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Last $38.17 USD
Change Today +0.30 / 0.79%
Volume 3.6M
COH On Other Exchanges
Symbol
Exchange
Berlin
Hong Kong
As of 8:04 PM 05/4/15 All times are local (Market data is delayed by at least 15 minutes).

coach inc (COH) Key Developments

Coach Inc. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended March 28, 2015; Provides Capex Guidance for 2015

Coach Inc. reported unaudited consolidated earnings results for the third quarter and nine months ended March 28, 2015. The company announced sales of $929 million for its third fiscal quarter ended March 28, 2015, compared with $1.10 billion reported in the same period of the prior year, a decrease of 15%. Reported sales would have been 3% higher excluding the impact of currency. Net income for the period totaled $100 million, with earnings per diluted share of $0.36, excluding transformation-related charges. Reported net income totaled $88 million, with earnings per diluted share of $0.32. This compared to net income of $191 million and earnings per diluted share of $0.68 in the prior year's third quarter. For the third quarter, on a non-GAAP basis, operating income totaled $146 million, compared to $263 million reported in the year-ago period. During the quarter, on a non-GAAP basis, gross profit was $665 million from $781 million a year ago. For the quarter, reported operating income totaled $124 million, while operating margin was 13.3%. Reported gross profit was $665 million, while gross margin was 71.6%. Income before provision for income taxes was $122.8 million against $260.7 million a year ago. Non-GAAP basis, Income before provision for income taxes was $145.3 million against $260.7 million a year ago. Net cash from operating activities in the third quarter was $167 million compared to $105 million last year during the third quarter of 2014. CapEx spending was $45 million against $51 million in the same quarter a year ago. For the nine months ended March 28, 2015, net sales were $3.19 billion, down 13% from the $3.67 billion reported in the first nine months of fiscal 2014. On a constant currency basis, sales declined 11% for the period. Net income totaled $446 million, with earnings per diluted share of $1.61, excluding transformation- related charges and acquisition costs. Reported net income for the nine-month period totaled $391 million, with earnings per diluted share of $1.41. This compared to net income of $706 million and earnings per diluted share of $2.51 reported in the prior year's first nine months. Income before provision for income taxes was $579.1 million against $1,021.9 million a year ago. Operating income was $579.2 million against $1,021.9 million a year ago. Non-GAAP basis, gross profit was $665.5 million against $2,590.6 million a year ago. Operating income was $662.4 million against $1,020.3 million a year ago. Income before provision for income taxes was $662.3 million against $1,021.9 million a year ago. Net income was $446.2 million or $1.61 per diluted share against $706.1 million or $2.51 per diluted share a year ago. The company now expects CapEx for fiscal year of 2015 to be in the area of $275 million to $300 million, excluding the costs associated with the new.

Coach, Inc. Enters into an Amendment and Restatement Agreement

On March 18, 2015, Coach, Inc. announced that it entered into an Amendment and Restatement Agreement (the Amendment and Restatement Agreement), which amends and restates the company's Credit Agreement, dated as of June 18, 2012 (as amended by Amendment No. 1 dated March 26, 2013, Amendment No. 2 dated November 27, 2013 and Amendment No. 3 dated September 9, 2014 and as in effect prior to giving effect to the Amendment and Restatement Agreement, the Existing Credit Agreement), among the company, as borrower, JPMorgan Chase Bank, N.A., as administrative agent (the Administrative Agent), and a syndicate of banks and financial institutions (the Lenders) (the Restated Credit Agreement). The Amendment and Restatement Agreement provides for a five-year senior unsecured term loan facility in an aggregate amount of $300 million, the full amount of which will be drawn at closing. The term loan facility will be repaid in quarterly installments as follows: $3.75 million for September 30, 2015 through June 30, 2018, $7.50 million for September 30, 2018 through June 30, 2019 and $11.25 million for September 30, 2019 through December 31, 2019, and the remaining outstanding amount being due at maturity. The Amendment and Restatement Agreement also extends the maturity date of the company's existing $700 million revolving credit facility. The maturity date of the revolving credit facility under the Existing Credit Agreement was September 9, 2019. Pursuant to the Amendment and Restatement Agreement, the maturity date of the revolving credit facility and the term loan facility will be March 18, 2020.

Coach, Inc., Q3 2015 Earnings Call, Apr 28, 2015

Coach, Inc., Q3 2015 Earnings Call, Apr 28, 2015

Coach and Interparfums Sign Global License Agreement for Coach Fragrance

Coach, Inc. and Interparfums announced that they have entered into an 11-year exclusive worldwide fragrance license agreement. Under the agreement, Interparfums will create, produce and distribute new perfumes and fragrance-related products, including new men's and women's scents. Interparfums will distribute these fragrances globally to department and specialty stores and duty free shops, as well as in Coach retail stores beginning fall 2016.

Coach, Inc. Enters into an Amendment and Restatement of Credit Agreement

On March 18, 2015, Coach, Inc. announced that it entered into an Amendment and Restatement Agreement (the Amendment and Restatement Agreement), which amends and restates the company's Credit Agreement, dated as of June 18, 2012 (as amended by Amendment No. 1 dated March 26, 2013, Amendment No. 2 dated November 27, 2013 and Amendment No. 3 dated September 9, 2014 and as in effect prior to giving effect to the Amendment and Restatement Agreement, the Existing Credit Agreement), among the Company, as borrower, JPMorgan Chase Bank, N.A., as administrative agent (the Administrative Agent), and a syndicate of banks and financial institutions (the Lenders) (the Restated Credit Agreement). The Amendment and Restatement Agreement provides for a five-year senior unsecured term loan facility in an aggregate amount of $300 million, the full amount of which will be drawn at closing. The term loan facility will be repaid in quarterly installments as follows: $3.75 million for September 30, 2015 through June 30, 2018, $7.50 million for September 30, 2018 through December 31, 2018 and $11.25 million for September 30, 2019 through December 31, 2019, and the remaining outstanding amount being due at maturity. The Amendment and Restatement Agreement also extends the maturity date of the Company's existing $700 million revolving credit facility. The maturity date of the revolving credit facility under the Existing Credit Agreement was September 9, 2019. Pursuant to the Amendment and Restatement Agreement, the maturity date of the revolving credit facility and the term loan facility will be March 18, 2020.

 

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