Coach Q4 income tops expectations, but sales miss
New York -- Coach Inc. reported Tuesday that net income for the quarter ended June 30 rose 24% to $251.4 million, from $202.5 million in the same period last year, topping Wall Street projections.
The company’s revenue in the quarter rose 12% to $1.16 billion, below analysts’ expectations of $1.2 billion. Slowing growth at the company’s factory-outlet stores impacted sales. Coach reinstated coupons at its factory stores late in the quarter amid increasing discounting among retailers.
Same-store sales at North American stores edged up 1.7%.
Coach's full-year earnings climbed to $1.04 billion from $880.8 million in the previous year. Annual revenue rose 14% to $4.76 billion, from $4.16 billion.