Fourth quarter net sales at Coach totalled 1.13 billion dollars compared to 1.15 billion dollars in the prior year. Net income on a reported basis was152 million dollars, with earnings per diluted share of 0.53 dollar compared to 82 million dollars with earnings per diluted share of 0.29 dollar in the last year’s fourth quarter.
Victor Luis, CEO of Coach, Inc., said in a media statement, “Our strong fourth quarter results – in which we achieved mid-single-digit North America comparable store sales for the Coach brand and drove solid growth at Stuart Weitzman – capped an excellent FY17 performance for the company. For the year, we posted a double-digit increase in net income as we continued to make progress on our brand and company transformation plan. We also took a major step in our corporate transformation with the acquisition of Kate Spade & Company, which closed in July, becoming the first New York-based house of modern luxury lifestyle brands.
Excluding the additional week included in fiscal 2016 results, net sales increased 6 percent on a reported and 7 percent on a constant currency basis. The company said that as planned, its strategic decision to elevate the Coach brand’s positioning in the North American wholesale channel through a reduction in promotional events and door closures negatively impacted sales growth by approximately 60 basis points in the quarter.
Gross profit totalled 755 million dollars on a reported basis, while gross margin for the quarter was 66.5 percent on a reported basis compared to 67.8 percent in the prior year. On a non-GAAP basis, gross profit totalled 757 million dollars, while gross margin was 66.8 percent as compared to 67.8 percent in the prior year.
Operating income for the quarter on a reported basis totalled 193 million dollars, while operating margin was 17percent versus 10.1percent in the prior year. On a non-GAAP basis, operating income was 180 million dollars, while operating margin was 15.8 percent, including approximately 180 basis points versus 15.1 percent in last year’s fourth quarter.
On a non-GAAP basis, net income for the quarter totalled 142 million dollars, with earnings per diluted share of 0.50 dollar compared to 126 million dollars with earnings per diluted share of 0.45 dollar, including 0.07 dollar associated with the additional week, last year.
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