Shares of Coach Inc (NYSE:COH) ended Thursday session in green amid volatile trading. The shares closed up +0.20 points or 0.52% at $38.39 with 2.44 million shares getting traded. Post opening the session at $38.10, the shares hit an intraday low of $38.02 and an intraday high of $38.45 and the price vacillated in this range throughout the day. The company has a market cap of $10.59 billion and the numbers of outstanding shares have been calculated to be 278.94 million shares.
On August 9, 2016 Coach, Inc. (COH) (6388.HK), a leading New York design house of modern luxury accessories and lifestyle brands, reported fourth quarter and full year results for the period ended July 2, 2016.
Victor Luis, Chief Executive Officer of Coach, Inc., said, “Our strong fourth quarter results – in which we achieved positive North America comparable store sales and drove increases across key financial metrics- capped a year where we returned the Coach brand to growth. At the same time, we elevated brand perception globally. I couldn’t be more pleased with our team’s execution of the transformation plan over the last two years, as we tracked to our goals in spite of the significant and unanticipated volatility in tourist spending flows, as well as macroeconomic and promotional headwinds. In the quarter, our North American direct business accelerated, while we continued to implement strategic actions to elevate our positioning and streamline our distribution in the department store channel. Our international businesses continued to grow, highlighted by double-digit increases in Mainland China and Europe, as well as sales gains in our directly operated businesses in Southeast Asia. Most importantly, we achieved the expected inflection in profitability, as we leveraged our expenses on the growth in the business.”
“We were also very pleased with the overall contribution of the Stuart Weitzman brand for both the quarter and year, which outpaced our original projections. We look forward to driving additional synergies across the brands – notably in real estate, supply chain and category expansion – while taking an increasing share of the attractive and growing global footwear category.”
Shares of LKQ Corporation (NASDAQ:LKQ) ended Thursday session in red amid volatile trading. The shares closed down -0.53 points or -1.47% at $35.56 with 1.81 million shares getting traded. Post opening the session at $35.90, the shares hit an intraday low of $35.50 and an intraday high of $36.05 and the price vacillated in this range throughout the day. The company has a market cap of $10.88 billion and the numbers of outstanding shares have been calculated to be 307.11 million shares.
LKQ Corporation (LKQ) on July 28, 2016 reported record revenue for the second quarter of 2016 of $2.45 billion, an increase of 33.3% as compared to $1.84 billion in the second quarter of 2015. Net income for the second quarter of 2016 was $140.7 million, an increase of 17.6% as compared to $119.7 million for the same period of 2015. On an adjusted basis, net income was $169.2 million, an increase of 34.0% as compared to the $126.3 million for the same period of 2015. Diluted earnings per share for the second quarter of 2016 was $0.46, an increase of 17.9% as compared to the $0.39 for the same period of 2015. On an adjusted basis, diluted earnings per share was $0.55 in the second quarter of 2016 reflecting a 34.1% increase over $0.41 for the same period of 2015. See the reconciliation of net income and diluted earnings per share to adjusted net income and adjusted diluted earnings per share included with this press release.
“Despite tough comparable periods and the carryover impact of the mild winter in North America, organic revenue growth for parts and services was a respectable 5.4% during the quarter, demonstrating the resiliency of our operating and diversification strategy,” stated Robert Wagman, President and Chief Executive Officer of LKQ Corporation. “We improved gross margins in our North American operations, which included 40 basis points of improvement from the aftermarket procurement initiatives implemented during 2016. Our European segment continued to show solid improvement in the second quarter, with its segment EBITDA margins increasing 40 basis points sequentially and 30 basis points year-over-year, even after absorbing the incremental cost associated with the new distribution facility in Tamworth, England. I am also pleased with the overall earnings growth achieved in the quarter, which is partly attributable to the smooth integration of the Rhiag and PGW acquisitions we completed earlier this year.”