- Second Quarter Net Sales Increased
4% Over Prior Year Despite North America Wholesale Strategic
Repositioning
- Coach Brand North America Comparable
Store Sales Increased 3% in the Second Quarter
- Second Quarter GAAP EPS was $0.71
Versus $0.61 a Year Ago, Up 16%; Non-GAAP EPS was $0.75 Versus
$0.68 a Year Ago, Up 11%
Coach, Inc. (NYSE:COH) (SEHK:6388), a leading New York design
house of modern luxury accessories and lifestyle brands, today
reported second quarter results for the period ended December 31,
2016.
This Smart News Release features multimedia.
View the full release here:
http://www.businesswire.com/news/home/20170131005395/en/
(Photo: Business Wire)
Victor Luis, Chief Executive Officer of Coach, Inc., said, “We
are both pleased and proud of our performance this holiday season,
particularly in light of the challenging and volatile global retail
environment. Our team delivered top-line growth in each of our
reportable segments, highlighted by positive comparable store sales
in North America and overall gross margin expansion. We continued
to grow our business internationally, with notable strength in
Europe and Mainland China, which represent significant
opportunities for our brands. Importantly, we opened key global
flagship locations on Fifth Avenue in New York City and Regent
Street in London, which embody our modern luxury vision and
celebrate our heritage and 75-year history of craftsmanship. And,
despite our deliberate pullback in the North America wholesale
channel and currency headwinds, we delivered double-digit earnings
growth in the quarter.”
Overview of Second Quarter 2017
Consolidated, Coach, Inc. Results:
- Net sales totaled $1.32 billion
for the second fiscal quarter, an increase of 4% over prior year on
a reported basis, including a benefit of 40 basis points related to
currency translation. As expected, the Company’s strategic decision
to elevate the Coach brand’s positioning in the North American
wholesale channel through a reduction in promotional events and
door closures negatively impacted sales growth by approximately 100
basis points in the quarter.
- Gross profit totaled $906
million, an increase of 5% on a reported basis and 6% on a non-GAAP
basis. Gross margin for the quarter was 68.6% compared to 67.4% in
the year ago period on both a reported and non-GAAP basis.
- SG&A expenses totaled $629
million on a reported basis, an increase of 5%, and represented
47.6% of sales compared to 47.0% in the year-ago quarter. As
forecasted, on a non-GAAP basis, SG&A expenses were $612
million, an increase of 7%, or 46.3% of sales as compared to 45.1%
in the year ago period, reflecting in part the impact of currency
and the Company’s continued investment in Stuart Weitzman, as well
as higher marketing spend versus prior year.
- Operating income for the quarter
on a reported basis totaled $277 million, an increase of 6%, while
operating margin was 21.0% versus 20.5%. On a non-GAAP basis,
operating income was $294 million, an increase of 3%, while
operating margin was 22.3% versus 22.4%.
- Net interest expense was $5
million in the quarter as compared to $6 million in the year ago
period.
- Net income for the quarter on a
reported basis totaled $200 million, with earnings per diluted
share of $0.71. This compared to reported net income in the second
quarter of FY16 of $170 million with earnings per diluted share of
$0.61. On a non-GAAP basis, net income for the quarter totaled $211
million compared to $189 million a year ago, an increase of 12%,
with earnings per diluted share of $0.75, up 11% versus prior
year.
Coach Brand Second Quarter of 2017
Results:
- Net sales for the Coach brand
totaled $1.20 billion for the second fiscal quarter, an increase of
approximately 2% on a reported and constant currency basis. As
expected, the strategic actions in the North America wholesale
channel negatively impacted sales growth by about 100 basis
points.
Second fiscal quarter sales results in each of Coach’s primary
segments were as follows:
- Total North American Coach brand
sales increased 2% on both a reported and constant currency
basis to $744 million versus $731 million last year. North American
direct sales rose 5% for the quarter. Total North American bricks
and mortar comparable store sales rose approximately 4%, while
aggregate North American comparable store sales increased
approximately 3%, including the negative impact of e-commerce. As
planned, sales at North American department stores declined
approximately 30% on both a POS and net sales basis.
