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Nomura: 'Transformation Is Progressing' At Coach

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In a report published Tuesday, Nomura analysts maintained a Buy rating on Coach, Inc (NYSE: COH), following a series of discussions with the management, including Victor Luis, CEO, and Global Head of Investor Relations & Corporate Communications, Andrea Shaw Resnick.

In the report, Nomura noted, "We continue to believe the Coach brand transformation is progressing according to plan and remain encouraged by the initial results. The company continues to execute its remodel and re-platforming initiatives, with 20 stores currently under the new format."

"Importantly, the 13 new stores in the Modern Luxury Concept comped positively in 2Q15 and the above-$400 price bucket increased to 30% of handbag sales from 20% last year," the analysts added.

"Plans for 2H15 include an additional 137 remodels, bringing the total to 150 remodel projects. Also, in addition to the seven new stores opened in the MLC, 2H15 plans include an additional 45 new stores, bringing the total to 50-60 new locations. The company will also be adding 40 new locations in department stores, adding ~4% square footage growth," Nomura said.

Latest Ratings for COH

Sep 2016GuggenheimInitiates Coverage onBuy
Sep 2016CLSAInitiates Coverage onBuy
Sep 2016Morgan StanleyDowngradesEqual-WeightUnderweight

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Posted-In: NomuraAnalyst Color Reiteration Analyst Ratings


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