Coach Beats Profit Estimate But Sales Fall Short

Coach Inc. said Tuesday it had net income of $122 million, or $43 cents a share, in its fiscal third quarter, up from $112.5 million, or 40 cents a share, in the year-earlier period. Adjusted per-share earnings came to 46 cents, ahead of the FactSet consensus of 44 cents. The clothing and accessories retailer said sales fell to $995.2 million from $1.033 billion, below the FactSet consensus of $1.02 billion. Same-store sales rose 3% in North America. The company said it still expects full-year revenues to rise in the low-single digits, and for net income and EPS to grow in the double digits. Shares were not yet active premarket, but are up 10.6% in 2017, while the S&P 500 has gained 6.7%.