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Carriggxcy · Posted: Sun 3:45, 17 Nov 2013 Post subject: forward of consensus by $.08

Coach's Higher High quality 4Q Results Not Absent of Concerns
Mentor is out this early morning with its strongest sales and EPS beats in over two years on the multitude of elements we explained. Improved conversion and traffic (perhaps much more so conversion than traffic) at Coach North American fullpriced retail shops drove a eight.5% comp, the very best displaying dating back to 4Q08.
Comps have strengthened sequentially for 3 consecutive quarters as customer respond to more attainable handbag prices,[url=http://www.ribroadcasters.com/cheaplv.asp]louis vuitton handbags outlet[/url], an expanded item line,[url=http://www.clocaenogclg.org.uk/en/lvsale.asp]louis vuitton outlet uk[/url], and less worry on the part of the conventional luxury shopper (aspirational US consumer that aided Coach's growth throughout the housing increase is still conservative).
Along with a division store restocking Oblique segment revenue increase of 27% (on anticipations for a much less dire holiday season in contrast to final), leverage on an efficiently run working model (and despite worldwide investments) was attained. Diluted EPS was $.sixty three,[url=http://www.clocaenogclg.org.uk/en/lvsale.asp]louis vuitton outlet online[/url], ahead of consensus by $.08, and our estimate by $.04. Gross margin was seventy four.twenty%, also trumping consensus forecasts.
However, management did accept the gross margin growth of 190 bps y/y was primarily a outcome of "sourcing price enhancements" which may be sustainable as FY11 moves alongside. It leaves us questioning pre earnings contact how Coach's pricing strategies are impacting gross margin at fullprice and division channels, and how factory margins are trending.
Consistent to other multinationals this earnings season, worldwide was central to Coach beating on sales and earnings. Remarkably, Japan had three% constant currency revenue development (+14% adjusted). China, exactly where Coach is aggressively opening stores and where it's able to fetch greater costs than in the US, had an additional "doubledigit" percentage sales growth quarter.
At first blush, the report may have a couple of wondering if this kind of comp and earnings development is a peak in Coach's clawback from the depths of the US recession or a signal of what is to come as international sales begin to dominate a slower growth US tale. Negatives
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