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Article: Coach Reports Third Quarter Earnings Per Share of $0.23; Up 51% and Ahead of Expectations; Raises Guidance for FY05; Announces Buyout of Coach Japan Joint Venture Partner.
- Article from:
- Business Wire
- Article date:
- April 26, 2005
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Copyright informationCOPYRIGHT 2005 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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NEW YORK -- Coach, Inc. (NYSE: COH), a leading marketer of modern classic American accessories, today announced a 51% increase in earnings per diluted share to $0.23 for its third fiscal quarter ended April 2, 2005. This substantial increase in earnings from the prior year's third quarter reflected a 33% gain in net sales combined with operating margin improvement. In addition, the company announced the purchase of Sumitomo's 50% interest in Coach Japan, Inc. for approximately $225 million plus undistributed profits and paid-in capital of about $75 million. The purchase is expected to close at the end of the current fiscal year and be accretive to earnings in FY06.
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