Shares of Avon Products, Inc. (NYSE:AVP) ended Tuesday session in green amid volatile trading. The shares closed up +0.13 points or 2.32% at $5.74 with 2.74 million shares getting traded. Post opening the session at $5.62, the shares hit an intraday low of $5.59 and an intraday high of $5.75 and the price vacillated in this range throughout the day. The company has a market cap of $2.55 billion and the numbers of outstanding shares have been calculated to be 437.02 million shares.
Avon Products, Inc. (AVP) on Sept. 8, 2016 announced the election of Jose Armario to its Board of Directors, effective September 6, 2016. Mr. Armario will serve on the Compensation and Management Development Committee.
Mr. Armario served in a variety of leadership roles at McDonald’s Corporation for nearly two decades, retiring in 2015. His roles at McDonald’s included Group President, Latin America and Canada, and President and International Relationship Partner, Latin America. Mr. Armario is credited with leading the company’s turnaround in Latin America and was responsible for driving improved business results and expansion in Canada, in addition to leading international franchising. Mr. Armario’s final role at McDonald’s was as Executive Vice President, Worldwide Supply Chain, Development and Franchising of McDonald’s Corporation. Mr. Armario was responsible for the strategy, execution and results of each department’s key goals, including $25 billion in supply chain purchases globally on a yearly basis, one billion in new store capital for growth in key markets and helping establish the right ownership strategy across all geographies.
Prior to joining McDonald’s, Mr. Armario held roles of increasing responsibility at Lenscrafters, Inc. and Burger King Corporation, where he started his career. Mr. Armario has served on the Board of USG Corporation since 2007, where he is on the Audit Committee and Compensation and Organization Committee. He also serves on the President’s Council of the University of Miami (FL). Mr. Armario earned an associate’s degree in business administration from Miami Dade College and an M.S. in professional management from the University of Miami School of Business.
“I’m delighted that Jose is joining the Avon Board,” said Sheri McCoy, Avon’s Chief Executive Officer. “He has first-hand consumer experience in many of Avon’s most important markets and his insights will be very valuable as we continue to execute our transformation plan.”
“We are very excited to welcome Jose to Avon’s Board,” said Chan W. Galbato, non-executive Chairman of the Board. “Jose brings over 30 years of global experience, having led large, complex operations, as well as having held more hands-on regional roles, including a significant focus on Latin America. This will be a great asset to Avon as we grow our business in global markets.”
Shares of Coach Inc (NYSE:COH) ended Tuesday session in green amid volatile trading. The shares closed up +0.08 points or 0.22% at $35.65 with 2.30 million shares getting traded. Post opening the session at $35.57, the shares hit an intraday low of $35.36 and an intraday high of $35.73 and the price vacillated in this range throughout the day. The company has a market cap of $9.79 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%.
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.”