Coach Shares Are Getting Demolished This Morning After Bad Earnings Leak Early

Coach Shopping Retail Handbags BagsA woman walks by a Coach store in New York City.

Photo: Spencer Platt/Getty Images


Coach shares are now off 13% pre-market.

EARLIER: Very strange incident this morning, that you don’t see very often.

Coach just came out with earnings.

EPS missed expectations at $1.23 vs. estimates of $1.26.

Same-store sales fell 2%, vs. expectation of an increase of over 2%.

The stock is off about 10% pre-market.

But here’s the weird thing.

They were apparently leaked early by an article in WomensWearDaily.

The article is gated, but a note from JPMorgan that we got about an hour ago had the details in there.

COH – WWD Article Published Overnight Citing Interview w/COH Appears To Have FQ2 Earnings Results In It (COH is Scheduled To Report @ 7amET Today) SSS, GM & EPS All Miss St. 
·         FQ2 NA SSS dn 2% vs. St. +2.7%, JPM +2.3% 
·         FQ2 EPS $1.23 vs. St. $1.29 
·         FQ2 GM flat/72.2% vs. St. 72.4%, JPM 72.7% 
         CEO L. Frankfort gave an exclusive interview to WWD 
·         The “disappointing” results were pulled down by the co’s women’s handbag business in NA where SSS were down 2% which were offset by strength in Int’l (China SSS up DD%). COH acknowledged new competitors but said that macroeconomic factors (i.e. impact of Hurricane Sandy, fiscall cliff, etc.) & the decision not to promote even as competitors increased markdowns played a role.  ·         Article says that “Coach reported weaker than expected Q2 earnings today & turned in its first quarterly negative same-store-sales figure since the recession hit.”

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