Coach Inc. on Tuesday reported quarterly profit that came in higher than Wall Street’s consensus estimate, although sales skirted below expectations. The luxury-goods maker said fiscal first-quarter profit was $96.4 million, or 35 cents a share, compared with $119.1 million, or 43 cents a share, a year ago. Adjusted per-share earnings of 41 cents were higher than 40 cents a share expected in a FactSet poll of analysts. Sales were $1.030 billion compared with $1.038 billion in the year-earlier period. Analysts had expected revenue of $1.038 billion. Coach shares were up 4.9% in thin premarket trading following the report. The stock this year has lost 19%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News