Coach Reaffirms First Fiscal Quarter Expectations; Earnings Per Share Of $0.27-$0.28; Sales Growth of 14%.Business Editors NEW YORK--(BUSINESS WIRE)--September 17, 2001 Coach, Inc. (NYSE NYSE See: New York Stock Exchange : COH CoH City of Heroes (gaming) CoH Company of Heroes (game) COH City of Hope COH Court of Honor (Boy Scouts of America) COH Controlled Ovarian Hyperstimulation ), a leading marketer of modern classic American accessories, today reaffirmed sales and earnings per share expectations for the first fiscal quarter ending September 29, 2001. The company expects to report sales of at least $150 million, a 14% increase from the $131.5 million in the prior year's first quarter. Further, the company continues to project earnings per share of $0.27-$0.28, compared to $0.25 reported for the comparable period a year ago, before the impact of certain reorganization charges taken in the year-ago quarter. These first quarter sales and earnings projections are consistent with original guidance provided on July 30, 2001 when the company announced fiscal year 2001 results. Lew Frankfort, Chairman and Chief Executive Officer of Coach, Inc., said, "Last week's incomprehensible tragedy has shocked and greatly saddened us. We are extremely thankful that all Coach employees, including those from our World Trade Center store, are safe. Our thoughts remain with the victims, their families and all those who have been valiantly participating in search and rescue efforts in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of and Washington DC." "Given the recent tragic events, we feel obligated ob·li·gate tr.v. ob·li·gat·ed, ob·li·gat·ing, ob·li·gates 1. To bind, compel, or constrain by a social, legal, or moral tie. See Synonyms at force. 2. To cause to be grateful or indebted; oblige. to reassure our shareholders that we continue to expect to meet our first quarter sales and earnings projections. Further, while it's obviously premature to gauge the impact of this tragedy on the American psyche, consumer spending Consumer demand or consumption is also known as personal consumption expenditure. It is the largest part of aggregate demand or effective demand at the macroeconomic level. in general, or on Coach's business in particular, we remain confident that our operating strategies, business processes and ability to adapt to changing conditions will enable us to continue to deliver superior financial results," Mr. Frankfort concluded. Coach, with headquarters in New York, is a leading American marketer of fine accessories and gifts for women and men, including handbags, business cases, furniture, luggage and travel accessories, wallets, footwear, watches, outerwear and related accessories. Coach is sold worldwide through Coach stores, select department stores This is a list of department stores. In the case of department store groups the location of the flagship store is given. This list does not include large specialist stores, which sometimes resemble department stores. and specialty stores Noun 1. specialty store - a store that sells only one kind of merchandise shop, store - a mercantile establishment for the retail sale of goods or services; "he bought it at a shop on Cape Cod" , through the Coach catalogue in the U.S. by calling 800-262-2411 and through Coach's website at www.Coach.com. Coach's shares are traded on The New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. under the symbol COH. This press release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. , based on current expectations, that involve risks and uncertainties that could cause results of Coach, Inc. to differ materially from management's current expectations. These forward-looking statements can be identified by the use of forward-looking terminology such as "may," "will," "should," "expect," "intend," "estimate," "are positioned to," "continue," "project," "guidance," "forecast," "anticipated," or the negative thereof or comparable terminology, including predictions of future results. Future results will vary from historical results, and historical growth is not indicative of future trends. Our future results will depend upon expected economic trends, our ability to anticipate consumer preferences for accessories and fashion trends, our ability to control costs, our store expansion and renovation program, currency fluctuations, and other factors. Please refer to the company's most recent Prospectus for a complete list of risk factors. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion