NEW YORK — Coach Inc. (COH) on Tuesday reported fiscal first-quarter profit of $96.4 million.
On a per-share basis, the New York-based company said it had profit of 35 cents. Earnings, adjusted for non-recurring costs and costs related to mergers and acquisitions, came to 41 cents per share.
The results surpassed Wall Street expectations. The average estimate of 18 analysts surveyed by Zacks Investment Research was for earnings of 39 cents per share.
The luxury handbag maker posted revenue of $1.03 billion in the period, also surpassing Street forecasts. Ten analysts surveyed by Zacks expected $1.02 billion.
Coach shares have decreased 19 percent since the beginning of the year, while the Standard & Poor's 500 index has increased roughly 1 percent. The stock has dropped 16 percent in the last 12 months.
Keywords: Coach, Earnings Report