Coach (COH) Higher on Q1 Report and Massive Buyback
Tweet
Share
E-mail
Get Alerts COH Hot Sheet
Join SI Premium – FREE
Shares of Coach, Inc. (NYSE: COH) are moving higher pre-market on Tuesday after the company reported quarterly earnings that were better than estimates. The report noted strong North American and international sales, with double digit comps in China.
Overall comps rose 5.5 percent, and revenue for the quarter was reported in-line with estimates at $1.16 billion compared to $1.05 billion in the same period last year.
EPS came in at 77 cents, a penny better than analyst estimates, and 4 cents better than last year.
Operating margin declined to 28.6 percent vs 30.7 percent last year. The company said this was a result of long term growth investments, especially in Asia.
In combination with its earnings report, the Coach announced a massive $1.5 billion stock buyback to be completed by mid-2015.
Commenting on the results, CEO Lew Frankfort concluded, "We are well positioned for the holiday season and remain confident in our ability to deliver double-digit growth during our planning horizon given the strength of the Coach brand and our increasing global expansion. Further, the announcement today of the authorization of a new buyback program reflects this confidence in Coach’s business outlook as well as our financial strength."
Shares of Coach last traded $57.39, up 6 from the close.
Overall comps rose 5.5 percent, and revenue for the quarter was reported in-line with estimates at $1.16 billion compared to $1.05 billion in the same period last year.
EPS came in at 77 cents, a penny better than analyst estimates, and 4 cents better than last year.
Operating margin declined to 28.6 percent vs 30.7 percent last year. The company said this was a result of long term growth investments, especially in Asia.
In combination with its earnings report, the Coach announced a massive $1.5 billion stock buyback to be completed by mid-2015.
Commenting on the results, CEO Lew Frankfort concluded, "We are well positioned for the holiday season and remain confident in our ability to deliver double-digit growth during our planning horizon given the strength of the Coach brand and our increasing global expansion. Further, the announcement today of the authorization of a new buyback program reflects this confidence in Coach’s business outlook as well as our financial strength."
Shares of Coach last traded $57.39, up 6 from the close.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Alphabet stock surges 11% to record high on Q1 earnings beat, first-ever dividend
- Edwards Lifesciences (EW) Tops Q1 EPS by 2c; offers guidance
- Nomura Holdings (NMR) Reports In-Line Q1 EPS
Create E-mail Alert Related Categories
Earnings, Hot EarningsRelated Entities
Lew Frankfort, Stock Buyback, EarningsSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
