Shares of Coach Inc (NYSE:COH) ended Friday session in red amid volatile trading. The shares closed down -0.58 points or -1.58% at $36.04 with 2.31 million shares getting traded. Post opening the session at $36.49, the shares hit an intraday low of $36.03 and an intraday high of $36.79 and the price vacillated in this range throughout the day. The company has a market cap of $10.22 billion and the numbers of outstanding shares have been calculated to be 278.94 million shares.
Coach Inc (COH) on August 9, 2016 reported fourth quarter and full year results for the period ended July 2, 2016.
Overview of Fourth Quarter 2016 Consolidated, Coach, Inc. Results:
- Net sales totaled $1.15 billion for the fourth fiscal quarter, an increase of 15% on both a reported and constant currency basis.
- Gross profit totaled $783 million on both a reported and non-GAAP basis, an increase of 14% on a reported basis and 13%, on a non-GAAP basis. Gross margin for the quarter was 67.8% on both a reported and non-GAAP basis compared to 68.5% in the prior year on a reported basis and 69.0% on non-GAAP basis.
- SG&A expenses totaled $666 million on a reported basis, an increase of 3%, and represented 57.7% of sales compared to 64.6% in the year-ago quarter. On a non-GAAP basis, SG&A expenses were $608 million, an increase of 7%, or 52.7% of sales as compared to $566 million or 56.4% in the year ago period.
- Operating income for the quarter on a reported basis totaled $117 million, an increase of 200%, while operating margin was 10.1% versus 3.9%. On a non-GAAP basis, operating income was $175 million, an increase of 39%, while operating margin was 15.1% versus 12.6%.
- Net interest expense was $7 million in the quarter as compared to $6 million in the year ago period.
- Net income for the quarter on a reported basis totaled $82 million, with earnings per diluted share of $0.29. This compared to reported net income in the fourth quarter of FY15 of $12 million with earnings per diluted share of $0.04. On a non-GAAP basis, net income for the quarter totaled $126 million compared to $85 million a year ago, with earnings per diluted share of $0.45, up 47% versus prior year.
Shares of Hormel Foods Corp (NYSE:HRL) ended Friday session in green amid volatile trading. The shares closed up +0.12 points or 0.32% at $37.87 with 2.23 million shares getting traded. Post opening the session at $37.59, the shares hit an intraday low of $37.59 and an intraday high of $37.99 and the price vacillated in this range throughout the day. The company has a market cap of $20.24 billion and the numbers of outstanding shares have been calculated to be 529.20 million shares.
Hormel Foods Corp (HRL) on September 7, 2016 announced that Jeffrey M. Ettinger will retire as chief executive officer on October 30, 2016. Ettinger will continue to serve as Hormel Foods chairman of the board. The Board of Directors elected James P. Snee to be the company’s next chief executive officer, effective October 31, 2016. Snee currently serves as president and chief operating officer.
Ettinger served as chairman of the board, president and chief executive officer from November 2006 to October 2015, when Snee was appointed president and Ettinger became chairman of the board and CEO. Ettinger joined Hormel Foods in 1989 and has served in a variety of roles, including senior attorney, product manager for Hormel® chili products and treasurer. In 1999, he was named president of Jennie-O Turkey Store — the largest subsidiary of Hormel Foods, based in Willmar, Minn. Ettinger was appointed president of Hormel Foods in 2004 and CEO effective January 1, 2006. He has served on the Hormel Foods Board of Directors since 2004, and currently serves on the boards of The Toro Company, Ecolab, Inc., North American Meat Institute, Grocery Manufacturers Association, The Hormel Foundation, The Hormel Institute and the Minnesota Business Partnership.
Under Ettinger’s leadership, Hormel Foods has grown through strategic acquisitions, organic growth and a continued focus on new product innovation. In 2016, Ettinger was named as one of the 30 World’s Best CEOs by Barron’s. In 2012, he was named Responsible CEO of the Year by Corporate Responsibility magazine. In addition, Ettinger is the founding chair of the company’s diversity and inclusion council, which aims to meet the growing needs of its diverse workforce and consumer base.
“Jeff has expertly piloted the company to significant growth and success during his tenure, leading a talented management team in the delivery of strong and consistent returns to Hormel Foods shareholders,” said John L. Morrison, the board’s Lead Director. “Under his leadership, the company added to an outstanding portfolio of brands through numerous strategic acquisitions, most notably Wholly Guacamole®, Skippy®, Muscle Milk® and most recently, the Applegate® and Justin’s® brands. While Jeff will certainly be missed, I am equally as confident in the leadership of Jim Snee as he assumes the role of CEO. Jim is a 27-year veteran of the company and served as president and chief operating officer for the last year. His excellent performance in this role, along with his successful experience in running the company’s International division and prior significant leadership roles in the affiliated foods and foodservice units within Refrigerated Foods, positions the company to continue to deliver outstanding results to its shareholders. The company is in excellent hands.”