Coach Q1 Profit Tops View; Stock Up

(RTTNews) - Coach Inc. (COH), a design house of modern luxury accessories and lifestyle brands, Tuesday reported lower profit for the first-quarter, but adjusted earnings topped Wall Street estimates. The stock climbed close to 4 percent in pre-market.

Net income for the quarter fell to $96 million or $0.35 per share from of $119 million or $0.43 per share last year.

Adjusted earnings per share were $0.41, while it was $0.53 last year. On average, 34 analysts polled by Thomson Reuters expected earnings of $0.40 per share. Analysts' estimates typically exclude special items.

Net sales totaled $1.03 billion for the quarter, compared with $1.04 billion reported in the prior year, a decrease of 1 percent. On a constant currency basis, total sales increased 3 percent for the period. Analysts expected sales of $1.04 billion.

Coach also maintained its fiscal 2016 outlook outlined in August. Coach brand revenues for the year are expected to increase by low-single digits in constant currency on a 52-week basis.

The stock climbed 3.9 percent in pre-market and was at $ 31.50.