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Net sales down 1% at Coach in FY16
30
Oct '15
For the first fiscal quarter ended September 26, 2015, net sales at Coach, Inc, a New York design house of modern luxury accessories and lifestyle brands were down 1 per cent from a fiscal ago quarter.

Net sales totaled $1.03 billion for the first quarter of fiscal 2016 compared with $1.04 billion, it reported in the same period of the prior fiscal.

“However, on a constant currency basis, total sales increased 3 per cent,” a press release from the US headquartered company informed.

Gross profit fell to $697 million in the reporting quarter versus $719 million a fiscal ago on a non-GAAP basis, while gross margin was 67.7 per cent as against 69.3 per cent.

SG&A expenses rode higher to $532 million in the quarter under review as against $503 million in the first quarter of fiscal 2015 on a non-GAAP basis, an increase of 6 per cent.

As a percentage of net sales, SG&A totaled 51.7 per cent on a non-GAAP basis compared to 48.4 per cent in the first quarter of previous fiscal.

Operating income for the quarter on a non-GAAP basis stood at $165 million as against $217 million in the corresponding quarter of earlier fiscal.

Net interest expense was $7 million in the first fiscal quarter of 2016 vis-à-vis net interest income of $1 million in the same quarter of fiscal 2015.

Net income for the reporting period on a non-GAAP basis added up to $113 million or $0.41 earnings per diluted share, which includes a contribution of $11 million or $0.04 per share from Stuart Weitzman.

This compares to non-GAAP net income in the first quarter of fiscal 2015 of $146 million or $0.53 earnings per diluted share.

CEO Victor Luis said, “We are pleased with our first quarter performance, which was consistent with our plan and reflected continued progress on our transformation journey.”

“We drove further sequential improvement in our North America bricks and mortar business - led, as expected, by our retail stores, with this momentum continuing into the second quarter,” he added.

Luis further added that their international businesses posted moderate growth on a constant currency basis, highlighted by double-digit increases in Europe and Mainland China, as well as sales gains in Japan.

“Overall, our results underscore our confidence that the cumulative impact of our actions will result in a return to top line growth in the current fiscal and positive North American comps by the end of the fiscal,” he stated. (AR)

Fibre2Fashion News Desk – India


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