Upscale accessory designer, Coach, Inc.(COH) reported declined second quarter earnings, missing analysts estimates on Wednesday.
The New York, NY based company reported second quarter net income of $352.8 million, or $1.23 per share, up from $347.5 million, or $1.18 last year. Analysts expected to see earnings of $1.28 per share.
Revenue came in at $1.5 billion for the quarter, up 3.8% from last year’s revenue of $1.45 billion, but missing analysts estimate of $1.6 billion.
The company reported that they had a weak holiday season, and sale store sales declined by -2% during the quarter.
Coach shares were down -$9.84, or -16.22% during premarket trading Wednesday. The stock has dropped -6% in the past year.
The Bottom Line
Shares of Coach (COH) have a 1.98% dividend yield, based on last night’s closing stock price of $60.68. The stock has technical support in the $50-$55 price area. If the shares can firm up, we see overhead resistance around the $60-$63 price levels.
Coach, Inc.(COH) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.3 out of 5 stars.
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