Coach Beats 1Q Profit Forecasts

NEW YORK (AP) -

Coach Inc. on Tuesday reported fiscal first-quarter profit of $117.4 million.

The New York-based company said it had profit of 42 cents per share. Earnings, adjusted for non-recurring costs and costs related to mergers and acquisitions, came to 45 cents per share.

The results topped Wall Street expectations. The average estimate of 15 analysts surveyed by Zacks Investment Research was for earnings of 44 cents per share.

The luxury handbag maker posted revenue of $1.04 billion in the period, which fell short of Street forecasts. Ten analysts surveyed by Zacks expected $1.06 billion.

Coach shares have risen almost 10 percent since the beginning of the year, while the Standard & Poor’s 500 index has risen 4 percent. The stock has increased 16 percent in the last 12 months.

In trading Tuesday afternoon, Coach shares were up 89 cents, or 2.5 percent, to $36.78.