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The leading American brand for leather goods, apparel and footwear, has posted its first quarter results for the period ended September, 26 2015
Helped by the strong dollar and strong sales of its two handbags (Ace and Nomad), sales for the first quarter of the new fiscal period decreased only 1% at current rate (+3% at constant rate) to US$1.03 billion.
International Coach brand sales declined 3% to US$369 million from US$381 million last year. On a constant currency basis, international sales rose 6%. Total China sales were up 2% in dollars and 3% in constant currency, with double-digit growth and positive comparable store sales on the Mainland offset in part by continued weakness in Hong Kong and Macau.
In Japan, sales increased 6% on a constant currency basis, consistent with expectations, while dollar sales declined 10%, reflecting the weaker yen. Sales for the remaining directly operated businesses in Asia grew slightly in constant currency while down in dollars, while Europe remained very strong, growing at a double digit pace in both total and comparable store sales.
“We are pleased with our first quarter performance, which was consistent with our plan and reflected continued progress on our transformation journey,” said Victor Luis, CEO of Coach.
“Our international businesses posted moderate growth on a constant currency basis, highlighted by double-digit increases in Europe and Mainland China, as well as sales gains in Japan. Overall, our results underscore our confidence that the cumulative impact of our actions will result in a return to top line growth in FY16 and positive North American comps by the end of the year”, he added.
The company maintains full year 2016 guidance.
Source: Business Wire