Coach reports 1% rise in Q1FY17 sales

05 Nov '16

1 min read

Luxury accessories retailer Coach, Inc reported net sales at $1.04 billion in the three months to October 1, 2016, up 1 per cent on a reported basis and down 1 per cent on a constant currency basis. The results include around 150 basis points of pressure related to the company's strategic decision to reduce promotional events and close stores.

For the first quarter of fiscal 2017, gross profit touched $715 million, an increase of 3 per cent on a reported basis and non-GAAP basis, while gross margin stood at 68.9 per cent compared to 67.6 per cent in the prior fiscal's first quarter.

Operating income for the reporting quarter reached $166 million on a reported basis, a rise of 17 per cent year on year, while operating margin stood at 16.0 per cent as against 13.7 per cent in the fiscal ago quarter.

In the quarter under review, net income was up at $117 million or $0.42 earnings per diluted share vis-à-vis net income of $96 million or $0.35 earnings per diluted share in the first quarter of fiscal 2016. (AR)

Fibre2Fashion News Desk – India

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