At least that's what Luis told TheStreet in an interview on Tuesday, Aug. 15, after the luxury handbag and accessories maker reported second-quarter earnings of 50 cents a share on revenue of $1.13 billion, compared to Wall Street's estimates for earnings of 49 cents a share on $1.51 billion in revenue. The company's same-store sales rose 4% in North America.
Shares of Coach slipped nearly 10% in afternoon trading as Wall Street was likely looking for more optimism with guidance now that newly-acquired Kate Spade & Co. will be in the mix. Coach sees full year earnings of $2.35 to $2.40 a share, an increase of about 10% to 12% from the prior year. Analysts were looking for $2.49 a share.
Coach closed on its $2.3 billion acquisition of Kate Spade in July.
Here's a condensed and edited version of our interview with Luis.