Coach Inc. Issues FY17 Guidance - Quick Facts

(RTTNews) - Coach, Inc. (COH) announced the company continues to project double-digit growth in both net income and earnings per share for fiscal 2017. The company said it is maintaining operating margin forecast for Coach, Inc. of between 18.5-19.0% for fiscal 2017.

Given the significant strengthening of the U.S. dollar, Coach, Inc. is now projecting revenue to increase low-single digits, including an expected negative impact from foreign currency of 50 basis points for the full fiscal year or over 100 basis points of pressure for the second half of the fiscal year based on current exchange rates. The company's previous fiscal 2017 revenue guidance was for an increase of low-to-mid single digits, including an expected benefit from foreign currency of approximately 100-150 basis points.

Second-quarter net income on a reported basis totaled $200 million, with earnings per share of $0.71. This compared to reported net income in the second quarter of prior year of $170 million with earnings per share of $0.61. On a non-GAAP basis, net income for the quarter totaled $211 million compared to $189 million a year ago, an increase of 12%, with earnings per share of $0.75, up 11% versus prior year.

Second-quarter net sales totaled $1.32 billion, an increase of 4% over prior year on a reported basis, including a benefit of 40 basis points related to currency translation.