Coach Surges on Higher Q1 Results

The company plans a $1.5 billion stock buyback program

By Christopher Freeburn, InvestorPlace Writer

Shares of Coach (NYSE:COH) jumped almost 9% in Tuesday trading after the company announced that it earned $221.4 million during its fiscal first quarter, up slightly from $215 million in the same period last year. EPS came in at 77 cents, which narrowly topped analysts’ estimates of 76 cents a share, Forbes noted.

The luxury accessories maker recorded quarterly revenue of $1.16 billion, which matched Wall Street estimates.

Company officials said international same-store sales jumped 15% to $362 million. Sales in China soared 40% over last year. U.S. same-store sales increased 8% to $784 million.

Coach also said it planned to repurchased $1.5 billion in stock by mid-2015.

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