NEW YORK — Coach Inc. has declared a 2-for-1 stock split, effective on or about Oct. 1 for shareholders of record Sept. 17.
The split will be made in the form of a special dividend in which shareholders will receive one share of Coach stock for each share currently held, increasing the number of shares outstanding to about 183 million.
“The purpose of the stock split is to make our shares more accessible to individual investors and increase our market liquidity,” said chief executive Lew Frankfort in a statement.
Frankfort added that the firm’s “continuing superior financial performance reflects the increasing vitality of the brand. Given the strength of our unique business model, our broad and loyal consumer franchise and our proven strategies for sustainable growth, we’re well positioned for future success.”
The split was announced after the close of the equity markets. Coach shares closed at $51.92, up $1.05 or 2.1 percent, in New York Stock Exchange trading Thursday, 2.3 times their 52-week low of $22.50, reached last Oct. 10, and 91.1 percent of their 52-week high, reached July 29, of $57.
In the year ended June 28, Coach’s net income shot up 70.8 percent, to $146.6 million, or $1.58 a share, as sales expanded 32.5 percent to $953.2 million. The New York-based firm, spun off from Sara Lee Corp., expects earnings of at least $1.92 a share and revenues of $1.1 billion in the current year.
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