Coach, Inc. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended December 29, 2012
January 23, 2013 at 05:30 pm IST
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Coach, Inc. reported unaudited consolidated earnings results for the second quarter and six months ended December 29, 2012. For the quarter, Net Sales were $1,503.774 million against $1,448.649 million a year ago. Operating income was $526.577 million against $500.901 million a year ago. Income before provision for income taxes was $525.338 million against $499.130 million a year ago. Net income was $352.764 million or $1.23 per diluted share against $347.495 million or $1.18 per diluted share a year ago. This increase was primarily due to the flow through of higher operating income. On the non-GAAP basis, operating income was $521.171 million, income before provision for income taxes was $519.400 million and net income was $347.495 million or $1.18 per diluted share. Net income per diluted share grew 4.8% in the second quarter of fiscal 2013 as compared to second quarter of fiscal 2012. This growth reflected leverage due to repurchases of Coach's common stock, in addition to higher net income.
For the six months, Net Sales were $2,665.124 million against $2,499.008 million a year ago. Operating income was $858.294 million against $822.867 million a year ago. Income before provision for income taxes was $855.019 million against $819.734 million a year ago. Net income was $574.145 million or $2.00 per diluted share against $562.478 million or $1.90 per diluted share a year ago. This increase was primarily due to the flow through of higher operating income. On the non-GAAP basis, operating income was $843.137 million, income before provision for income taxes was $840.004 million and net income was $562.478 million or $1.90 per diluted share. Net cash provided by operating activities was $830,012,000 compared to $836,070,000 a year ago. The decrease of $6.1 million was primarily due to certain working capital changes between the periods, partially offset by $11.7 million higher net income in the current fiscal period. Purchases of property and equipment were $117,099,000 compared to $70,185,000 a year ago. Net income per diluted share grew 5.0% in the six months of fiscal 2013 as compared to six months of fiscal 2012. This growth reflected leverage due to repurchases of Coach's common stock, in addition to higher net income.
Tapestry, Inc. is a global house of luxury accessories and lifestyle brands. The Company's brands include Coach, Kate spade New York, and Stuart Weitzman. The Company operates through three segments: Coach, Kate Spade and Stuart Weitzman. The Coach segment includes global sales of Coach products to customers through Coach operated stores, including e-commerce sites and concession shop-in-shops, and sales to wholesale customers and through independent third-party distributors. The Kate Spade segment includes global sales primarily of kate spade new york brand products to customers through Kate Spade operated stores, including e-commerce sites and concession shop-in-shops, sales to wholesale customers, and through independent third-party distributors. The Stuart Weitzman segment includes global sales of Stuart Weitzman brand products primarily through Stuart Weitzman operated stores, sales to wholesale customers, through e-commerce sites, and through independent third-party distributors.
TAPESTRY, INC. 
