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Coach Tops Third Quarter Profit Forecasts

Coach Inc on Tuesday reported fiscal third-quarter profit of $122.2 million.
Coach Autumn/Winter 2017 | Source: Indigital.tv
By
  • Associated Press

NEW YORK, United StatesCoach Inc on Tuesday reported fiscal third-quarter profit of $122.2 million.

On a per-share basis, the New York-based company said it had net income of 43 cents. Earnings, adjusted for non-recurring costs and costs related to mergers and acquisitions, were 46 cents per share.

The results exceeded Wall Street expectations. The average estimate of 14 analysts surveyed by Zacks Investment Research was for earnings of 44 cents per share.

The luxury handbag maker posted revenue of $995.2 million in the period, which did not meet Street forecasts. Nine analysts surveyed by Zacks expected $1.02 billion.

Coach shares have increased 11 percent since the beginning of the year, while the Standard & Poor's 500 index has risen nearly 7 percent. The stock has dropped nearly 4 percent in the last 12 months.

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