New York based retailer Coach Inc, a leading marketer of modern classic American accessories announced that three key Executives: Lew Frankfort, Chairman and CEO, Reed Krakoff, President and Executive Creative Director, and Keith Monda, President and Chief Operating Officer, entered into three-year extensions to their original five-year employment agreements, which will now be in effect through August 2011.
The company also announced that its first quarter results to date are tracking ahead of plan. The company now expects that fiscal first quarter sales and earnings for the period ending October 1, 2005 will increase to at least $445 million and $0.25 per diluted share, respectively. This compares with prior year's sales of $344 million and earnings of $0.17 per share and represents increases of at least 29 percent and 47 percent, respectively. The analysts' consensus estimate is currently $0.24 per share. The company also expects fiscal year 2006 sales of about $2.1 billion and earnings per share of at least $1.25.
Coach will present at the Goldman Sachs Global Retailing Conference Thursday, September 8, 2005 at 8:55 a.m. (EDT). The audio portion of the presentation will be webcast live and archived for a period of five business days and is available to the general public. To access the live audio portion of the presentation, log in to company website.
In should be noted that forward guidance excludes the earnings impact from the implementation of accounting for share-based payments (Statement of Financial Accounting Standards No. 123R), which is currently required in the first quarter of fiscal year 2006.
marketing@alchempro.com
