$COH (Coach, Inc.)

$COH {{ '2015-08-04T13:35:33+0000' | timeago}} • Webcast

$COH 4Q15 Call: CapEx was $200MM for FY15. Distribution growth for FY15 was flat across all channels and geographies. GM was 69.5% in 4Q15 on a non-GAAP basis. Non-GAAP SG&A expenses as a percent of net sales was 56.4% vs. 49% in 4Q14. Non-GAAP operating margin was 12.7% in 4Q15. In total, square footage in North America declined 6% for FY15.

$COH {{ '2017-07-11T20:37:51+0000' | timeago}} • Announcement

$COH completed the acquisition of $KATE for $18.50 per share in cash for a total transaction value of $2.4Bil. The $2.4Bil purchase price was funded by a combination of senior notes, bank term loans and excess cash.

$COH {{ '2017-07-11T10:53:00+0000' | timeago}} • Announcement

$COH's subsidiary completed its tender offer for all of the outstanding shares of common stock of $KATE at a price of $18.50 per share, net to the seller in cash, without interest thereon and less any applicable withholding taxes. The parties expect to close the acquisition of all balance outstanding shares of $KATE on July 11, 2017.

$COH {{ '2017-06-23T11:58:54+0000' | timeago}} • Announcement

$COH extended the expiration of the previously announced tender offer to purchase all of the outstanding shares of common stock, par value $1.00 per share, of $KATE at a price of $18.50 per share until 5:00 p.m. NYC time, on July 10, 2017, unless further extended or earlier terminated.

$COH {{ '2017-06-20T21:21:25+0000' | timeago}} • Announcement

$COH closed its underwritten public offering of $1Bil aggregate principal amount of senior notes, consisting of $400MM aggregate principal amount of 3% senior notes due 2022 and $600MM aggregate principal amount of 4.125% senior notes due 2027. Interest is payable semi-annually on Jan 15 and July 15 of each year, beginning on Jan 15, 2018.

$COH {{ '2017-06-07T12:14:20+0000' | timeago}} • Announcement

$COH announced the pricing of senior unsecured notes for an aggregate principal amount of $1Bil. Coach intends to use the proceeds from this offering, together with cash on hand and cash on hand at $KATE and term loans, to fund the purchase price for the acquisition and pay related fees and expenses.

$COH {{ '2017-06-06T15:34:50+0000' | timeago}} • Announcement

$COH announced proposed offering of senior unsecured notes. The proceeds from this offering will be used to fund the purchase price for the acquisition $KATE. Merrill Lynch, Pierce, Fenner & Smith Incorporated, J.P. Morgan Securities LLC and HSBC Securities (USA) Inc. are acting as joint book-running managers.

$COH {{ '2017-05-19T11:41:30+0000' | timeago}} • Announcement

$COH BoD declared a quarterly cash dividend of $0.3375 per common share. The dividend is payable on July 5, 2017 to shareholders of record as of the close of business on June 9, 2017.

$KATE {{ '2017-05-12T15:07:44+0000' | timeago}} • Announcement

Wolf Popper LLP is investigating the proposed acquisition of $KATE by $COH following claims by $KATE’s investors that the deal is unfair. $KATE’s shareholders will receive $18.50 per share in cash for a total value of $2.4Bil. This price is below $KATE’s 52-week high of $24.10 per share and below the median analyst price target of $22 per share.

$COH {{ '2017-05-08T12:39:51+0000' | timeago}} • Announcement

$COH expects to realize a run rate of approx $50MM in synergies within three years of closing the acquisition of $KATE. It expects that the acquisition will be accretive in FY18 on a non-GAAP basis, and will reach double-digit accretion by FY19, also on a non-GAAP basis.

$COH {{ '2017-05-08T12:37:07+0000' | timeago}} • Announcement

$COH has agreed to acquire $KATE for $2.4Bil, or $18.50 per share in cash. The transaction represents a 27.5% premium to the closing price of $KATE shares as of December 27, 2016. The transaction is expected to close in 3Q17.

$COH {{ '2017-05-02T13:57:45+0000' | timeago}} • Webcast

In terms of outlet pricing environment, $COH said it didn't notice any improvement, and instead it has become more competitive and more promotional. The company is trying to manage through increased pipeline of innovation.

$COH {{ '2017-05-02T13:25:59+0000' | timeago}} • Webcast

Within the North American wholesale channel, $COH expects to close about 250 doors by the end of fiscal 2017. The company sees no material impact on the margin due to the closures, as the wholesale businesses represent only small part of the company's overall business.

$COH {{ '2017-05-02T12:14:35+0000' | timeago}} • Announcement

In 3Q17, $COH's total North American brand sales fell 5% to $474MM, while International Coach brand sales slipped 4% to $430MM. During the quarter, Coach was affected by charges of $6MM related to organizational efficiency and technology infrastructure costs, and charges of about $5MM associated with the acquisition of Stuart Weitzman.

$COH {{ '2017-05-02T12:14:01+0000' | timeago}} • Announcement

$COH's net sales fell 4% to $995MM in 3Q17, as the reduction in promotional events and door closures negatively impacted sales growth by approximately 150 basis points in North America. The apparel brand's net income inched up to $122MM or $0.43 per share, from $112MM or $0.40 per share a year ago.

$COH {{ '2017-04-06T13:19:33+0000' | timeago}} • Announcement

Joshua Schulman has been appointed CEO of $COH brand, effective June 5, 2017. He will be responsible for all aspects of the brand globally, reporting directly to CEO Victor Luis. He was previously President at Neiman Marcus Group.

$COH {{ '2017-02-17T14:08:05+0000' | timeago}} • Announcement

$COH BoD declared a quarterly cash dividend of $0.3375 per common share, payable on April 3, 2017, to shareholders of record on March 10, 2017.

$COH {{ '2017-01-31T20:52:16+0000' | timeago}} • Webcast

$COH opened a net of eight Coach brand locations globally in 2Q17 to end the period with 960 directly operated locations worldwide. $COH opened five net Stuart Weitzman directly operated stores to end 2Q17 with 82 locations. In FY17 $COH expects its Coach brand directly operated square footage to grow low single digits globally.

$COH {{ '2017-01-31T20:48:01+0000' | timeago}} • Webcast

For 2Q17, $COH’s consolidated gross profit totaled $906MM, an increase of 6% versus prior year while GM increased approx. 110BP to 68.8%. Coach brand gross profit increased 4% while GM increased 130BP over prior year to 69% even which included a benefit of approx. 30BP from currency.

$COH {{ '2017-01-31T20:45:13+0000' | timeago}} • Webcast

In 2Q17, $COH’s sales in Japan rose 9% on a reported basis while constant currency sales decreased 2%, impacted by a decline in Chinese tourist spend. In Europe, sales grew at a double digit pace, driven by new distribution and positive double digit comps. $COH experienced strong results in the UK.

$ZBH {{ '2017-01-31T15:35:34+0000' | timeago}} • Announcement

$ZBH reported lower 4Q16 earnings. Net earnings during the quarter fell 47.5% to $66.6MM from $127MM during 4Q15. Diluted EPS fell 46.8% to $0.33 from $0.62 during 4Q15. Net sales rose 4.1% YoverY to $2Bil. Excluding items, $COH earned $2.14 per share.

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