The New York-based company's gross profit totaled to $755 million on a reported basis, while gross margin for the quarter was 66.5 per cent on a reported basis compared to 67.8 per cent in the prior year. On a non-GAAP basis, gross profit totaled $757 million, while gross margin was 66.8 per cent as compared to 67.8 per cent in the prior year.
"Our strong fourth quarter results – in which we achieved mid-single-digit North America comparable store sales for the Coach brand and drove solid growth at Stuart Weitzman - capped an excellent FY17 performance for the company. For the year, we posted a double-digit increase in net income as we continued to make progress on our brand and company transformation plan," Victor Luis, chief executive officer of Coach, Inc., said.
The net sales totaled $4.49 billion for fiscal year 2017 as compared to $4.49 billion in the prior year. The company's gross profit totaled $3.08 billion on a reported basis, while gross margin for the year was 68.6 per cent as compared to 67.9 per cent in the prior year.
"We also took a major step in our corporate transformation with the acquisition of Kate Spade & Company, which closed in July, becoming the first New York-based house of modern luxury lifestyle brands. Kate Spade brings a new, unique brand attitude and an additional consumer segment to the Coach, Inc. portfolio and we expect that this acquisition will enhance our position in the attractive and growing $80 billion global premium handbag and accessories, footwear and outerwear market," added Luis.
The company expects revenue for fiscal 2018 to increase about 30 per cent versus fiscal 2017, to $5.8 to $5.9 billion, with low-single digit organic growth and the acquisition of Kate Spade adding over $1.2 billion in revenue.
"Naturally, we are focused on driving top and bottom-line growth for Coach, Inc., but we are also committed to taking the right steps to achieve sustainable long-term profitability through the health of our brands, by making the appropriate investments and carefully managing our distribution channels. This balance is critical to informing our strategic plan as we move forward into the next chapter as the first New York-based house of modern luxury lifestyle brands," Luis concluded. (RR)
Fibre2Fashion News Desk – India
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