Coach Earnings Meet Expectations, But Sales Miss

Coach Inc. shares fell 0.2% in Tuesday premarket trading after the fashion and accessories company reported sales that missed consensus. Coach had net income of $117.4 million, or 42 cents per share, up from $96.4 million, or 35 cents per share, for the same period last year. Adjusted earnings per share were 45 cents, meeting the FactSet consensus. Sales were $1.04 billion, up from $1.03 billion last year and missing the $1.07 billion FactSet consensus. Coach brand North American same-store sales increased 2%. The company maintained its fiscal 2017 outlook, forecasting a revenue increase in the low-to-mid single digits and double-digit growth in net income and EPS. Coach shares are up 9.7% for the year so far while the S&P 500 Index is up 4% for the same period.