Coach net sales decline 5.08 percent in FY14
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Commenting on the results, Victor Luis, Chief Executive Officer of Coach, 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 dollars in sales in China, and driving men’s to about 700 million dollars in sales globally. A crucial milestone was the arrival of Executive Creative DirectorStuart Vevers last September.”
For the fiscal year, diluted earnings per share on a non-GAAP basis totaled 3.10 dollars as compared to 3.73 dollars in the prior year. Reported net income for the year totaled 781 million dollars and earnings per diluted share were 2.79 dollars, compared to reported net income for the prior year of 1.03 billion dollars with earnings per diluted share of 3.61 dollars.
For the quarter, on a non-GAAP basis, operating income totaled 231 million dollars compared to 371 million dollars in the prior year, while operating margin was 20.4 percent versus 30.3 percent. During the quarter, on a non-GAAP basis, gross profit totaled 789 million dollars versus 892 million a year ago dollars, while gross margin was 69.4 percent versus 73 percent.