- Coach Brand North America Comparable
Store Sales Increased 3% in the Third Quarter
- Third Quarter GAAP EPS was $0.43
Versus $0.40 a Year Ago, Up 7%; Non-GAAP EPS was $0.46 Versus $0.44
a Year Ago, Up 4%
- Maintains Fiscal 2017
Guidance
Coach, Inc. (NYSE:COH) (SEHK:6388), a leading New York design
house of modern luxury accessories and lifestyle brands, today
reported third quarter results for the period ended April 1,
2017.
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Victor Luis, Chief Executive Officer of Coach, Inc., said, “Our
solid performance this quarter was very much in line with our
expectations and our strategic initiatives. In a volatile and
complex global environment, we delivered continued positive
comparable store sales for the Coach brand in North America and
gross margin expansion in each segment, while tightly controlling
costs. We continued to drive growth in our directly-operated Europe
and Mainland China businesses, which represent the most significant
geographic opportunities for our brands. And, despite our
deliberate pullback in the North America wholesale channel and the
impact of calendar shifts, we delivered earnings growth.
Importantly, we announced a new leadership structure and
strengthened our Coach brand team, a critical step in Coach, Inc.’s
evolution as a customer-focused, multi-brand organization.”
Overview of Third Quarter 2017
Consolidated, Coach, Inc. Results:
- Net sales totaled $995 million
for the third fiscal quarter, a decrease of 4% on a reported basis
and 3% on a constant currency basis. As planned, the Company’s
strategic decision to elevate the Coach brand’s positioning in the
North American wholesale channel through a reduction in promotional
events and door closures negatively impacted sales growth by
approximately 150 basis points in the quarter.
- Gross profit totaled $706
million, a decrease of 1% on a reported and non-GAAP basis. Gross
margin for the quarter expanded 190 basis points from prior year to
70.9% on both a reported and non-GAAP basis.
- SG&A expenses totaled $555
million on a reported basis, a decrease of 4%, and represented
55.7% of sales compared to 56.0% in the year-ago quarter. On a
non-GAAP basis, SG&A expenses were $544 million, a decrease of
3%, or 54.6% of sales as compared to 54.3% in the year ago period,
reflecting in part the Company’s continued investment in Stuart
Weitzman.
- Operating income for the quarter
on a reported basis totaled $151 million, an increase of 13%, while
operating margin was 15.2% versus 13.0%. On a non-GAAP basis,
operating income was $162 million, an increase of 7%, while
operating margin was 16.3% versus 14.7%.
- Net interest expense was $4
million in the quarter as compared to $7 million in the year ago
period.
- Net income for the quarter on a
reported basis totaled $122 million, with earnings per diluted
share of $0.43. This compared to reported net income in the third
quarter of FY16 of $112 million with earnings per diluted share of
$0.40. On a non-GAAP basis, net income for the quarter totaled $130
million compared to $124 million a year ago, an increase of 5%,
with earnings per diluted share of $0.46, up 4% versus prior
year.
Coach Brand Third Quarter of 2017
Results:
- Net sales for the Coach brand
totaled $915 million for the third fiscal quarter, a decrease of
approximately 4% on a reported and constant currency basis,
consistent with expectations. As planned, the strategic actions in
the North America wholesale channel negatively impacted sales
growth by about 150 basis points.
Third fiscal quarter sales results in each of Coach’s primary
segments were as follows:
- Total North American Coach brand
sales decreased 5% on a reported and constant currency basis to
$474 million versus $499 million last year. Both North American
aggregate and bricks and mortar comparable store sales rose
approximately 3% despite the negative impact of the shift in timing
of Easter. Total North American direct sales declined 2% for the
quarter, reflecting the change in the fiscal calendar on
non-comparable sales. As planned, sales at North American
department stores declined approximately 40% on both a POS and net
sales basis.
- International Coach brand sales
totaled $430 million compared to $448 million a year ago, a
decrease of approximately 4% on a reported basis, including
approximately 70 basis points of pressure related to foreign
currency translation. Greater China sales declined 2% versus prior
year in dollars and increased 2% on a constant currency basis,
driven by strong growth and positive comparable store sales in
Mainland China, offset by continued softness in Hong Kong and
Macau. In Japan, sales rose 2% in dollars and decreased 1% in
constant currency. Sales for the remaining directly-operated
businesses in Asia decreased low-double digits on a reported and
constant currency basis, due primarily to weakness in Korea where
macroeconomic and geopolitical headwinds have pressured spending
from domestic consumers and tourists. Sales in the directly
operated channels in Europe remained strong, growing at a
double-digit rate in constant currency, while total sales decreased
modestly in dollars and rose slightly in constant currency,
reflecting the impact of the planned shift in wholesale shipment
timing. As expected, international wholesale declined on a net
sales basis due to shipment timing with the fourth quarter, while
POS sales also declined.
