose 12% for the year. China results were robust, with total sales growing over 25% to $545 million and comparable store sales rising at a double-digit rate. In Japan, sales were equal to prior year on a constant currency basis, while dollar sales declined 14%, reflecting the weaker yen. Shipments into international wholesale accounts were even with prior year, while underlying POS sales increased.

The company also announced that its Board of Directors declared a quarterly cash dividend of $0.3375 per common share, maintaining an annual rate of $1.35.

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

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