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Coach Reports Fourth Quarter And Fiscal Year Earnings Per Share Of $0.89 And $3.73 Excluding Unusual Items; Outlines Transformation Strategy And Key Executive Appointments

Stocks in this article: COH

Coach, Inc. (NYSE: COH)(SEHK: 6388), a leading New York design house of modern luxury accessories, today reported net sales of $1.22 billion for its fourth fiscal quarter ended June 29, 2013, compared with $1.16 billion reported in the same period of the prior year, an increase of 6%. On a constant currency basis sales rose 9% for the quarter. Net income for the quarter totaled $254 million, with earnings per diluted share of $0.89 , excluding unusual items. This compared to net income of $251 million and earnings per diluted share of $0.86, in the prior year’s fourth quarter. Reported net income totaled $221 million with earnings per diluted share of $0.78.

For the fiscal year, net sales rose 7% to $5.08 billion from $4.76 billion the prior fiscal year while net income excluding unusual items increased 3% to $1.07 billion from $1.04 billion. On a constant currency basis sales rose 8% for the year. In addition, diluted earnings per share on a non-GAAP basis rose 6% to $3.73 from $3.53. Reported net income for the year totaled $1.03 billion and earnings per diluted share were $3.61.

Lew Frankfort, Chairman and Chief Executive Officer of Coach, Inc. said, “During the fourth quarter we approached double-digit growth in constant currency and continued to gain overall traction on our key strategies supporting our brand transformation. We generated strong international results, leveraged the Men’s opportunity globally, strengthened our digital capabilities and drove excellent initial results in the re-launch of footwear. While we maintained our outstanding profitability levels, we were not satisfied with our performance in the Women’s handbag and accessories category in North America.”

“Fiscal 2013 was also a year of many milestones, including the acquisition of our retail businesses in Malaysia and Korea and the transition of Coach Europe to a directly operated business just after the close of the year. During fiscal 2013, our Men’s business grew nearly 50% to over $600 million at retail. In China, our fastest growing market, sales grew 40% and totaled about $430 million. We also continued to make significant strides in strengthening our senior creative team.”

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