- Gross profit for the Coach brand
totaled $656 million, a decrease of 2% on a reported and non-GAAP
basis. Gross margin for the quarter increased 180 basis points over
prior year, including approximately 20 basis points of benefit from
currency, to 71.7% on both a reported and non-GAAP basis.
- SG&A expenses totaled $509
million for the Coach brand on a reported basis, down 5% versus
prior year, and represented 55.6% of sales compared to 56.3% of
sales in the prior year’s third quarter. On a non-GAAP basis,
SG&A expenses were $500 million, a decrease of 4%, and
represented 54.6% of sales versus 54.8% in the year ago
period.
- Operating income for the Coach
brand on a reported basis was $147 million, an increase of 14%,
while operating margin was 16.1% compared to operating margin of
13.6% a year ago. On a non-GAAP basis, operating income was $156
million, an increase of 8%, while operating margin was 17.1%
compared to operating margin of 15.1% on a non-GAAP basis a year
ago.
Stuart Weitzman Third Quarter of 2017
Results:
- Net sales for the Stuart
Weitzman brand totaled $80 million for the third fiscal quarter
compared to $79 million reported in the same period of the prior
year, an increase of 1%, impacted by wholesale shipment
timing.
- Gross profit for the Stuart
Weitzman brand totaled $50 million, an increase of 8% versus prior
year, on a reported and non-GAAP basis. Gross margin for the
quarter was 62.1%, an increase of approximately 390 basis points
over prior year, on a reported and non-GAAP basis, reflective, in
part, of channel mix, the benefit of currency, and lower
promotional levels.
- SG&A expenses for the Stuart
Weitzman brand were $46 million on a reported basis, compared to
$41 million in the prior year, and represented 57.3% of sales
compared to 52.3% of sales in the prior year’s third quarter. On a
non-GAAP basis, SG&A expenses were $44 million compared to $39
million in the prior year due to an increase in store occupancy
costs as well as the Company’s strategic investments in team and
infrastructure. As a percentage of sales, SG&A was 55.2%
compared to 48.9% of sales a year ago.
- Operating income for the Stuart
Weitzman brand was $4 million or 4.7% of sales as reported compared
to $5 million or 5.9% of sales in the prior year’s third quarter.
On a non-GAAP basis, operating income was $6 million or 6.9% of
sales versus $7 million or 9.3% of sales in the prior year.
Mr. Luis continued, “At Stuart Weitzman, we’re executing on our
plan, driving global awareness and brand relevance, and gaining
traction with the millennial consumer. The response to spring
newness has been particularly strong, and we continue to expect
sales to increase at a double-digit pace for both the fourth
quarter and the year. We’re also making key brand investments in
management and creative talent, as well as infrastructure to
support long-term, multi-category growth. To this end, we’re
especially excited about the arrival of Giovanni Morelli, who joins
the brand this week as Creative Director.”
During the third quarter of FY17, the Company recorded the
following under its previously announced plans:
- Operational Efficiency Plan: charges of
approximately $6 million, primarily related to organizational
efficiency and technology infrastructure costs.
- Acquisition-Related Costs: charges of
approximately $5 million associated with the acquisition of Stuart
Weitzman (which primarily includes charges attributable to
contingent payments and integration-related activities).
These actions taken together increased the Company’s
consolidated reported SG&A expenses by about $11 million,
negatively impacting reported net income by $8 million after tax or
about $0.03 per diluted share in the third quarter.
“While the retail environment remains uncertain, our strategic
vision for our brands and our company remains clear. The traction
we’ve achieved to date on our transformation plan and the success
of our integration of Stuart Weitzman give us continued confidence
in our direction. Moreover, with our new leadership structure,
Coach, Inc. is well positioned to continue its journey as a global
house of brands and to focus on opportunities to drive long-term
and sustainable growth,” Mr. Luis concluded.
Fiscal Year 2017
Outlook:
The following fiscal 2017 guidance is provided on a non-GAAP,
52-week basis versus 52-week basis.
