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Coach - Fundamentalanalyse - Jahresbericht / Bilanz / Geschäftsbericht

Coach (ISIN: US1897541041, WKN: 566039) Kursdatum: 21.07.2017 Kurs: 48,740 USD
Beschreibung Daten
Symbol COH
Marktkapitalisierung 13.613.081.600,00 USD
Land Vereinigte Staaten von Amerika
Indizes S&P 500
Sektor Konsumgüter
Rohdaten nach US GAAP in Millionen USD
Aktiensplits 2005-04-05 - 2:1 | 2003-10-02 - 2:1 | 2002-07-05 - 2:1 |
Internet
Letztes Bilanz Update 19.08.2016

Fundamentaldaten

Fundamental Verhältnisse errechnet am: 21.07.2017
KFCV KCV DIV Rendite GKR EKQ KGV KUV KBV
37,54 17,95 2,77% 9,42 54,83 29,54 3,03 5,07

Firmenbeschreibung

Quarterly Financial Data(unaudited) First Quarter Second Quarter Third Quarter Fourth Quarter (millions, except per share data)Fiscal 2016(1)(2)           Net sales$1,030.3 $1,273.8 $1,033.1 $1,154.6Gross profit696.5 859.1 713.0 782.7Net income96.4 170.1 112.5 81.5Net income per common share:       Basic0.35 0.61 0.40 0.29Diluted0.35 0.61 0.40 0.29Fiscal 2015(1)           Net sales$1,038.8 $1,219.4 $929.3 $1,004.1Gross profit715.4 840.0 665.5 687.7Net income119.1 183.5 88.1 11.7Net income per common share:       Basic0.43 0.67 0.32 0.04Diluted0.43 0.66 0.32 0.04Fiscal 2014(1)           Net sales$1,150.8 $1,419.6 $1,099.6 $1,136.2Gross profit826.6 982.7 781.3 706.4Net income217.9 297.4 190.8 75.2Net income per common share:       Basic0.77 1.07 0.69 0.27Diluted0.77 1.06 0.68 0.27

Firmenstrategie

Principles of ConsolidationThe consolidated financial statements include the accounts of the Company and all 100% owned subsidiaries. All intercompany transactions and balances are eliminated in consolidation.

RevenueRecognitionPolicyTextBlock

Revenue Recognition

Revenue is recognized by the Company when there is persuasive evidence of an arrangement, delivery has occurred (and risks and rewards of ownership have been transferred to the buyer), price has been fixed or is determinable, and collectability is reasonably assured.

Retail store and concession-based shop-in-shop revenues are recognized at the point of sale, which occurs when merchandise is sold in an over-the-counter consumer transaction. Internet revenue from sales of products ordered through the Company’s e-commerce sites is recognized upon delivery and receipt of the shipment by its customers and includes shipping and handling charges paid by customers. Revenues are also reduced by an estimate for returns at the time of sale.

Wholesale revenue is recognized at the time title passes and risk of loss is transferred to customers. Wholesale revenue is recorded net of estimates of markdown allowances, returns and discounts. Estimates for markdown reserves are based on historical trends, actual and forecasted seasonal results, an evaluation of current economic and market conditions, retailer performance, and, in certain cases, contractual terms. Returns and allowances require pre-approval from management and discounts are based on trade terms. The Company reviews and refines these estimates on a quarterly basis. The Company’s historical estimates of these costs have not differed materially from actual results.

Gift cards issued by the Company are recorded as a liability until they are redeemed, at which point revenue is recognized. The Company recognizes income for unredeemed gift cards when the likelihood of a gift card being redeemed by a customer is remote, which is generally approximately three years after the gift card is issued, and the Company determines that it does not have a legal obligation to remit the value of the unredeemed gift card to the relevant jurisdiction as unclaimed or abandoned property. Revenue associated with gift card breakage is not material to the Company’s net operating results.

The Company accounts for sales taxes and other related taxes on a net basis, excluding such taxes from revenue.

SegmentReportingDisclosureTextBlock

SEGMENT INFORMATION

In fiscal 2016, the Company has three reportable segments based on its business activities and organization:

North America, which is composed of Coach brand sales to North American consumers through stores, including the Internet, and sales to wholesale customers.
International, which is composed of Coach brand sales to consumers through stores and concession shop-in-shops in Japan, mainland China, Hong Kong, Macau, Singapore, Taiwan, Malaysia, South Korea, the United Kingdom, France, Ireland, Spain, Portugal, Germany, Italy, Austria, Belgium, the Netherlands and Switzerland. Additionally, International includes Coach brand sales to consumers through the Internet in Japan, mainland China, the United Kingdom and South Korea, as well as sales to wholesale customers and distributors in approximately 55 countries.
Stuart Weitzman, which includes worldwide sales generated by the Stuart Weitzman brand, primarily through department stores in North America and international locations, within numerous independent third party distributors and within Stuart Weitzman operated stores (including the Internet) in the United States, Canada and Europe. Amounts presented within the Stuart Weitzman segment in fiscal 2015 were reclassified from Other, where they were previously reported, as Stuart Weitzman became a reportable segment in fiscal 2016.

