Earnings Call Excerpt
Coach, Inc. (COH)
F1Q10 Earnings Call
October 20, 2009 9:00 am ET
Executives
Andrea Shaw Resnick - Senior Vice President of Investor Relations and Corporate Communications
Lew Frankfort - Chairman and CEO
Mike Devine - CFO
Mike Tucci - President North American Retail
Analysts
Bob Drbul - Barclays Capital
Kimberly Greenberger – Citigroup
Analyst for Loraine Hutchinson – Bank of America/Merrill Lynch
Jennifer Black – Jennifer Black and Assoc.
Neely Tamminga – Piper Jaffray
Christine Chen - Needham & Company
Liz Dunn – Thomas Weisel
Dana Telsey - Telsey Advisory Group
Erwan Rambourg - HSBC
Laura Champine – Cowen
Janet Kloppenburg – JJK Research
Presentation
Operator
Welcome to the Coach conference call. At this time, for opening remarks and introductions, I would like to turn the call over to Senior Vice President of Investor Relations and Corporate Communications at Coach, Ms. Andrea Shaw Resnick. You may begin.
Andrea Shaw Resnick
Good morning and thank you for joining us. With me today to discuss our quarterly results are Lew Frankfort, Coach's Chairman and CEO, and Mike Devine, Coach's CFO. Mike Tucci, President of North American Retail, is also joining us.
Before we begin we must point out that this conference call will involve certain forward looking statements including projections for our business in the current and future quarters and fiscal year. These statements are based upon a number of continuing assumptions. Future results may differ materially from our current expectations based upon risks and uncertainties such as expected economic trends or our ability to anticipate consumer preferences or control costs. Please refer to our latest Annual Report on Form 10-K for a complete list of these risk factors. Also, please note that historical growth trends may not be indicative of future growth.
Now let me outline the speakers and topics for this conference call. Lew Frankfort will provide an overall summary of our fiscal quarter 2010 results and will discuss our strategies going forward. Mike Tucci will review our key initiatives for the holiday season. Mike Devine will conclude with details on financial and operational highlights for the quarter. Following that we will hold a question and answer session that will end shortly before 9:00 a.m. Lew will then conclude with some brief summary comments.
Now I would like to introduce Lew Frankfort, Coach's Chairman, and CEO.
Lew Frankfort
Thanks Andrea and welcome everyone. As noted in our press release we were pleased to generate quarter sales of slightly above prior year and encouraged by the sequential improvement of our comparable store sales in North America. We experienced strong consumer response to Poppy, supported at its launch by comprehensive new marketing programs. In addition our results reflected the positive impact of our new pricing strategy as we broadened the assortment of handbags in the $200-300 range.
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