男人应该给自己老婆买好车开# Automobile - 车轮上的传奇
C*n
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ESTIMATES:
* 1Q adj. EPS est. 75c (range 72c-79c)
* 1Q rev. est. $1.16b ($1.13b-$1.19b)
* 1Q N.A. comp sales est. +2.3% (Retail Metrics, Oct. 4) vs 4Q
Y/y comps up 1.7%
WHAT TO WATCH:
* 4Q comp sales of +1.7% was deceleration from avg +9.5% during prior 7
qtrs: Deutsche Bank (hold)
* Softer China, Japan trends not COH-specific; more due to macro concerns:
Stifel (buy)
* FY13 expected to be investment yr: Barclays (overweight)
* Proprietary survey suggests upper-income females are citing highest
level of intention to “spend less” on accessories than “we’ve seen over
the history of our survey": Piper(neutral)
* Tastes trending towards apparel, away from accessories
* 1H will be key in monitoring potential changes in consumer tastes
* Store visits suggest Factory results should improve from reintroduction
of strong promotional msg in late 3Q: Stifel
* On call, listen for comp trends, update on N.A. Factory Outlet strategy:
China growth, merchandising initiatives (Men’s, Legacy are key): Detusche
* NOTE: Oct. 15, Global Luxury Sales Growth to Slow This Year,
Bain Report Says: {NSN MBXAA26S9731}
* NOTE: Aug. 3, COH disappointing 4Q was due to bad timing on Factory-
store coupon change rather than competition from cos. like Michael Kors:
Stifel
DATA:
* COH met or beat adj. EPS ests. in every qtr since 1QFY06
* COH missed rev. est. in 4QFY12, was first miss since 4QFY09
* COH has 24 buys, 10 holds; avg. PT $67: Bloomberg data
* COH down 10% YTD vs KORS up 100%, FOSL up 13%, Burberry down 0.8%
* NOTE: COH rose 2.7% Oct. 11 after Burberry 2Q rev. rose 3%:
{NSN MBQEBB6JTSFU}
TIMING:
* COH reports 1Q eanrings 7am; call 8:30am 888-405-2080
* 1Q adj. EPS est. 75c (range 72c-79c)
* 1Q rev. est. $1.16b ($1.13b-$1.19b)
* 1Q N.A. comp sales est. +2.3% (Retail Metrics, Oct. 4) vs 4Q
Y/y comps up 1.7%
WHAT TO WATCH:
* 4Q comp sales of +1.7% was deceleration from avg +9.5% during prior 7
qtrs: Deutsche Bank (hold)
* Softer China, Japan trends not COH-specific; more due to macro concerns:
Stifel (buy)
* FY13 expected to be investment yr: Barclays (overweight)
* Proprietary survey suggests upper-income females are citing highest
level of intention to “spend less” on accessories than “we’ve seen over
the history of our survey": Piper(neutral)
* Tastes trending towards apparel, away from accessories
* 1H will be key in monitoring potential changes in consumer tastes
* Store visits suggest Factory results should improve from reintroduction
of strong promotional msg in late 3Q: Stifel
* On call, listen for comp trends, update on N.A. Factory Outlet strategy:
China growth, merchandising initiatives (Men’s, Legacy are key): Detusche
* NOTE: Oct. 15, Global Luxury Sales Growth to Slow This Year,
Bain Report Says: {NSN MBXAA26S9731
* NOTE: Aug. 3, COH disappointing 4Q was due to bad timing on Factory-
store coupon change rather than competition from cos. like Michael Kors:
Stifel
DATA:
* COH met or beat adj. EPS ests. in every qtr since 1QFY06
* COH missed rev. est. in 4QFY12, was first miss since 4QFY09
* COH has 24 buys, 10 holds; avg. PT $67: Bloomberg data
* COH down 10% YTD vs KORS up 100%, FOSL up 13%, Burberry down 0.8%
* NOTE: COH rose 2.7% Oct. 11 after Burberry 2Q rev. rose 3%:
{NSN MBQEBB6JTSFU
TIMING:
* COH reports 1Q eanrings 7am; call 8:30am 888-405-2080
