Mr. Frankfort added, “We launched our new, iconic, dual gender Legacy collection during the quarter. Inspired by our archives, this modern, leather-based collection reinforces our distinctiveness in the marketplace. Legacy has been embraced by consumers across all geographies and demographics, providing us with a major platform for the years to come.”
“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,” Mr. Frankfort concluded.
Coach will host a conference call to review these results at 8:30 a.m. (ET) today, October 23, 2012. Interested parties may listen to the webcast by accessing www.coach.com/investors on the Internet or dialing into 1-888-405-2080 or 1-210-795-9977 and asking for the Coach earnings call led by Andrea Shaw Resnick, SVP of Investor Relations. A telephone replay will be available starting at 12:00 noon today, for a period of five business days. The number to call is 1-866-352-7723 or 1-203-369-0080. A webcast replay of the earnings conference call will also be available for five business days on the Coach website.
Coach, with headquarters in New York, is a leading American marketer of fine accessories and gifts for women and men, including handbags, men’s bags, women’s and men’s small leathergoods, weekend and travel accessories, footwear, watches, outerwear, scarves, sunwear, fragrance, jewelry and related accessories. Coach is sold worldwide through Coach stores, select department stores and specialty stores, and through Coach’s website at www.coach.com. Coach’s common stock is traded on the New York Stock Exchange under the symbol COH and Coach’s Hong Kong Depositary Receipts are traded on The Stock Exchange of Hong Kong Limited under the symbol 6388.Neither the Hong Kong Depositary Receipts nor the Hong Kong Depositary Shares evidenced thereby have been or will be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"), and may not be offered or sold in the United States or to, or for the account of, a U.S. Person (within the meaning of Regulation S under the Securities Act), absent registration or an applicable exemption from the registration requirements. Hedging transactions involving these securities may not be conducted unless in compliance with the Securities Act. This press release contains forward-looking statements based on management's current expectations. These statements can be identified by the use of forward-looking terminology such as "may," "will," "should," "expect," “confidence,” “trends,” "intend," "estimate," "on track," "are positioned to," “on course,” “opportunity,” “become,” “forward,” "continue," "project," "guidance," “target,” "forecast,” “achieve,” "anticipated," or comparable terms. Future results may differ materially from management's current expectations, based upon risks and uncertainties such as expected economic trends, the ability to anticipate consumer preferences, the ability to control costs, etc. Please refer to Coach’s latest Annual Report on Form 10-K for a complete list of risk factors.
|CONDENSED CONSOLIDATED STATEMENTS OF INCOME|
|For the Quarters Ended September 29, 2012 and October 1, 2011|
|(in thousands, except per share data)|
|September 29,||October 1,|
|Cost of sales||316,182||285,706|
|Selling, general and|
|Interest income, net||36||114|
|Income before provision for income taxes||329,681||320,604|
|Provision for income taxes||108,300||105,621|
|Net income per share|
|Shares used in computing|
|net income per share|
|CONDENSED CONSOLIDATED BALANCE SHEETS|
|At September 29, 2012, June 30, 2012 and October 1, 2011|
|September 29,||June 30,||October 1,|
|Cash, cash equivalents and short term investments||$||760,755||$||917,215||$||847,975|
|Other current assets||231,397||208,361||168,526|
|Total current assets||1,768,587||1,804,528||1,689,148|
|Property and equipment, net||687,475||644,449||586,914|
|Other noncurrent assets||695,316||655,344||602,016|
|LIABILITIES AND STOCKHOLDERS' EQUITY|
|Current portion of long-term debt||22,279||22,375||800|
|Total current liabilities||730,903||718,160||631,373|
|Total liabilities and stockholders' equity||$||3,151,378||$||3,104,321||$||2,878,078|
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