Coach Inc., a leading design house of modern luxury accessories and lifestyle brands, has announced its financial results for the fourth quarter and full year ended July 1.
The fashion company’s net sales totalled US $ 1.13 billion during the fourth quarter as compared to US $ 1.15 billion in the prior year. In the full year 2017, Coach’s net sales remained flat at US $ 4.49 billion against US $ 4.49 billion in the prior year.
During the fourth quarter, the company’s gross profit stood at US $ 755 million (on a reported basis) as against US $ 757 million in the previous year’s quarter. Operating income for the quarter totalled US $ 193 million, while for the full year it remained US $ 787 million.
Coach’s fourth quarter net income increased to US $ 152 million from US $ 142 million in the corresponding quarter last year. Its full year 2017 net income stood at US $ 591 million compared to US $ 552 million a year ago.
Victor Luis, CEO of Coach, said, “Our strong fourth quarter results capped an excellent FY 2017 performance for the company. We are focused on driving top and bottom-line growth for Coach, but are also committed to taking the right steps to achieve sustainable long-term profitability through the health of our brands by making the appropriate investments and carefully managing our distribution channels.”
The company expects that its full year 2018 revenue will improve by 30 per cent to close at around US $ 5.9 billion.
