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NEW YORK, United States — Coach Inc., the largest U.S. luxury-handbag maker, posted fourth-quarter earnings that exceeded analysts' estimates after new products helped stem a sales decline.
Excluding some items, earnings amounted to 31 cents a share, the New York-based company said Tuesday in a statement. Analysts had estimated 29 cents on average, according to data compiled by Bloomberg. Sales were $1 billion in the period, which ended June 27, topping the $972.9 million projection.
Chief Executive Officer Victor Luis is working to add new products that appeal to younger consumers and don't need to be discounted in order to sell. The company also is refreshing its stores and partnering with new designers to try to retake market share from competitors such as Kate Spade & Co.
The shares rose in early New York trading after the results were posted. The stock has slipped 19 percent this year through Monday’s close.
By Lindsey Rupp; editors: Nick Turner, Kevin Orland.