The Company is maintaining its operational outlook for fiscal
2017 as outlined in January.
The Company continues to expect revenues for fiscal 2017 to
increase low-single digits, including the impact of currency.
In addition, the Company is maintaining its operating margin
forecast for Coach, Inc. of between 18.5-19.0% for fiscal 2017.
This guidance incorporates the negative impact of both Stuart
Weitzman and the strategic decision to elevate the Coach brand’s
positioning in the North American wholesale channel, including a
reduction in promotional events and the closure of about 25% of
doors.
Interest expense is now expected to be in the area of $20
million for the year while the full year fiscal 2017 tax rate is
still projected at about 26%.
Taken together, the Company continues to project double-digit
growth in both net income and earnings per diluted share for the
year.
Fiscal Year 2017 Outlook - Non-GAAP Disclosure:
The Company is not able to provide a full reconciliation of the
non-GAAP financial measures to GAAP because certain material items
that impact these measures, such as the timing and exact amount of
charges related to our Operational Efficiency Plan and acquisition
related charges, have not yet occurred or are out of the Company’s
control. Accordingly, a reconciliation of our non-GAAP financial
measure guidance to the corresponding GAAP measures is not
available without unreasonable effort. The Company has identified
the estimated impact of the items excluded from its fiscal 2017
guidance.
This fiscal 2017 non-GAAP guidance excludes (1) expected pre-tax
charges of around $20 million to $35 million attributable to the
Company’s Operational Efficiency Plan (which will primarily include
the costs of replacing and updating the Company’s core technology
platforms, organizational efficiency costs, as well as network
optimization costs) and (2) expected pre-tax Stuart Weitzman
acquisition-related charges of around $20 million (which primarily
include the impact of contingent purchase price payments, subject
to achieving a certain revenue target, and office lease termination
charges).
Conference Call Details:
Coach will host a conference call to review these results at
8:30 a.m. (ET) today, May 2, 2017. Interested parties may listen to
the webcast by accessing www.coach.com/investors on the Internet or
dialing into 1-877-510-8087 or 1-862-298-9015 and providing the
Conference ID 44859438. A telephone replay will be available
starting at 12:00 p.m. (ET) today, for a period of five business
days. To access the telephone replay, call 1-800-585-8367 or
1-404-537-3406 and enter the Conference ID above. A webcast replay
of the earnings conference call will also be available for five
business days on the Coach website.
The Company expects to report fourth quarter financial results
on Tuesday, August 8, 2017. To receive notification of future
announcements, please register at www.coach.com/investors
("Subscribe to E-Mail Alerts").
Coach, Inc. is a leading New York design house of modern luxury
accessories and lifestyle brands. The Coach brand was established
in New York City in 1941, and has a rich heritage of pairing
exceptional leathers and materials with innovative design. Coach is
sold worldwide through Coach stores, select department stores and
specialty stores, and through Coach’s website at www.coach.com. In
2015, Coach acquired Stuart Weitzman, a global leader in designer
footwear, sold in more than 70 countries and through its website at
www.stuartweitzman.com. Coach, Inc.’s common stock is traded on the
New York Stock Exchange under the symbol COH and Coach’s Hong Kong
Depositary Receipts are traded on The Stock Exchange of Hong Kong
Limited under the symbol 6388.
Neither the Hong Kong Depositary Receipts nor the Hong Kong
Depositary Shares evidenced thereby have been or will be registered
under the U.S. Securities Act of 1933, as amended (the "Securities
Act"), and may not be offered or sold in the United States or to,
or for the account of, a U.S. Person (within the meaning of
Regulation S under the Securities Act), absent registration or an
applicable exemption from the registration requirements. Hedging
transactions involving these securities may not be conducted unless
in compliance with the Securities Act.
This information to be made available in this press release may
contain forward-looking statements based on management's current
expectations. Forward-looking statements include, but are not
limited to, the statements under “Fiscal Year 2017 Outlook,” as
well as statements that can be identified by the use of
forward-looking terminology such as "may," "will," “can,” "should,"
"expect," "intend," "estimate," "continue," "project," "guidance,"
"forecast," "anticipated," “moving,” “leveraging,” “targeting,”
“maintaining,” “assume,” “plan,” “pursue,” “look forward to,” “on
track to return,” “to achieve” or comparable terms. Future results
may differ materially from management's current expectations, based
upon a number of important factors, including risks and
uncertainties such as expected economic trends, the ability to
anticipate consumer preferences, the ability to control costs and
successfully execute our transformation and operational efficiency
initiatives and growth strategies and our ability to achieve
intended benefits, cost savings and synergies from acquisitions,
etc. Please refer to Coach Inc.’s latest Annual Report on Form 10-K
and its other filings with the Securities and Exchange Commission
for a complete list of risks and important factors.
