Luxury Accessories Retailer Coach Spikes After Earnings Beat Expectations
In its fiscal fourth quarter, Coach earned $0.59 per share, excluding certain items, better than then $0.53 expected by analysts. Sales in the quarter totaled $1.14 billion, better than the $1.09 billion expected by analysts.
The rally in Coach shares comes after its luxury accessories peer Michael Kors yesterday saw shares tumble despite reporting top and bottom line results that beat estimates.
BI's Hayley Peterson outlined some of the problems facing Michael Kors, including declining search traffic and increased promotional activity.
Excluding this morning's pre-market rally, shares of Coach had been the S&P 500's worst performer this year, falling more than 37%.
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