Coach Shares Jump 3.4% Premarket As Profit Tops Estimates

Luxury accessories and apparel brand Coach Inc. said Tuesday it had net income of $200 million, or 71 cents a share, in its fiscal second quarter, up from $170 million, or 61 cents a share, in the year-earlier period. Adjusted per-share earnings came to 75 cents, just ahead of the FactSet consensus of 74 cents. Sales rose 4% to $1.32 billion, matching the FactSet consensus. "We continued to grow our business internationally, with notable strength in Europe and Mainland China, which represent significant opportunities for our brands," Chief Executive Victor Luis said in a statement. Coach said it's sticking with its fiscal 2017 guidance for revenue to grow in the low-to-mid single digits. It is expecting double-digit growth in net income and earnings per share for the year. Shares were up 3.4% in premarket trade, but are down 2.9% in the last 12 months, while the S&P 500 has gained 17.5%.