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Coach maintains FY08 guidance at $2.06; up 22%
23
Jan '08
Coach Inc announced an increase of 21% in earnings per diluted share on a continuing operations basis to $0.69 for its second fiscal quarter ended December 29, 2007, up from $0.57 per diluted share a year ago. This substantial increase in earnings from the prior year's second quarter reflected a 21% gain in net sales.

In the second quarter, net sales were $978 million compared with the $806 million reported in the same period of the prior year. Net income rose 18% to $252 million, or $0.69 per diluted share, compared with $214 million, or $0.57 per diluted share in the prior year.

Lew Frankfort, Chairman and Chief Executive Officer of Coach, Inc., said, “We were very pleased to deliver holiday results which met our top and bottom-line expectations. Our strong overall performance reflects the critical balance provided by our diversified business model, which limits our dependence on any one channel. This enabled us to achieve our sales and earnings goals despite a tough retail environment in the U.S.”

For the second fiscal quarter, operating income totaled $403 million, up 18% from the $341 million reported in the comparable year ago period, while operating margin was 41.2% versus 42.3% reported for the prior year. During the quarter, gross profit rose 19% to $737 million from $621 million a year ago.

Gross margin was 75.4% versus 77.1% a year ago, impacted by the promotional environment in North America as well as currency fluctuations.SG&A expenses as a percentage of net sales declined 60 basis points to 34.2%, compared to the 34.8% reported in the year-ago quarter, as the company was able to leverage expenses – notably selling and distribution costs - on the higher sales base.


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