COACH,
INC.
CONDENSED
CONSOLIDATED STATEMENTS OF INCOME
For the Quarters
and Nine Months Ended April 1, 2017 and March 26,
2016
(in millions,
except per share data)
(unaudited) (unaudited) QUARTER ENDED
NINE MONTHS ENDED April 1, March 26, April
1, March 26, 2017 2016
2017 2016 Net sales $ 995.2 $
1,033.1 $ 3,354.5 $ 3,337.2 Cost of sales 289.5
320.1 1,027.9 1,068.6 Gross profit
705.7 713.0 2,326.6 2,268.6 Selling, general and
administrative expenses 554.6 578.7 1,732.2
1,731.9 Operating income 151.1 134.3 594.4 536.7
Interest expense, net 4.0 6.5 14.8
19.5 Income before provision for income taxes 147.1
127.8 579.6 517.2 Provision for income taxes 24.9
15.3 140.3 138.2 Net Income $ 122.2 $
112.5 $ 439.3 $ 379.0 Net income per share:
Basic $ 0.44 $ 0.40 $ 1.57 $ 1.37 Diluted $ 0.43 $ 0.40 $
1.56 $ 1.36 Shares used in computing net income per
share: Basic 280.8 277.8 280.2
277.4 Diluted 282.9 279.5 282.2
278.7
COACH,
INC.
GAAP TO NON-GAAP
RECONCILIATION
For the Quarters
Ended April 1, 2017 and March 26, 2016
(in millions,
except per share data)
(unaudited)
April 1, 2017 GAAP Basis
Transformation and Operational
Acquisition-Related Non-GAAP Basis (As
Reported) Other Actions (1) Efficiency
Plan (2) Costs (3) (Excluding
Items) Gross profit $ 705.7 $ - $ - $ - $ 705.7
Selling, general and administrative expenses $ 554.6 $ - $ 6.4 $
4.5 $ 543.7 Operating income $ 151.1 $ - $ (6.4 ) $ (4.5 ) $
162.0 Provision for income taxes $ 24.9 $ - $ (1.6 ) $ (1.2
) $ 27.7 Net income $ 122.2 $ - $ (4.8 ) $ (3.3 ) $ 130.3
Diluted net income per share $ 0.43 $ - $ (0.02 ) $ (0.01 )
$ 0.46
March 26, 2016
GAAP Basis Transformation and Operational
Acquisition-Related Non-GAAP Basis (As
Reported) Other Actions (1) Efficiency
Plan (2) Costs (3) (Excluding
Items) Gross profit $ 713.0 $ - $ - $ - $ 713.0
Selling, general and administrative expenses $ 578.7 $ 9.4 $ - $
8.1 $ 561.2 Operating income $ 134.3 $ (9.4 ) $ - $ (8.1 ) $
151.8 Provision for income taxes $ 15.3 $ (3.0 ) $ - $ (2.9
) $ 21.2 Net income $ 112.5 $ (6.4 ) $ - $ (5.2 ) $ 124.1
Diluted net income per share $ 0.40 $ (0.02 ) $ - $ (0.02 )
$ 0.44 (1) The Transformation Plan was completed in fiscal 2016.
Amounts as of March 26, 2016 related to Coach brand organizational
efficiency costs and accelerated depreciation as a result of store
renovations, within North America and select International stores.
(2) Amounts as of April 1, 2017 reflect Coach brand
charges primarily related to organizational efficiency and
technology infrastructure costs.
(3) Amounts as of April 1, 2017 and March
26, 2016 represent charges attributable to acquisition-related
costs and limited life purchase accounting impacts, related to the
acquisition of Stuart Weitzman Holdings LLC.
The Company recorded the following
during the quarter ended April 1, 2017:
- Acquisition-related costs of $4.5
million, primarily related to contingent payments and
integration-related activities.
• Coach
brand: $2.8 million of these charges were
recorded within the Coach brand.
