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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Tapestry Inc | NYSE:TPR | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.465 | -1.16% | 39.455 | 39.87 | 39.155 | 39.80 | 1,591,298 | 18:50:37 |
By Lisa Beilfuss
Coach Inc. said profit plunged in its latest quarter as the luxury retailer reported deteriorating sales and restructuring-related charges.
But results beat expectations and the company issued upbeat guidance for the newly-started business year, pushing shares 4% higher premarket.
Coach said it expects full-year revenue to grow by low-single digits, adjusted for currency. Analyst have expected 1% revenue growth, according to Thomson Reuters. The recently acquired Stuart Weitzman business will help drive results, Coach said.
For the quarter ended June 27, the retailer reported a 12% sales drop from a year earlier, with sales at existing Coach retail stores down 19% in North America and international same-store sales down slightly.
The declines come as Chief Executive Victor Luis tries to turn the company around after overexpansion and heavy discounting tarnished the handbag and accessories maker. Coach has dialed back on promotions, improved its designs and material quality and closed underperforming stores.
Fewer discounts in the latest quarter helped Coach's gross margin rise to 68.5% from 62.2%, but lower promotional activity cut into sales.
Overall profit plummeted to $11.7 million from $75.2 million. On a per-share basis, earnings fell to 4 cents from 68 cents. Excluding items, earnings per share fell to 31 cents from 59 cents.
Revenue declined 12% to $1 billion. The Stuart Weitzman acquisition, completed in May, added $43 million, Coach said. Stripping out currency effects, sales fell 8%.
Analysts anticipated 29 cents in per-share profit on $973 million in revenue.
The company booked $66 million in restructuring-related costs and $21 million in charges associated with the Stuart Weitzman purchase.
International sales fell 5%, hit by a stronger U.S. dollar that makes the company's goods more expensive abroad. Excluding currency fluctuations, international sales rose 3%.
Shares of Coach fell 19% this year through Monday's close. Handbag rivals Kate Spade & Co. and Michael Kors Holdings Ltd., down 37% and 48% this year, respectively, are due to report quarterly results later this week.
Write to Lisa Beilfuss at lisa.beilfuss@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
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