- International Coach brand sales
rose 3% to $448 million on a reported basis from $437 million last
year and 1% on a constant currency basis. Greater China sales were
approximately even with prior year in dollars and increased 6% on a
constant currency basis. This sales growth was driven in part by
positive comparable store sales overall with continued strength in
Mainland China. In addition, Hong Kong and Macau experienced a
significant improvement in the quarter from previous trends. In
Japan, sales rose 9% in dollars and decreased 2% in constant
currency, impacted by a decline in Chinese tourist spend, lapping
last year’s dramatic increase. Sales for the remaining
directly-operated businesses in Asia decreased low-single digits on
a reported and constant currency basis. Europe remained strong,
growing at a double-digit rate in both total and comparable store
sales. At POS, sales in international wholesale locations increased
slightly, driven by strong domestic performance offset in part by
relatively weaker tourist location results, while net sales into
the channel decreased from the prior year impacted by shipment
timing.
- Gross profit for the Coach brand
totaled $830 million, an increase of 4% on a reported and non-GAAP
basis. Gross margin for the quarter was 69.0%, including
approximately 30 basis points of benefit from currency, as compared
to 67.7% in the prior year period.
- SG&A expenses totaled $566
million for the Coach brand on a reported basis, up 2% versus prior
year, and represented 47.0% of sales compared to 47.1% of sales in
the prior year’s second quarter. On a non-GAAP basis, SG&A
expenses were $559 million, an increase of 4%, and represented
46.5% of sales versus 45.4% in the year ago period.
- Operating income for the Coach
brand on a reported basis was $264 million, up 9%, while operating
margin was 21.9% compared to operating margin of 20.6% a year ago.
On a non-GAAP basis, operating income was $271 million, an increase
of 3%, while operating margin was 22.5% compared to operating
margin of 22.3% on a non-GAAP basis a year ago.
Stuart Weitzman Second Quarter of 2017
Results:
- Net sales for the Stuart
Weitzman brand totaled $118 million for the second fiscal quarter
compared to $94 million reported in the same period of the prior
year, an increase of 26%, driven by strong growth in the directly
operated channels and positively impacted by a wholesale shipment
timing shift from the first quarter.
- Gross profit for the Stuart
Weitzman brand totaled $76 million, an increase of 26% versus prior
year, on a reported and non-GAAP basis. Gross margin for the
quarter was even with prior year at 64.3% on a reported basis. On a
non-GAAP basis, gross margin was 64.4% compared to 64.3% a year
ago.
- SG&A expenses for the Stuart
Weitzman brand were $63 million on a reported basis, compared to
$42 million in the prior year, and represented 53.1% of sales
compared to 44.9% of sales in the prior year’s second quarter. On a
non-GAAP basis, SG&A expenses were $53 million compared to $38
million in the prior year due to an increase in store occupancy
costs and the timing of marketing expenses, as well as the
Company’s strategic investments in team and infrastructure. As a
percentage of sales, SG&A was 44.6% compared to 40.8% of sales
a year ago.
- Operating income for the Stuart
Weitzman brand was $13 million or 11.2% of sales as reported
compared to $18 million or 19.4% of sales in the prior year’s
second quarter. On a non-GAAP basis, operating income was $23
million or 19.8% of sales versus $22 million or 23.6% of sales in
the prior year.
Mr. Luis continued, “We were also thrilled with Stuart
Weitzman’s results this quarter as we continued to implement our
strategic priorities for the brand. We advanced our leadership
position in fashion boots and booties during the key winter selling
season, while driving global awareness and brand relevance through
impactful marketing and the launch of key global flagships
alongside the Coach brand openings on Fifth Avenue in New York and
Regent Street in London.”
During the second quarter of FY17, the company recorded the
following charges under its previously announced actions:
- Operational Efficiency Plan: charges of
approximately $4 million, primarily related to technology
infrastructure and organizational efficiency costs.
- Acquisition-Related Costs: charges of
approximately $13 million associated with the acquisition of Stuart
Weitzman (which primarily includes charges attributable to
integration-related activities and contingent payments).
