Market Overview

UPDATE: Coach FQ4 Profit Tops Street View, Shares Jump

Related COH
Barclays Highlights 'Upside For Some' In Handbag Group, Considers Coach, Kate Spade, Michael Kors
Buckingham's Trade Pair? Coach Upgraded To Neutral, Kors Downgraded To Neutral
Will Hanesbrands' (HBI) Q2 Earnings Surpass Estimates? - Analyst Blog (Zacks)

Shares of Coach (NYSE: COH) jumped more than 4.5% in pre-market trading after the company reported stronger-than-expected fiscal fourth-quarter profit.

The New York-based company posted a quarterly profit of $75.3 million, or $0.27 per share, versus a year-ago profit of $221.3 million, or $0.78 per share. Excluding special items, Coach's earnings fell to $0.59 per share from $0.89 per share. Coach recorded charges of around $132 million for transformation and other related actions in the quarter.

Its sales slipped 7.1% to $1.14 billion. On a constant currency basis, sales fell 6%. However, analysts were estimating earnings of $0.53 per share on sales of $1.09 billion.

Coach's international sales rose 7% to $414 million. The company's sales in North America dropped 16% to $691 million in the quarter.

Victor Luis, Chief Executive Officer of Coach, Inc. said, “The fourth quarter capped a challenging year for the company, most notably in the North America women's bag and accessory business.”

Coach shares climbed 4.78% to $35.95 in pre-market trading.

Posted-In: profitEarnings News


Related Articles (COH)

Get Benzinga's Newsletters