In deciding how to allocate resources and assess performance, the Company's chief operating decision maker regularly evaluates the sales and operating income of these segments. Operating income is the gross margin of the segment less direct expenses of the segment. Unallocated corporate expenses include inventory-related costs (such as production variances), advertising, marketing, design, administration and information systems, as well as distribution and consumer service expenses. Additionally, costs incurred by the Company as described in Note 3, "Restructuring Activities," and certain acquisition-related costs are also included as unallocated corporate expenses.

The following table summarizes segment performance for fiscal 2016, fiscal 2015 and fiscal 2014:

 
North
America
 
International
 
Other(1)
 
Corporate Unallocated(2)
 
Stuart Weitzman
 
Total
 
(millions)
Fiscal 2016
  

 
  

 
  

 
  

 
 
 
  

Net sales
$
2,397.1

 
$
1,704.0

 
$
46.0

 
$

 
$
344.7

 
$
4,491.8

Gross profit
1,478.4

 
1,286.2

 
32.3

 
52.0

 
202.4

 
3,051.3

Operating income (loss)
737.3

 
512.7

 
22.9

 
(651.9
)
 
32.5

 
653.5

Income (loss) before provision for income taxes
737.3

 
512.7

 
22.9

 
(678.8
)
 
32.5

 
626.6

Depreciation and amortization expense(3)
64.0

 
70.6

 

 
64.9

 
19.6

 
219.1

Total assets
435.2

 
1,033.9

 
9.9

 
2,782.5

 
631.2

 
4,892.7

Additions to long-lived assets
91.6

 
112.8

 

 
180.5

 
11.5

 
396.4

EarningsPerSharePolicyTextBlock

EARNINGS PER SHARE

Basic net income per share is calculated by dividing net income by the weighted-average number of shares outstanding during the period. Diluted net income per share is calculated similarly but includes potential dilution from the exercise of stock options and restricted stock units and any other potentially dilutive instruments, only in the periods in which such effects are dilutive under the treasury stock method.

The following is a reconciliation of the weighted-average shares outstanding and calculation of basic and diluted earnings per share:

 
North
America
 
International
 
Other(1)(4)
 
Corporate Unallocated(2)
 
Stuart Weitzman
 
Total
 
(millions)
Fiscal 2015
  

 
  

 
  

 
  

 
 
 
  

Net sales
$
2,467.5

 
$
1,622.0

 
$
59.1

 
$

 
$
43.0

 
$
4,191.6

Gross profit
1,574.6

 
1,248.8

 
38.1

 
27.2

 
Fiscal Year Ended
  
July 2,
2016
 
June 27,
2015
 
June 28,
2014
 
(millions, except per share data)
Net income
$
460.5

 
$
402.4

 
$
781.3

 
 
 
 
 
 
Total weighted-average basic shares
277.6

 
275.7

 
277.8

Dilutive securities:
 
 
  

 
  

Share-based award plans
1.3

 
0.9

 
1.0

Stock option programs
0.4

 
0.6

 
1.6

Total weighted-average diluted shares
279.3

 
277.2

 
280.4

 
 
 
 
 
 
Net income per share:
 
 
  

 
  

Basic
$
1.66

 
$
1.46

 
$
2.81

Diluted
$
1.65

 
$
1.45

 
$
2.79


At July 2, 2016, options to purchase 5.1 million shares of common stock were outstanding but not included in the computation of diluted earnings per share, as these options’ exercise prices, ranging from $39.42 to $78.46, were greater than the average market price of the common shares.

At June 27, 2015, options to purchase 5.9 million shares of common stock were outstanding but not included in the computation of diluted earnings per share, as these options’ exercise prices, ranging from $38.75 to $78.46, were greater than the average market price of the common shares.

At June 28, 2014, options to purchase 6.4 million shares of common stock were outstanding but not included in the computation of diluted earnings per share, as these options’ exercise prices, ranging from $43.39 to $78.46, were greater than the average market price of the common shares.

Earnings per share amounts have been calculated based on unrounded numbers. Options to purchase shares of the Company's common stock at an exercise price greater than the average market price of the common stock during the reporting period are anti-dilutive and therefore not included in the computation of diluted net income per common share. In addition, the Company has outstanding restricted stock unit awards that are issuable only upon the achievement of certain performance goals. Performance-based restricted stock unit awards are included in the computation of diluted shares only to the extent that the underlying performance conditions (and any applicable market condition modifiers) (i) are satisfied as of the end of the reporting period or (ii) would be considered satisfied if the end of the reporting period were the end of the related contingency period and the result would be dilutive under the treasury stock method. As of July 2, 2016June 27, 2015 and June 28, 2014, there were approximately 5.9 million, 6.8 million, and 7.1 million, respectively, of additional shares issuable upon exercise of anti-dilutive options and contingent vesting of performance-based restricted stock unit awards, which were excluded from the diluted share calculations.