Board Declares Quarterly Dividend
Coach Inc. (NYSE:COH) (SEHK:6388), a leading New York design
house of modern luxury accessories and lifestyle brands, today
reported net sales of $1.00 billion for its fourth fiscal quarter
ended June 27, 2015, including a $43 million contribution from the
May acquisition of Stuart Weitzman. This compared with $1.14
billion reported in the same period of the prior year, a decrease
of 12%. On a constant currency basis, total sales declined 8% for
the period. Net income for the quarter totaled $85 million, with
earnings per diluted share of $0.31, excluding
transformation-related charges and acquisition costs. The
acquisition of Stuart Weitzman contributed $2 million to net income
and $0.01 to earnings per diluted share for the quarter. Net income
in the fourth quarter of FY14 totaled $164 million with earnings
per diluted share of $0.59, excluding transformation and other
actions. Reported net income for the fourth quarter of FY15 totaled
$12 million with earnings per diluted share of $0.04 compared to
the prior year’s reported net income of $75 million and earnings
per diluted share of $0.27.
For the fiscal year ended June 27, 2015, Coach, Inc. net sales
declined 13% to $4.19 billion from $4.81 billion the prior fiscal
year while net income excluding transformation-related charges and
acquisition costs was $531 million versus $870 million in the prior
year. On a constant currency basis, sales declined 11% for the
year. In addition, diluted earnings per share on a non-GAAP basis
totaled $1.92 as compared to $3.10 in the prior year. Reported net
income for the year totaled $402 million and earnings per diluted
share were $1.45, compared to reported net income for the prior
year of $781 million with earnings per diluted share of $2.79.
Victor Luis, Chief Executive Officer of Coach, Inc., said, “We
are pleased with our fourth quarter and full year progress on the
comprehensive plan we laid out a year ago to reinvigorate our brand
and business. Our execution of these strategic initiatives and
resulting performance has been consistent with our expectations and
underscores our confidence in the path we’ve chosen. As we moved
through Fiscal 2015, we drove sequential improvement in our North
America bricks and mortar business while dramatically reducing the
number of promotional impressions in the marketplace against a
backdrop of heightened promotional activity. In addition, our
international businesses posted moderate growth on a constant
currency basis, highlighted by a double-digit increase in Europe
and strong growth in China, driven entirely by the Mainland, as
sales approached $600 million.”
“Importantly, our brand transformation gained momentum across
our three key brand pillars: product, stores and marketing. We
successfully introduced Stuart Vevers’s product across our
multi-channel distribution, continued to open and renovate modern
luxury concept stores globally, and had an overwhelmingly positive
reception to our Men’s and Women’s fashion presentations. We also
took an important step in becoming a multi-brand company, with the
acquisition of Stuart Weitzman, which is expected to be an
additional growth driver for the company.”
For the quarter on a non-GAAP basis, Coach, Inc. operating
income totaled $126 million compared to $231 million in the prior
year, while operating margin was 12.6% versus 20.4%. During the
quarter, on a non-GAAP basis, gross profit totaled $692 million
versus $789 million a year ago, while gross margin was 69.0% versus
69.4%. SG&A expenses, as a percentage of net sales, totaled
56.4% on a non-GAAP basis, compared to 49.0% in the year-ago
quarter. Excluding the contribution of $4 million from the
acquisition of Stuart Weitzman, non-GAAP operating income totaled
$122 million in the quarter, while operating margin was 12.7%.
Similarly, excluding the contribution of $24 million from the
acquisition of Stuart Weitzman, Coach brand gross profit was $668
million with a gross margin of 69.5%.
For the quarter on a GAAP basis, Coach, Inc. reported operating
income totaling $39 million, while operating margin was 3.9%.
Reported gross profit was $688 million, while gross margin was
68.5%. SG&A expenses, as a percentage of net sales, totaled
64.6% on a reported basis. Similarly, on a reported GAAP basis,
operating income for the fourth quarter of FY14 was $100 million,
while operating margin was 8.8%. Reported gross profit was $706
million, while gross margin was 62.2% and SG&A expenses, as a
percentage of net sales, totaled 53.4% on a reported basis.
For the full year FY15, on a non-GAAP basis, Coach, Inc.
operating income totaled $788 million versus $1.25 billion in the
prior year, while operating margin was 18.8% versus 26.0%. Non-GAAP
gross profit was $2.92 billion as compared to $3.38 billion a year
ago. Gross margin was 69.6% versus 70.3% a year ago, on a non-GAAP
basis. SG&A expenses, as a percentage of net sales, totaled
50.8% on a non-GAAP basis, compared to 44.3% in fiscal 2014.
Excluding the contribution of Stuart Weitzman, non-GAAP operating
income totaled $784 million for the full year, while operating
margin was 18.9%. Similarly, Coach brand gross profit was $2.89
billion with a gross margin of 69.7%.
For the full year FY15 on a GAAP basis, Coach, Inc. reported
operating income totaled $618 million, while operating margin was
14.7%. Reported gross profit was $2.91 billion, while gross margin
was 69.4%. SG&A expenses, as a percentage of net sales, totaled
54.6% on a reported basis. Similarly, on a reported basis,
operating income for the fiscal year 2014 was $1.12 billion with a
23.3% margin, gross profit was $3.30 billion with a 68.6% margin,
and the SG&A expense ratio was 45.3%.
During the fourth quarter of FY15, the company recorded charges
of $66 million under its multi-year transformation plan. These
charges consisted primarily of accelerated depreciation for
renovations, lease termination costs related to store closures and
organizational efficiency costs. In addition, the company recorded
costs of approximately $21 million associated with the acquisition
of Stuart Weitzman in the fourth quarter. These actions taken
together increased the company’s SG&A expenses by about $83
million and cost of sales by about $5 million, negatively impacting
net income by $73 million after tax or about $0.27 per diluted
share in the fourth quarter.
For the full fiscal year of 2015, the company recorded total
transformation-related charges of $146 million and costs associated
with the Stuart Weitzman acquisition of $25 million, increasing
SG&A expenses by $161 million in total, cost of sales by $10
million, reducing net income by $129 million after tax or $0.47 per
diluted share.
During the fourth quarter of FY14, the company recorded charges
of approximately $132 million for transformation and other actions.
These charges consisted primarily of the realignment of inventory,
impairment charges and costs related to store closures. These
actions increased the company’s cost of sales by $82 million and
SG&A expenses by $49 million in the period, negatively
impacting net income by $88 million after tax or $0.32 per diluted
share.
The Company ended FY15 with inventory of $485 million including
$33 million associated with the acquisition of Stuart Weitzman.
This compared to ending inventory for the Coach brand of $526
million for FY14. Therefore, inventory declined 8% on a
consolidated basis and 14% for the Coach brand.
The company also announced that its Board of Directors declared
a quarterly cash dividend of $0.3375 per common share, maintaining
an annual rate of $1.35. The dividend is payable on September 28,
2015 to shareholders of record as of the close of business on
September 8, 2015.
Fourth fiscal quarter and fiscal year sales results in each of
Coach’s primary segments were as follows:
- Total North American sales decreased
20% on a reported basis for the quarter to $556 million from $691
million last year, and 19% on a constant currency basis. North
American direct sales also declined 20% on a dollar basis and 19%
on a constant currency basis for the quarter, with comparable store
sales down 19% including the impact of reduced eOutlet events,
which pressured total comparable stores sales by about nine
percentage points. At POS, sales in North American department
stores declined mid-20s versus prior year, as expected, reflecting
the elimination of Coach-specific promotional events from the prior
year, while shipments into department stores declined somewhat
less.For the full year, total North American sales decreased 20% to
$2.47 billion from $3.10 billion last year on both a dollar and
constant currency basis. North American direct sales also declined
20% for the year on both a dollar and constant currency basis with
comparable store sales down 22% including the impact of reduced
eOutlet events, which pressured total comp by seven percentage
points. At POS, sales in North American department stores declined
about low-20s from prior year while shipments into this channel
also declined similarly as planned.
- International sales decreased 5% for
the quarter to $392 million from $414 million last year. On a
constant currency basis, sales rose 3% for the quarter. Sales in
China rose 5% in dollars and 4% in constant currency on slower
distribution growth and a slight decline in comparable store sales.
As expected sales on the Mainland were strong, growing at a double
digit pace driven in part by positive comps, while results in Hong
Kong and Macau were quite weak given significantly lower tourist
trends from the Mainland. In Japan, sales rose 2% versus prior year
on a constant-currency basis, while dollar sales declined 15%,
reflecting the weaker yen. Constant currency sales for the
remaining directly operated businesses in Asia were even with prior
year while Europe remained strong, growing at a double-digit pace.
Shipments into international wholesale accounts declined at a
high-teens rate as expected, in large part due to timing shift,
while underlying POS sales decreased slightly.For the full year,
international sales declined 1% to $1.62 billion from $1.64 billion
generated in fiscal 2014. On a constant currency basis, sales rose
4% for the year. China reported results were on plan, with total
sales growing 9% in both dollars and in constant currency to about
$595 million with positive comparable store sales and slower
distribution growth. In Japan, sales were down mid-single-digits
for the year on a constant currency basis, as expected, due to the
overhang of the tax increase, while dollar sales declined 17%,
reflecting the weaker yen. Sales in constant currency for the other
directly operated Asian businesses were up slightly in local
currency. Europe sales were robust, with sales up nearly 50% for
the year, at $90 million, in line with forecast. Shipments into
international wholesale accounts were up at a high-single-digit
rate versus prior year, while underlying POS sales increased
slightly.
Mr. Luis added, “Coach is a strong brand built upon 75 years of
heritage, history and craftsmanship, setting us apart from the
competitive set. With the acquisition of Stuart Weitzman, Coach,
Inc. is now a leading participant in two dynamic and growing global
categories – women’s and men’s bags and accessories and the premium
footwear market. While the competitive landscape has continued to
fragment, against an increasingly volatile and complex
macroeconomic environment, we have a well-articulated roadmap to
address these challenges and leverage our global
opportunities.”
“As we look ahead, we will continue to invest in our brands and
businesses to achieve long-term sustainable growth. We’re
particularly excited about all the activities in celebration of
Coach’s 75th anniversary, including our first true runway show at
New York Fashion Week in September, featuring the initial
Collection of our anniversary year, delivering in February 2016. We
will also accelerate the rollout of our modern luxury concept
globally and across channels. Our global brand message will
reinforce our distinctive positioning of effortless New York style
through the use of iconic brand elements and the City’s dynamic
landscape as backdrop. Taken together, these initiatives are
expected to drive a return to top line growth in FY16 and positive
North American comps by the end of the year,” Mr. Luis
concluded.
Fiscal Year 2016 Outlook:
The Company currently expects Coach stand-alone brand revenues
for Fiscal 2016 to increase by low-single digits in constant
currency on a 52-week basis consistent with prior guidance. Based
on current exchange rates, foreign currency will have an
approximate 200 basis point negative impact on Fiscal 2016 revenue
growth. Gross margin for the Coach brand is projected to be in the
area of 70% on a constant currency basis, while negative foreign
currency effects may impact gross margin by 80-100 basis points.
SG&A expenses for the brand are anticipated to rise at a
mid-single-digit rate in constant currency, driven primarily by a
shift in project timing from FY15, while dollar growth is expected
to be somewhat lower. Therefore, taken together Coach brand
operating margin for Fiscal 2016 is currently estimated to be in
the mid-to-high teens. Interest expense is expected to be in the
area of $30-$35 million for the year while the full year Fiscal
2016 tax rate is projected at about 28%.
This guidance excludes expected transformation-related charges
of around $50 million, as well as Stuart Weitzman acquisition
charges of around $30 million (which primarily includes the impact
of limited life purchase accounting and contingent payments) over
the course of 2016. In addition, the company is forecasting Stuart
Weitzman brand sales in the area of $335 million on a dollar basis
for fiscal 2016, driving Coach, Inc. total revenue growth to
high-single digits and adding about $0.09 to earnings per diluted
share, excluding charges associated with financing, short-term
purchase accounting adjustments and contingent payments, and
integration costs. The company also notes that fiscal 2016 will
include a 53rd week, which is expected to contribute approximately
$75-$80 million in incremental revenue and $0.06 in earnings per
diluted share to Coach, Inc.
Conference Call details:
Coach will host a conference call to review these results at
8:30 a.m. (EDT) today, August 4, 2015. Interested parties may
listen to the webcast by accessing www.coach.com/investors on the
Internet or dialing into 1-888-405-2080 or 1-210-795-9977 and
asking for the Coach earnings call led by Andrea Shaw Resnick,
Global Head of Investor Relations and Corporate Communications. A
telephone replay will be available starting at 12:00 p.m. (EDT)
today, for a period of five business days. The number to call is
1-866-352-7723 or 1-203-369-0080. A webcast replay of the earnings
conference call will also be available for five business days on
the Coach website.
The Company expects to report first quarter financial results on
Tuesday, October 27, 2015. To receive notification of future
announcements, please register at www.coach.com/investors
("Subscribe to E-Mail Alerts").
Coach, Inc. is a leading New York design house of modern luxury
accessories and lifestyle brands. The Coach brand was established
in New York City in 1941, and has a rich heritage of pairing
exceptional leathers and materials with innovative design. Coach is
sold worldwide through Coach stores, select department stores and
specialty stores, and through Coach’s website at www.coach.com. In
2015, Coach acquired Stuart Weitzman, a global leader in designer
footwear, sold in more than 70 countries and through its website at
www.stuartweitzman.com. Coach, Inc.’s
common stock is traded on the New York Stock Exchange under the
symbol COH and Coach’s Hong Kong Depositary Receipts are traded on
The Stock Exchange of Hong Kong Limited under the symbol 6388.
Neither the Hong Kong Depositary Receipts nor the Hong Kong
Depositary Shares evidenced thereby have been or will be registered
under the U.S. Securities Act of 1933, as amended (the "Securities
Act"), and may not be offered or sold in the United States or to,
or for the account of, a U.S. Person (within the meaning of
Regulation S under the Securities Act), absent registration or an
applicable exemption from the registration requirements. Hedging
transactions involving these securities may not be conducted unless
in compliance with the Securities Act.
This information to be made available in this presentation may
contain forward-looking statements based on management's current
expectations. Forward-looking statements include, but are not
limited to, the statements under “Fiscal Year 2016 Outlook,” as
well as statements that can be identified by the use of
forward-looking terminology such as "may," "will," "should,"
"expect," "intend," "estimate," "to address," "continue,"
"project," "guidance," "forecast," "anticipated," or comparable
terms. Future results may differ materially from management's
current expectations, based upon a number of important factors,
including risks and uncertainties such as expected economic trends,
the ability to anticipate consumer preferences, the ability to
control costs and successfully execute our transformation
initiatives and growth strategies and our ability to achieve
intended benefits, cost savings and synergies from acquisition,
etc. Please refer to Coach Inc.’s latest Annual Report on Form
10-K, its Quarterly Reports on Form 10-Q for the quarterly periods
ended December 27, 2014 and March 28, 2015, and its other filings
with the Securities and Exchange Commission for a complete list of
risks and important factors.
COACH,
INC.
CONDENSED
CONSOLIDATED STATEMENTS OF INCOME
For the Quarters
and Years Ended June 27, 2015 and June 28, 2014
(in millions,
except per share data)
(unaudited) (audited) QUARTER ENDED
YEAR ENDED June 27, June 28, June 27,
June 28, 2015 2014 2015 2014
Net sales $ 1,004.1 $ 1,136.2 $ 4,191.6 $ 4,806.2
Cost of sales 316.4 429.8 1,283.0
1,509.2 Gross profit 687.7 706.4 2,908.6
3,297.0 Selling, general and administrative expenses
648.9 606.6 2,290.6 2,176.9
Operating income 38.8 99.8 618.0 1,120.1 Interest
(expense) income, net (6.3 ) 0.6 (6.4 )
2.2 Income before provision for income taxes 32.5 100.4
611.6 1,122.3 Provision for income taxes 20.8
25.2 209.2 341.0 Net Income $
11.7 $ 75.2 $ 402.4 $ 781.3 Net income
per share: Basic $ 0.04 $ 0.27 $ 1.46 $ 2.81
Diluted $ 0.04 $ 0.27 $ 1.45 $ 2.79
Shares used in computing net income per share: Basic
276.4 274.2 275.7 277.8
Diluted 278.5 276.4 277.2
280.4
COACH,
INC.
GAAP TO NON-GAAP
RECONCILIATION
For the Quarters
Ended June 27, 2015 and June 28, 2014
(in millions,
except per share data)
(unaudited)
June 27, 2015 GAAP Basis Transformation and
Acquisition-Related Acquisition-Related Non-GAAP
Basis (As Reported) Other Actions (1)
Costs (2) Purchase Accounting (3)
(Excluding Items) Gross profit $ 687.7 $ - $ - $ (4.7
) $ 692.4 Selling, general and administrative expenses $
648.9 $ 66.2 $ 13.6 $ 2.8 $ 566.3 Operating income $ 38.8 $
(66.2 ) $ (13.6 ) $ (7.5 ) $ 126.1 Income before provision
for income taxes $ 32.5 $ (66.2 ) $ (13.6 ) $ (7.5 ) $ 119.8
Provision for income taxes $ 20.8 $ (11.6 ) $ (2.4 ) $ - $ 34.8
Net income $ 11.7 $ (54.6 ) $ (11.2 ) $ (7.5 ) $ 85.0
Diluted net income per share $ 0.04 $ (0.20 ) $ (0.04 ) $ (0.03 ) $
0.31
June 28, 2014 GAAP Basis Transformation
and Acquisition-Related Acquisition-Related
Non-GAAP Basis (As Reported) Other Actions
(1) Costs (2) Purchase Accounting
(3) (Excluding Items) Gross profit $ 706.4 $
(82.2 ) $ - $ - $ 788.6 Selling, general and administrative
expenses $ 606.6 $ 49.3 $ - $ - $ 557.3 Operating income $
99.8 $ (131.5 ) $ - $ - $ 231.3 Income before provision for
income taxes $ 100.4 $ (131.5 ) $ - $ - $ 231.9 Provision
for income taxes $ 25.2 $ (43.2 ) $ - $ - $ 68.4 Net income
$ 75.2 $ (88.3 ) $ - $ - $ 163.5 Diluted net income per
share $ 0.27 $ (0.32 ) $ - $ - $ 0.59
(1) Amounts as of June 27, 2015 reflect
Coach, Inc. charges related to accelerated depreciation and lease
termination charges as a result of store updates and closures as
well as organizational efficiency charges. Amounts as of June 28,
2014 reflect Coach, Inc. charges related to the
donation/destruction of inventory, impairment charges related to
retail stores, store closure costs (including severance and
accelerated depreciation) and accelerated depreciation of existing
store assets in connection with the updating of such stores.
(2) Primarily represents consulting and legal costs related to the
acquisition of Stuart Weitzman Holdings LLC, as well as costs
attributable to contingent payments related to the acquisition. (3)
Represents limited life purchase accounting impacts associated with
Stuart Weitzman Holdings LLC, primarily due to the amortization of
the fair value of the inventory step-up and order backlog asset.
COACH,
INC.
GAAP TO NON-GAAP
RECONCILIATION
For the Years
Ended June 27, 2015 and June 28, 2014
(in millions,
except per share data)
(unaudited)
June 27, 2015 GAAP Basis Transformation and
Acquisition-Related Acquisition-Related Non-GAAP
Basis (As Reported) Other Actions (1)
Costs (2) Purchase Accounting (3)
(Excluding Items) Gross profit $ 2,908.6 $
(5.0 ) $ - $ (4.7 ) $ 2,918.3 Selling, general and
administrative expenses $ 2,290.6 $ 140.9 $ 17.1 $ 2.8 $ 2,129.8
Operating income $ 618.0 $ (145.9 ) $ (17.1 ) $ (7.5 ) $
788.5 Income before provision for income taxes $ 611.6 $
(145.9 ) $ (17.1 ) $ (7.5 ) $ 782.1 Provision for income
taxes $ 209.2 $ (38.1 ) $ (3.6 ) $ - $ 250.9 Net income $
402.4 $ (107.8 ) $ (13.5 ) $ (7.5 ) $ 531.2 Diluted net
income per share $ 1.45 $ (0.39 ) $ (0.05 ) $ (0.03 ) $ 1.92
June 28, 2014 GAAP Basis Transformation and
Acquisition-Related Acquisition-Related Non-GAAP
Basis (As Reported) Other Actions (1)
Costs (2) Purchase Accounting (3)
(Excluding Items) Gross profit $ 3,297.0 $
(82.2 ) $ - $ - $ 3,379.2 Selling, general and
administrative expenses $ 2,176.9 $ 49.3 $ - $ - $ 2,127.6
Operating income $ 1,120.1 $ (131.5 ) $ - $ - $ 1,251.6
Income before provision for income taxes $ 1,122.3 $ (131.5 ) $ - $
- $ 1,253.8 Provision for income taxes $ 341.0 $ (43.2 ) $ -
$ - $ 384.2 Net income $ 781.3 $ (88.3 ) $ - $ - $ 869.6
Diluted net income per share $ 2.79 $ (0.31 ) $ - $ - $ 3.1
(1) Amounts as of June 27, 2015 reflect Coach, Inc. charges
related to accelerated depreciation and lease termination charges
as a result of store updates and closures, organizational
efficiency charges, and charges related to the destruction of
inventory. Amounts as of June 28, 2014 reflect Coach, Inc. charges
related to the donation/destruction of inventory, impairment
charges related to retail stores, store closure costs (including
severance and accelerated depreciation) and accelerated
depreciation of existing store assets in connection with the
updating of such stores. (2) Primarily represents consulting and
legal costs related to the acquisition of Stuart Weitzman Holdings
LLC, as well as costs attributable to contingent payments related
to the acquisition. (3) Represents limited life purchase accounting
impacts associated with Stuart Weitzman Holdings LLC, primarily due
to the amortization of the fair value of the inventory step-up and
order backlog asset.
The Company reports information in accordance with U.S.
Generally Accepted Accounting Principles ("GAAP"). The Company's
management does not, nor does it suggest that investors should,
consider non-GAAP financial measures in isolation from, or as a
substitute for, financial information prepared in accordance with
GAAP. The financial information presented above, as well as gross
margin, SG&A expense ratio, and operating margin, have been
presented both including and excluding the effect of certain items
which affect the comparability of our results. Non-GAAP operating
income and gross profit have also been presented both including and
excluding the impact of the acquisition of Stuart Weitzman in May
2015. Presenting the above financial information and certain
metrics both including and excluding the impact of certain items
which affect the comparability of our results will help investors
and analysts to understand the year-over-year impact of these items
on ongoing operations.
Percentage increases/decreases in net sales and direct sales for
the Company’s North America segment and net sales for the Company,
its International segments, Coach China and Coach Japan have been
presented both including and excluding currency fluctuation effects
from translating foreign-denominated sales into U.S. dollars and
compared to the same periods in the prior quarter and fiscal year.
Guidance for certain financial information for the fiscal year
ending July 2, 2016 has also been presented on a constant currency
basis. Presenting these metrics on a constant currency basis will
help investors and analysts to understand the effect of significant
year-over-year foreign currency exchange rate fluctuations on these
performance measures and provide a framework to assess how business
is performing and expected to perform excluding these effects.
COACH,
INC.
CONDENSED
CONSOLIDATED BALANCE SHEETS
At June 27, 2015
and June 28, 2014
(in
millions)
(audited)
June 27, June 28,
2015(1)
2014 ASSETS Cash, cash equivalents and
short-term investments $ 1,525.8 $ 868.6 Receivables 219.5 198.6
Inventories 485.1 526.2 Other current assets 276.1
261.8 Total current assets 2,506.5 1,855.2
Property and equipment, net 732.6 713.9 Other noncurrent assets
1,427.8 1,094.0 Total assets $ 4,666.9
$ 3,663.1
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable $ 222.8 $ 153.9 Accrued liabilities 600.6
518.7 Current debt 11.3 140.5 Total
current liabilities 834.7 813.1 Long-term debt 879.1 - Other
liabilities 463.2 429.4 Stockholders' equity 2,489.9
2,420.6 Total liabilities and stockholders'
equity $ 4,666.9 $ 3,663.1
(1) Includes the purchase price allocation for Stuart Weitzman,
including goodwill of $125.8 million, trademarks and trade names of
$267 million and other intangible assets, net of amortization, of
$83.1 million, included within Other noncurrent assets.
COACH,
INC.
Store
Count
At March 28, 2015
and June 27, 2015
(unaudited)
As of Net Openings/ As of
Directly-Operated
Store Count
March 28, 2015
(Closures) June 27, 2015
Coach
North America 478 (16) 462 Japan 198 (2) 196
China (PRC, Hong Kong & Macau) 165 6 171 Asia - Other
101 1 102 Europe 31 3 34
Stuart
Weitzman*
Global 0 54 54
* Coach acquired Stuart Weitzman in May
2015
COACH,
INC.
Store
Count
At June 28, 2014
and June 27, 2015
(unaudited)
As of Net Openings/ As of
Directly-Operated
Store Count
June 28, 2014
(Closures) June 27, 2015
Coach
North America 539 (77) 462 Japan 198 (2) 196
China (PRC, Hong Kong & Macau) 153 18 171 Asia - Other
97 5 102 Europe 27 7 34
Stuart
Weitzman*
Global 0 54 54 * Coach acquired Stuart
Weitzman in May 2015
View source
version on businesswire.com: http://www.businesswire.com/news/home/20150804005481/en/
CoachAnalysts & Media:Andrea Shaw Resnick,
212-629-2618Global Head of Investor Relations and Corporate
CommunicationsorChristina Colone, 212-946-7252Director, Investor
Relations
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