Coach Establishes New $500 Million Share Repurchase Program; Announces Completion of Current Program
09 Mayo 2006 - 6:00AM
Business Wire
Coach, Inc. (NYSE: COH), a leading marketer of modern classic
American accessories, today announced that its Board of Directors
has authorized the repurchase of up to $500 million of its
outstanding common stock by the end of June 2007. Pursuant to this
new program, purchases of shares of the company's common stock will
be made from time to time, subject to market conditions and at
prevailing market prices, through open market purchases.
Repurchased shares of common stock will become authorized but
unissued shares, and may be issued in the future for general
corporate and other purposes. The company may terminate or limit
the stock repurchase program at any time. Lew Frankfort, Chairman
and Chief Executive Officer of Coach, Inc., said, "The stock
repurchase program is designed both to offset share issuances under
our employee compensation plans, as well as to increase economic
value for shareholders. Coach's excellent financial condition
allows us to take advantage of opportunities to purchase our
securities at attractive prices, particularly considering our
outstanding prospects." Concurrently, the company announced that it
has just completed the current $250 million repurchase program that
was put into place in May 2005. The company has acquired a total of
7,609,440 shares of its outstanding common stock under this
program, at a cost of approximately $250 million, or an average
cost of $32.89 per share. Coach, with headquarters in New York, is
a leading American marketer of fine accessories and gifts for women
and men, including handbags, women's and men's small leathergoods,
business cases, weekend and travel accessories, footwear, watches,
outerwear, sunwear, and related accessories. Coach is sold
worldwide through Coach stores, select department stores and
specialty stores, through the Coach catalog in the U.S. by calling
1-800-223-8647 and through Coach's website at www.coach.com.
Coach's shares are traded on The New York Stock Exchange under the
symbol COH. This press release contains forward-looking statements
based on management's current expectations. These statements can be
identified by the use of forward-looking terminology such as "may,"
"will," "should," "expect," "intend," "estimate," "are positioned
to," "continue," "project," "guidance," "forecast," "anticipated,"
or comparable terms. Future results may differ materially from
management's current expectations, based upon risks and
uncertainties such as expected economic trends, the ability to
anticipate consumer preferences, the ability to control costs, etc.
Please refer to Coach's latest Annual Report on Form 10-K for a
complete list of risk factors.
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