These actions taken together increased the Company’s
consolidated SG&A expenses by about $17 million, negatively
impacting net income by $11 million after tax or about $0.04 per
diluted share in the second quarter.
Mr. Luis added, “While the retail environment is volatile and
uncertain, our strategic vision for our brands and our company
remains clear. Our progress to date, including our solid second
quarter results, gives us continued confidence in our direction.
Importantly, we are committed to driving relevance for our brands,
while building a nimble and scalable business model to support
long-term, sustainable growth for Coach, Inc.”
Fiscal Year 2017
Outlook:
The following fiscal 2017 guidance is provided on a non-GAAP,
52-week basis versus 52-week basis.
The Company is maintaining its operational outlook for fiscal
2017, while adjusting its revenue guidance based solely on current
exchange rates.
The Company’s previous fiscal 2017 revenue guidance was for an
increase of low-to-mid single digits, including an expected benefit
from foreign currency of approximately 100-150 basis points. Given
the significant strengthening of the U.S. dollar, the Company is
now projecting revenue to increase low-single digits, including an
expected negative impact from foreign currency of 50 basis points
for the full fiscal year or over 100 basis points of pressure for
the second half of the fiscal year based on current exchange
rates.
Importantly, the Company is maintaining its operating margin
forecast for Coach, Inc. of between 18.5-19.0% for fiscal 2017.
This guidance incorporates the negative impact of both Stuart
Weitzman and the strategic decision to elevate the Coach brand’s
positioning in the North American wholesale channel, including a
reduction in promotional events and the closure of about 25% of
doors.
Interest expense is still expected to be in the area of $25
million for the year while the full year fiscal 2017 tax rate is
now projected at about 26% as compared to previous guidance of
approximately 28%.
Taken together, the Company continues to project double-digit
growth in both net income and earnings per diluted share for the
year.
Fiscal Year 2017 Outlook - Non-GAAP Disclosure:
The Company is not able to provide a full reconciliation of the
non-GAAP financial measures to GAAP because certain material items
that impact these measures, such as the timing and exact amount of
charges related to our Operational Efficiency Plan and acquisition
related charges, have not yet occurred or are out of the Company’s
control. Accordingly, a reconciliation of our non-GAAP financial
measure guidance to the corresponding GAAP measures is not
available without unreasonable effort. The Company has identified
the estimated impact of the items excluded from its fiscal 2017
guidance.
This fiscal 2017 non-GAAP guidance excludes (1) expected pre-tax
charges of around $20 million to $35 million attributable to the
Company’s Operational Efficiency Plan (which will primarily include
the costs of replacing and updating the Company’s core technology
platforms, organizational efficiency costs, as well as office
location and supply chain consolidations) and (2) expected pre-tax
Stuart Weitzman acquisition-related charges of around $20 million
(which will primarily include the impact of contingent payments and
office lease termination charges).
