Coach Q4 Profit Matches View; To Sell Reed Krakoff Business - Quick Facts

(RTTNews) - Classic American accessories retailer Coach, Inc. (COH) posted a decline in fourth-quarter net income to $221.34 million, or $0.78 per share, from $251.43 million or $0.86 per share in the previous year. Excluding Items, non-GAAP net income amounted to $254 million, or $0.89 per share in the latest quarter. On average, 33 analysts polled by Thomson Reuters expected earnings per share of $0.89 for the quarter. Analysts' estimates typically exclude one-time items.

On the other hand, net sales for the quarter reached $1.22 billion, compared with $1.16 billion in the same period of last year, up 6%. Analysts estimated revenues of $1.24 billion for the quarter.

Separately, Mike Tucci, President - North American Group, and Jerry Stritzke, President and Chief Operating Officer, have informed their decisions to leave and would depart the company at the end of August.

Further, Coach has inked a binding agreement to sell the Reed Krakoff business to a group led by Krakoff. The sale may close in the first quarter of fiscal 2014. Krakoff would depart the firm following the sale of the business. This transaction is not believed to have a material impact to its first quarter fiscal 2014.