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Carriggxcy · Posted: Tue 18:41, 10 Dec 2013 Post subject: In phrases of distribution

08 Earnings Call Transcript
With me today to talk about our quarterly outcomes are Lew Frankfort, Coach's Chairman and CEO, and Mike Devine,[url=http://www.cococws.us/cheapbeatsbydre.html]cheap beats studio[/url], Coach's CFO.
Before we start, we should point out that this convention contact will include particular forwardlooking statements, including projections for our business in the current or future quarters or fiscal many years. These statements are based upon a quantity of continuing assumptions. Future results might differ materially from our current expectations based on dangers and uncertainties this kind of as expected economic trends or our capability to foresee customer preferences. Please refer to our latest annual report on Form 10K for a complete checklist of these danger elements. Also, make sure you note that historic growth trends might not be indicative of future growth.
We present anticipate to update our estimates every quarter only. Nevertheless, the failure to update this information ought to not be taken as Coach's acceptance of these estimates on a continuing basis. Coach might also choose to discontinue presenting long term estimates at any time.
Now allow me define the speakers and subjects for this conference call. Lew Frankfort will offer an overall summary of our 3rd fiscal quarter 2008 results and will also talk about our strategies going forward. Mike Devine will continue with details on monetary and operational highlights for the quarter as nicely as our outlook for the fourth fiscal quarter of 2008.
I'd now like to introduce Lew Frankfort, Coach's Chairman and CEO.
Thanks,[url=http://www.cellsignal.com/mail/lvoutletonline.html]louis vuitton handbags clearance[/url], Andrea, and welcome everyone.
We've announced strong topline and bottomline development of 19% respectively for the quarter just finished, in line with our anticipations. We also continue to be happy with the power of new shops, which are nonetheless coming on-line nicely ahead of anticipations. handbag and accent category as in contrast to overall retail sales.
For the fourth quarter of the fiscal yr ending in June we are projecting revenue of $780million and EPS of $.fifty, both up twenty% from year in the past levels, taking the complete year to about $three.18billion with EPS of $2.06, every increasing 22%. It is worth mentioning that this EPS guidance has been in location all through the fiscal yr.
Given the continued uncertainties in the financial backdrop, we have determined to wait until the end of our fourth quarter to provide particular guidance for the subsequent fiscal yr. At the same time, it is important to underscore the self-confidence we have in our ability to carry on to generate substantial leading and base line growth via both distribution and productiveness gains.
In phrases of distribution, offered the compelling returns we are continuing to produce we will execute our current distribution plans in North America, such as the opening of forty new retail stores in the coming year.
Regarding productiveness, our self-confidence stems initial and foremost from our item, coupled with 1) the general strength of the Coach proposition underscored by our key company and brand name equities, 2) our wide and loyal customer franchise, and 3) our revolutionary and consumercentric character.
Whilst I will get into additional depth about current circumstances and the outlook for the class in our company soon, I first want to consider the time to review our quarter.
Some highlights of our 3rd fiscal quarter had been first, earnings per share rose 19% to $.46 as compared to $.39 in the prior yr whilst net earnings rose to $162million from $147million.
2nd, net revenue totaled $745million versus $625 million a yr ago, a gain of 19%.
3rd, directtoconsumer sales rose 20% to $578 million from $481 million in the prior year.
Fourth, North American samestore sales for the quarter rose 9%.
Lastly, revenue in Japan rose 12% in continuous currency and 25% in dollars.
During the quarter, Coach opened 5 North American retail stores, such as 1 new marketplace for Mentor Macon, Ga. We also opened two manufacturing facility stores during the 3rd quarter and expanded another. At the finish of the time period, there were 287 complete price and 101 factory stores in operation in North The united states.
In Japan, two new department shop locations had been opened while two retail shops had been closed. Also, 5 locations had been expanded. At quarter end, there had been 147 total places in Japan, with 21 full price storesincluding 8flagships 106 shopinshops, fifteen manufacturing facility shops, and five distributoroperated places.
Oblique revenue elevated fifteen% to $166million from $144million in the exact same period final yr. division stores grew at 5%, whilst worldwide POS revenue grew by much more than twenty five%. purse and accessory class grew between 5% and 10%. At the same time, Coach's bag revenue rose eighteen% across all channels in North The united states.
As mentioned, we had been pleased with our general performance in North America this quarter towards very tough comparisons across all channels. Our complete revenues in North America were up fifteen% with our straight operated stores generating a twenty% gain pushed by each distribution and an overall higher singledigit comp. We would note that in complete price stores, our weak visitors patterns from the second quarter continued while conversion and typical transaction size rose.
In factory, we continued to see raises throughout all 3 metrics.
As mentioned in our press launch, beginning this quarter we are only providing aggregated comparable store revenue for our North American retail and manufacturing facility stores. Whilst less comprehensive, this measure totally displays our brand's retail performance in North America while nonetheless providing a constant metric to gauge our outcomes towards prior intervals and other luxurious retailers. By aggregating comps, we're aligning the way we measure performance with the way we handle our Retail company. This will also offer the operational versatility to react to modifications in marketplace dynamics and run our business in the very best longterm interests of our shareholders.
I also want to highlight an additional excellent quarter for Mentor women's footwear. Our business in division stores,[url=http://www.cellsignal.com/mail/lvoutletonline.html]louis vuitton outlet online[/url], where we are now sold through about 800 places, rose about 24% at POS for the quarter. We were also extremely pleased with the performance at Coach Japan, where revenue rose 12% in yen and 25% in dollars. Development in Japan was fueled mainly by distribution through each new stores and expansions as our market share further expanded towards a ongoing weak category backdrop.
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