Reuters: Hot Stocks: UPDATE 1-Coach leather goods sales beat Wall Street; shares up

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UPDATE 1-Coach leather goods sales beat Wall Street; shares up Apr 23rd 2013, 12:16 Tue Apr 23, 2013 8:16am EDT * Third-quarter earnings/share $0.84 vs est. $0.80 * Third-quarter sales $1.19 bln vs est. $1.18 bln * Co raises annual dividend by 13 pct to $1.35/shr * Shares up 13 pct pre-market (Adds details, updates share price) April 23 (Reuters) - Upscale leather goods maker and retailer Coach Inc reported higher-than-expected quarterly results and raised its annual dividend, sending its shares up 13 percent before the bell. The new dividend of $1.35 per share is 13 percent higher than its previous payout, the company said. Coach, which sells handbags for as much as $1,200, is expanding into Asia as it shifts from a maturing domestic market that recorded a 2 percent decline in same-store sales during the important holiday season quarter. However, in the latest quarter to March, the company reported a 1 percent rise in same-store sales in North America. Overall sales in the region, including online sales, rose 7 percent. International sales rose 6 percent to $382 million in the quarter, driven by a 40 percent rise in sales in China. Overall revenue rose 7 percent to $1.19 billion in the third quarter, beating the average analyst forecast of $1.18 billion, according to Thomson Reuters I/B/E/S. Net income rose to $239 million, or 84 cents per share, for the quarter ended March 30 from $225 million, or 77 cents per share, a year earlier. Analysts on average expected the company to report per share earnings of 80 cents. Coach shares were up at $57.40 in pre-market trading on Tuesday. They closed at $50.59 on the New York Stock Exchange on Monday. (Reporting by Siddharth Cavale in Bangalore; Editing by Sreejiraj Eluvangal and Robin Paxton) Link this Share this Digg this Email Reprints

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