During the first quarter of fiscal 2007, the company opened 12 retail stores and one net factory store in North America, bringing the total to 230 retail stores and 87 factory stores as of September 30, 2006.
In addition, two factory stores were expanded. In Japan, Coach opened eight and expanded two retail locations.
The company estimates second fiscal quarter sales of about $785 million, representing a year-over-year increase of about 21 percent and earnings per diluted share of $0.56, up over 25 percent, and ahead of the analysts' consensus of $0.55.
For the fiscal year 2007 the company expects to generate sales of about $2.55 billion, an increase of 21 percent from prior year, and earnings per diluted share of at least $1.63, ahead of the analysts' consensus of $1.58, and representing an increase of at least 28 percent.
The company also announced that during the first fiscal quarter, it repurchased and retired five million shares of its common stock at an average cost of $29.99, completing its existing stock buyback program.
Accordingly, the Board of Directors has authorized a new repurchase program, allowing the company to buy back up to an aggregate of $500 million of its common stock through June 2008.
marketing@alchempro.com
