Coach Elevates Brand Despite Challenging Retail Environment; Shares Fairly Valued
Narrow-moat Coach once again showed signs of a successful transformation strategy in its third quarter, with penetration of the $400-and-up price point in North America handbag sales over 55% (up from about 40% last year) and gross margin up 190 basis points to 70.9%. The apparel and accessories market remains challenging; management estimated that the North America premium men’s and women’s bag and accessory market was flat to up low single digits in the March quarter. However, we think managem...
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