Coach Q1 Profit Declines, Yet Tops View; Declares Dividend - Quick Facts

(RTTNews) - Coach, Inc. (COH), a New York design house of modern luxury accessories, reported Tuesday that its third-quarter net income declined to $191 million or $0.68 per share from last year's net income of $239 million or $0.84 per share.

On average, 34 analysts polled by Thomson Reuters expected the company to report earnings of $0.61 per share for the quarter. Analysts' estimates typically exclude special items.

Analysts estimated revenues of $6.91 billion for the quarter.

Net sales were $1.10 billion for its third quarter, a decrease of 7 percent from last year's $1.19 billion. Analysts estimated revenues of $1.13 billion for the quarter. On a constant currency basis, sales declined 5 percent for the quarter.

The company noted that weakness in North American women's bag and accessories business continued to offset strong growth in men's, footwear, and robust sales gains in Asian markets and Europe.

Further, the company announced that its Board of Directors declared a quarterly cash dividend of $0.3375 per share, maintaining an annual rate of $1.35. The dividend is payable on June 30 to shareholders of record on June 6.

In pre-market activity, Coach shares are currently trading at $50.45, up $0.03 or 0.06 percent.