Coach, Inc. on Tuesday posted third-quarter results that beat analysts expectations by 2 cents.
For the three months ended March 31, net income rose 37.8 percent to $150 million, or 40 cents a diluted share, from $108.8 million, or 28 cents, in the same year-ago quarter.
Wall Street analysts were expecting 38 cents in earnings per share. Sales rose 30.3 percent to $625.3 million from $479.7 million.
For the nine months, net income increased 33.6 percent to $503.1 million, or $1.34 a diluted share, from $376.6 million, or 96 cents, in the same year-ago period. Sales rose by 27.8 percent to $1.96 billion from $1.53 billion.
“We had another terrific quarter where our business grew significantly against a backdrop of sustained, rapid category growth. Our third quarter results exceeded our expectations, driven by the overall strength of the brand, great product performance and continued expansion in the North American handbag and small leather goods market. Throughout all channels of our business and across all geographies, consumers enthusiastically embraced our transitional and spring assortments, driving our top-line results. Our profitability improvement highlights our ability to achieve further operating margin expansion as our sales base increases,” said Lew Frankfort, chairman and chief executive officer of Coach, in a statement.
Alberta Ferretti's "Rainbow Week" sweaters are back. The designer closed her #MFW show with a few day-of-the-week sweaters, which first debuted on the catwalk last January as part of the pre-fall 2017 collection. #wwdfashion (📷: @delphineachard)