Coach Inc. : leader des sac à main de Luxe (mais abordable)

Voici un gérant value avec une pose dans Coach qui reste optimiste.

http://www.wedgewoodpartners.com/images … .pdf?rf=dr

Ca commence p13.
Ca donne presque envie de shorter Michael Kors ce raisonnement.

J’attends le titre sous les $30 avant de me lancer.

New York design house of modern luxury accessories and lifestyle collections, today reported net sales of $1.14 billion for its fourth fiscal quarter ended June 28, 2014, compared with $1.22 billion reported in the same period of the prior year, a decrease of 7%. On a constant currency basis, total sales declined 6% for the period. Net income for the quarter totaled $164 million, with earnings per diluted share of $0.59, excluding transformation and other related actions. This compared to net income of $254 million and earnings per diluted share of $0.89, in the prior year’s fourth quarter, excluding restructuring and transformation-related charges. Reported net income totaled $75 million with earnings per diluted share of $0.27 compared to the prior year’s reported net income of $221 million and earnings per diluted share of $0.78.

For the fiscal year, net sales declined 5% to $4.81 billion from $5.08 billion the prior fiscal year while net income excluding transformation and other related actions was $870 million versus $1.07 billion in the prior year. On a constant currency basis sales declined 3% for the year. In addition, diluted earnings per share on a non-GAAP basis totaled $3.10 as compared $3.73 in the prior year. Reported net income for the year totaled $781 million and earnings per diluted share were $2.79, compared to reported net income for the prior year of $1.03 billion with earnings per diluted share of $3.61.

Victor Luis, Chief Executive Officer of Coach, Inc. said, “The fourth quarter capped a challenging year for the company, most notably in the North America women’s bag and accessory business. However, it was also a year of many accomplishments for Coach, including the successful integration of our retail businesses in Europe, surpassing $500 million in sales in China, and driving Men’s to about $700 million in sales globally. Most importantly, we laid the groundwork for our brand transformation. A crucial milestone was the arrival of Executive Creative Director Stuart Vevers last September, who has already had a significant impact on the creative direction of the brand. This was highlighted by our first New York Fashion Week presentation in February and the editorial praise his inaugural collection received globally. We also developed our new retail concept, inspired by our New York City heritage, using an iconic materials palette that is distinctively Coach.”

“Most recently in June, we unveiled our comprehensive long-term strategic plan to reinvigorate our business, and rewrite the Coach playbook to achieve growth and leadership. We are taking the key transformation actions to enable the strategic path forward, embarking on the execution phase of our journey.”

For the quarter, on a non-GAAP basis, operating income totaled $231 million compared to $371 million in the prior year, while operating margin was 20.4% versus 30.3%. During the quarter, on a non-GAAP basis, gross profit totaled $789 million versus $892 million a year ago, while gross margin was 69.4% versus 73.0%. SG&A expenses, as a percentage of net sales, totaled 49.0% on a non-GAAP basis, compared to 42.6% in the year-ago quarter.

Les marges à 20%, tout est dit.
Eps vers $2.6 donc à $36 on paye 14x une boite sans grosse croissance.
J’attends.

Les résultats ont simplement été moins mauvais qu’anticipé, ça a provoqué un petit rebond. A part ça Coach suit la tendance du marché.

J’imagine que le mois de septembre va être intéressant pour Coach, avec la première collection de Stuart Vevers qui va sortir.