Conference Call Details:
Coach will host a conference call to review these results at
8:30 a.m. (ET) today, January 31, 2017. Interested parties may
listen to the webcast by accessing www.coach.com/investors on the
Internet or dialing into 1-877-510-8087 or 1-862-298-9015 and
providing the Conference ID 44854091. A telephone replay will be
available starting at 12:00 p.m. (ET) today, for a period of five
business days. To access the telephone replay, call 1-800-585-8367
or 1-404-537-2406 and enter the Conference ID above. 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 third quarter financial results on
Tuesday, May 2, 2017. 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 press release 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 2017 Outlook,” as
well as statements that can be identified by the use of
forward-looking terminology such as "may," "will," “can,” "should,"
"expect," "intend," "estimate," "continue," "project," "guidance,"
"forecast," "anticipated," “moving,” “leveraging,” “targeting,”
“assume,” “plan,” “pursue,” “look forward to,” “on track to
return,” “to achieve” 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 and operational efficiency
initiatives and growth strategies and our ability to achieve
intended benefits, cost savings and synergies from acquisitions,
etc. Please refer to Coach Inc.’s latest Annual Report on Form 10-K
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 Six Months Ended December 31, 2016 and December 26,
2015
(in millions,
except per share data)
(unaudited) (unaudited) QUARTER ENDED
SIX MONTHS ENDED December 31, December 26,
December 31, December 26, 2016 2015
2016 2015 Net sales $ 1,321.7 $ 1,273.8 $
2,359.3 $ 2,304.1 Cost of sales 415.5 414.7
738.4 748.5 Gross profit 906.2 859.1 1,620.9
1,555.6 Selling, general and administrative expenses
628.8 598.1 1,177.6 1,153.2 Operating
income 277.4 261.0 443.3 402.4 Interest expense, net
5.1 6.3 10.8 13.0 Income before
provision for income taxes 272.3 254.7 432.5 389.4 Provision
for income taxes 72.6 84.6 115.4 122.9
Net Income $ 199.7 $ 170.1 $ 317.1 $ 266.5 Net
income per share: Basic $ 0.71 $ 0.61 $ 1.13 $ 0.96
Diluted $ 0.71 $ 0.61 $ 1.13 $ 0.96 Shares used in
computing
net income per share:
Basic 280.5 277.6 279.9 277.3
Diluted 281.8 278.4 281.8 278.3
COACH,
INC.
GAAP TO NON-GAAP
RECONCILIATION
For the Quarters
Ended December 31, 2016 and December 26, 2015
(in millions,
except per share data)
(unaudited)
December 31, 2016 GAAP
Basis Transformation and Operational
Acquisition-Related Non-GAAP Basis (As
Reported) Other Actions (1) Efficiency
Plan (2) Costs (3) (Excluding
Items) Gross profit $ 906.2 $ - $ - $ (0.2 ) $ 906.4
Selling, general and administrative expenses $ 628.8 $ - $
3.7 $ 13.0 $ 612.1 Operating income $ 277.4 $ - $ (3.7 ) $
(13.2 ) $ 294.3 Provision for income taxes $ 72.6 $ - $ (1.2
) $ (4.2 ) $ 78.0 Net income $ 199.7 $ - $ (2.5 ) $ (9.0 ) $
211.2 Diluted net income per share $ 0.71 $ - $ (0.01 ) $
(0.03 ) $ 0.75
December 26,
2015 GAAP Basis Transformation and
Operational Acquisition-Related Non-GAAP Basis
(As Reported) Other Actions (1) Efficiency
Plan (2) Costs (3) (Excluding
Items) Gross profit $ 859.1 $ - $ - $ - $ 859.1
Selling, general and administrative expenses $ 598.1 $ 13.9 $ - $
10.1 $ 574.1 Operating income $ 261.0 $ (13.9 ) $ - $ (10.1
) $ 285.0 Provision for income taxes $ 84.6 $ (1.9 ) $ - $
(3.8 ) $ 90.3 Net income $ 170.1 $ (12.0 ) $ - $ (6.3 ) $
188.4 Diluted net income per share $ 0.61 $ (0.04 ) $ - $
(0.03 ) $ 0.68
(1) The Transformation Plan was completed
in fiscal 2016. Amounts as of December 26, 2015 related to
Coach brand organizational efficiency
costs and accelerated depreciation as a result of store
renovations, within North America and select International
stores.
(2) Amounts as of December 31, 2016
reflect Coach brand charges primarily
related to technology infrastructure costs and organizational
efficiency costs.
(3) Amounts as of December 31, 2016 and
December 26, 2015 represent charges attributable to
acquisition-related costs and limited life purchase accounting
impacts, related to the acquisition of Stuart Weitzman Holdings
LLC.
The following charges were incurred
during the quarter ended December 31, 2016:
- Acquisition-related costs of $13.0
million, primarily related to integration-related activities and
contingent payments.
• Coach
brand: $3.0 million of these SG&A expenses were recorded
within the Coach brand.
• Stuart Weitzman
brand: $10.0 million of these SG&A expenses were
recorded within the Stuart Weitzman brand.
- Limited life purchase accounting impacts of $0.2 million
to gross profit, recorded within the
Stuart Weitzman
brand, primarily due to the amortization of the inventory
step-up.
The following charges were incurred during the
quarter ended December 26, 2015: - Acquisition-related
costs of $8.5 million, primarily related to charges attributable to
integration-related activities, contingent payments and other
consulting and legal costs.
• Coach
brand: $6.2 million of these SG&A expenses were recorded
within the Coach brand.
• Stuart Weitzman brand: $2.3 million of these
SG&A expenses were recorded within the Stuart Weitzman
brand.
- Limited life purchase accounting impacts of $1.6 million
to SG&A expenses, recorded within the
Stuart Weitzman
brand, primarily due to the amortization of the fair value
of the order backlog asset.
COACH,
INC.
GAAP TO NON-GAAP
RECONCILIATION
For the Six
Months Ended December 31, 2016 and December 26, 2015
(in millions,
except per share data)
(unaudited)
December 31, 2016 GAAP Basis Transformation
and Operational Acquisition-Related Non-GAAP
Basis (As Reported) Other Actions (1)
Efficiency Plan (2) Costs (3)
(Excluding Items) Gross profit $ 1,620.9 $ - $ - $
(0.6 ) $ 1,621.5 Selling, general and administrative
expenses $ 1,177.6 $ - $ 10.8 $ 16.4 $ 1,150.4 Operating
income $ 443.3 $ - $ (10.8 ) $ (17.0 ) $ 471.1 Provision for
income taxes $ 115.4 $ - $ (2.7 ) $ (5.0 ) $ 123.1 Net
income $ 317.1 $ - $ (8.1 ) $ (12.0 ) $ 337.2 Diluted net
income per share $ 1.13 $ - $ (0.03 ) $ (0.04 ) $ 1.20
December 26, 2015 GAAP
Basis Transformation and Operational
Acquisition-Related Non-GAAP Basis (As
Reported) Other Actions (1) Efficiency
Plan (2) Costs (3) (Excluding
Items) Gross profit $ 1,555.6 $ - $ - $ (0.9 ) $ 1,556.5
Selling, general and administrative expenses $ 1,153.2 $
26.5 $ - $ 20.2 $ 1,106.5 Operating income $ 402.4 $ (26.5 )
$ - $ (21.1 ) $ 450.0 Provision for income taxes $ 122.9 $
(6.0 ) $ - $ (6.6 ) $ 135.5 Net income $ 266.5 $ (20.5 ) $ -
$ (14.5 ) $ 301.5 Diluted net income per share $ 0.96 $
(0.07 ) $ - $ (0.05 ) $ 1.08
(1) The transformation plan was completed
in fiscal 2016. Amounts as of December 26, 2015 related to
Coach brand organizational efficiency
costs and accelerated depreciation as a result of store renovations
within North America and select International stores.
(2) Amounts as of December 31, 2016
reflect Coach brand charges primarily
related to organizational efficiency costs, technology
infrastructure costs and to a lesser extent, network optimization
costs.
(3) Amounts as of December 31, 2016 and
December 26, 2015 represent charges attributable to
acquisition-related costs and limited life purchase accounting
impacts, related to the acquisition of Stuart Weitzman Holdings
LLC.
The following charges were incurred
during the six months ended December 31, 2016:
- Acquisition-related costs of $16.2
million, primarily related to integration-related activities and
contingent payments.
•Coach
brand: $5.4 million of these SG&A expenses were recorded
within the Coach brand.
•Stuart
Weitzman brand: $10.8 million of these SG&A expenses
were recorded within the Stuart Weitzman brand.
- Limited life purchase accounting impacts of $0.6 million
to gross profit and $0.2 million to SG&A expenses, recorded
within the
Stuart Weitzman brand, primarily due to the
amortization of the inventory step-up and limited life distributor
relationships.
The following charges were incurred during
the six months ended December 26, 2015: -
Acquisition-related costs of $14.4 million, primarily related to
contingent payments, other integration-related activities and other
consulting and legal costs.
•Coach
brand: $9.8 million of these SG&A expenses were recorded
within the Coach brand.
•Stuart
Weitzman brand: $4.6 million of these SG&A expenses were
recorded within the Stuart Weitzman brand.
- Limited life purchase accounting impacts of $0.9 million
to gross profit and $5.8 million to SG&A expenses, recorded
within the
Stuart Weitzman brand, primarily due to the
amortization of the fair value of the order backlog asset and
inventory step-up.
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. Further, the non-GAAP measures utilized by the Company may be
unique to the Company, as they may be different from non-GAAP
measures used by other companies. 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 related to our Transformation
Plan, our Operational Efficiency Plan and Acquisition-Related Costs
for Coach, Inc., as well as the Coach brand, which includes the
Company’s North America and International segment, as well as Other
and Corporate Unallocated results, and the Stuart Weitzman brand,
which includes the Company’s Stuart Weitzman segment. The Company’s
North America comparable store sales are presented for the 13-weeks
ending December 31, 2016 versus the analogous 13-week period ended
January 2, 2016 for comparability.
The Company operates on a global basis and reports financial
results in U.S. dollars in accordance with GAAP. Percentage
increases/decreases in net sales and direct sales for Coach’s North
America segment and net sales for the Company, the Coach brand,
Coach’s International segment, Greater China, including Mainland
China, Coach Japan, Coach’s remaining directly operated businesses
in Asia and Coach Europe 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. The Company
calculates constant currency revenue results by translating current
period revenue in local currency using the prior period’s monthly
average currency conversion rate.
Guidance for certain financial information for the fiscal year
ending July 1, 2017 has also been presented on a non-GAAP
basis.
Management utilizes these non-GAAP and constant currency
measures to conduct and evaluate its business during its regular
review of operating results for the periods affected and to make
decisions about Company resources and performance. The Company
believes presenting these non-GAAP measures, which exclude items
that are not comparable from period to period, is useful to
investors and others in evaluating the Company’s ongoing operating
and financial results in a manner that is consistent with
management’s evaluation of business performance and understanding
how such results compare with the Company’s historical performance.
Additionally, the Company believes presenting these measures 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 December 31,
2016, July 2, 2016 and December 26, 2015
(in
millions)
(unaudited) (audited) (unaudited)
December 31, July 2, December 26, 2016
2016 2015 ASSETS Cash, cash equivalents
and short-term investments $ 1,835.9 $ 1,319.4 $ 1,337.1
Receivables 269.6 245.2 303.6 Inventories 464.9 459.2 438.5 Other
current assets 195.3 149.1 222.4 Total
current assets 2,765.7 2,172.9 2,301.6 Property and
equipment, net 641.2 919.5 784.4 Other noncurrent assets
1,271.8 1,800.3 1,517.7 Total assets $ 4,678.7
$ 4,892.7 $ 4,603.7
LIABILITIES AND STOCKHOLDERS'
EQUITY Accounts payable $ 152.5 $ 186.7 $ 147.7 Accrued
liabilities 562.7 625.0 541.3 Current debt - 15.0
15.0 Total current liabilities 715.2 826.7 704.0
Long-term debt 591.6 861.2 872.0 Other liabilities 560.8
521.9 460.4 Stockholders' equity 2,811.1
2,682.9 2,567.3 Total liabilities and stockholders'
equity $ 4,678.7 $ 4,892.7 $ 4,603.7
COACH,
INC.
Store
Count
At October 1,
2016 and December 31, 2016
(unaudited)
As of As of
Directly-Operated
Store Count:
October 1, 2016 Openings
(Closures) December 31,
2016
Coach
North America 431 3 0 434 Japan 191 0 0 191
Greater China (PRC, Hong Kong & Macau) 188 5 (2) 191
Asia - Other 103 1 0 104 Europe 39 2 (1) 40
Stuart
Weitzman
Global 77 6 (1) 82
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170131005395/en/
CoachAnalysts & Media:Andrea Shaw Resnick,
212-629-2618Interim Chief Financial OfficerGlobal Head of Investor
Relations and Corporate CommunicationsorChristina Colone,
212-946-7252Senior Director, Investor Relations
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