• Stuart Weitzman brand: $1.7 million of these
SG&A expenses were recorded within the Stuart Weitzman
brand.
The Company recorded the following during the quarter
ended March 26, 2016: - Acquisition-related costs of
$7.8 million, primarily related to charges attributable to
integration-related activities and contingent payments.
• Coach
brand: $5.4 million of these SG&A expenses were recorded
within the Coach brand.
• Stuart Weitzman brand: $2.4 million of these
SG&A expenses were recorded within the Stuart Weitzman
brand.
- Limited life purchase accounting impacts of $0.3 million
to SG&A expenses, recorded within the Stuart Weitzman brand.
COACH,
INC.
GAAP TO NON-GAAP
RECONCILIATION
For the Nine
Months Ended April 1, 2017 and March 26, 2016
(in millions,
except per share data)
(unaudited)
April 1, 2017 GAAP Basis
Transformation and Operational
Acquisition-Related Non-GAAP Basis (As
Reported) Other Actions (1) Efficiency
Plan (2) Costs (3) (Excluding
Items) Gross profit $ 2,326.6 $ - $ - $ (0.6 ) $ 2,327.2
Selling, general and administrative expenses $ 1,732.2 $ - $
17.2 $ 20.9 $ 1,694.1 Operating income $ 594.4 $ - $ (17.2 )
$ (21.5 ) $ 633.1 Provision for income taxes $ 140.3 $ - $
(4.3 ) $ (6.2 ) $ 150.8 Net income $ 439.3 $ - $ (12.9 ) $
(15.3 ) $ 467.5 Diluted net income per share $ 1.56 $ - $
(0.05 ) $ (0.05 ) $ 1.66
March
26, 2016 GAAP Basis Transformation and
Operational Acquisition-Related Non-GAAP Basis
(As Reported) Other Actions (1) Efficiency
Plan (2) Costs (3) (Excluding
Items) Gross profit $ 2,268.6 $ - $ - $ (0.9 ) $ 2,269.5
Selling, general and administrative expenses $ 1,731.9 $
35.9 $ - $ 28.3 $ 1,667.7 Operating income $ 536.7 $ (35.9 )
$ - $ (29.2 ) $ 601.8 Provision for income taxes $ 138.2 $
(9.0 ) $ - $ (9.5 ) $ 156.7 Net income $ 379.0 $ (26.9 ) $ -
$ (19.7 ) $ 425.6 Diluted net income per share $ 1.36 $
(0.10 ) $ - $ (0.07 ) $ 1.53 (1) The transformation plan was
completed in fiscal 2016. Amounts as of March 26, 2016 related to
Coach brand organizational efficiency costs and accelerated
depreciation as a result of store renovations, within North America
and select International stores. (2) Amounts as of
April 1, 2017 reflect Coach brand charges primarily related to
organizational efficiency costs, technology infrastructure costs
and to a lesser extent, network optimization costs.
(3) Amounts as of April 1, 2017 and March
26, 2016 represent charges attributable to acquisition-related
costs and limited life purchase accounting impacts, related to the
acquisition of Stuart Weitzman Holdings LLC.
The Company recorded the following
during the nine months ended April 1, 2017:
- Acquisition-related costs of $20.7
million, primarily related to integration-related activities and
contingent payments.
• Coach
brand: $8.2 million of these charges were recorded within
the Coach brand.
• Stuart Weitzman brand: $12.5 million of these
SG&A expenses were recorded within the Stuart Weitzman
brand.
- Limited life purchase accounting impacts of $0.6 million
to gross profit and $0.2 million to SG&A expenses, recorded
within the Stuart Weitzman brand, primarily due to the amortization
of the inventory step-up and limited life distributor
relationships.
The Company recorded the following during
the nine months ended March 26, 2016: -
Acquisition-related costs of $22.2 million, primarily related to
charges attributable to integration-related activities and
contingent payments.
• Coach
brand: $15.2 million of these SG&A expenses were
recorded within the Coach brand.
• Stuart Weitzman brand: $7.0 million of these
SG&A expenses were recorded within the Stuart Weitzman
brand.
- Limited life purchase accounting impacts of $0.9 million
to gross profit and $6.1 million to SG&A expenses, recorded
within the Stuart Weitzman brand, primarily due to the amortization
of the fair value of the order backlog asset and inventory step-up.
The Company reports information in accordance with U.S.
Generally Accepted Accounting Principles ("GAAP"). The Company's
management does not, nor does it suggest that investors should,
consider non-GAAP financial measures in isolation from, or as a
substitute for, financial information prepared in accordance with
GAAP. Further, the non-GAAP measures utilized by the Company may be
unique to the Company, as they may be different from non-GAAP
measures used by other companies. The financial information
presented above, as well as gross margin, SG&A expense ratio,
and operating margin, have been presented both including and
excluding the effect of certain items related to our Transformation
Plan, our Operational Efficiency Plan and Acquisition-Related Costs
for Coach, Inc., as well as the Coach brand, which includes the
Company’s North America and International segment, as well as Other
and Corporate Unallocated results, and the Stuart Weitzman brand,
which includes the Company’s Stuart Weitzman segment. The Company’s
North America comparable store sales are presented for the 13-weeks
ending April 1, 2017 versus the analogous 13-week period ended
April 2, 2016 for comparability.
The Company operates on a global basis and reports financial
results in U.S. dollars in accordance with GAAP. Percentage
increases/decreases in net sales and direct sales for Coach’s North
America segment and net sales for the Company, the Coach brand,
Coach’s International segment, Greater China, including Mainland
China, Coach Japan, Coach’s remaining directly operated businesses
in Asia and Coach Europe have been presented both including and
excluding currency fluctuation effects from translating
foreign-denominated sales into U.S. dollars and compared to the
same periods in the prior quarter and fiscal year. The Company
calculates constant currency revenue results by translating current
period revenue in local currency using the prior period’s monthly
average currency conversion rate.
Guidance for certain financial information for the fiscal year
ending July 1, 2017 has also been presented on a non-GAAP
basis.
Management utilizes these non-GAAP and constant currency
measures to conduct and evaluate its business during its regular
review of operating results for the periods affected and to make
decisions about Company resources and performance. The Company
believes presenting these non-GAAP measures, which exclude items
that are not comparable from period to period, is useful to
investors and others in evaluating the Company’s ongoing operating
and financial results in a manner that is consistent with
management’s evaluation of business performance and understanding
how such results compare with the Company’s historical performance.
Additionally, the Company believes presenting these measures on a
constant currency basis will help investors and analysts to
understand the effect of significant year-over-year foreign
currency exchange rate fluctuations on these performance measures
and provide a framework to assess how business is performing and
expected to perform excluding these effects.
COACH,
INC.
CONDENSED
CONSOLIDATED BALANCE SHEETS
At April 1, 2017,
July 2, 2016 and March 26, 2016
(in
millions)
(unaudited) (audited) (unaudited)
April 1, July 2, March 26, 2017
2016 2016 ASSETS Cash,
cash equivalents and short-term investments $ 1,891.9 $ 1,319.4 $
1,282.4 Receivables 203.4 245.2 263.2 Inventories 478.7 459.2 464.1
Other current assets 195.6 149.1 255.4
Total current assets 2,769.6 2,172.9 2,265.1 Property and
equipment, net 661.2 919.5 823.2 Other noncurrent assets
1,230.2 1,800.3 1,588.2 Total assets $ 4,661.0
$ 4,892.7 $ 4,676.5
LIABILITIES AND STOCKHOLDERS'
EQUITY Accounts payable $ 129.2 $ 186.7 $ 174.6 Accrued
liabilities 507.1 625.0 541.9 Current debt - 15.0
15.0 Total current liabilities 636.3 826.7 731.5
Long-term debt 591.8 861.2 868.5 Other liabilities 541.0
521.9 451.1 Stockholders' equity 2,891.9
2,682.9 2,625.4 Total liabilities and stockholders'
equity $ 4,661.0 $ 4,892.7 $ 4,676.5
COACH,
INC.
Store
Count
At December 31,
2016 and April 1, 2017
(unaudited)
As of As of
Directly-Operated
Store Count:
December 31, 2016 Openings
(Closures) April 1, 2017
Coach
North America 434 0 (10) 424 Japan 191 0 (7) 184
Greater China (PRC, Hong Kong & Macau) 191 7 (1) 197
Asia - Other 104 1 (2) 103 Europe 40 7 0 47
Stuart
Weitzman
Global 82 0 0 82
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170502005526/en/
CoachAnalysts & Media:Andrea Shaw Resnick,
212-629-2618Global Head of Investor Relations and Corporate
CommunicationsorChristina Colone, 212-946-7252Senior Director,
Investor Relations
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