Coach (COH) Surges On Solid Q3 and Encouraging Signs

Shares of Coach Inc. (NYSE: COH) are rocketing higher today following a solid Q3 earnings report and some positive comments from the retailer.

Coach reported Q3 earnings of $0.38 per share, ex-items, 1 cent better than estimates. Revenues came in at $739.9 million, versus the consensus of $711.4 million. The company also announced that its Board of Directors has voted to initiate a cash dividend, at an annual rate of $0.30 per share.

Coach Lew Frankfort said he is encouraged by the stabilization of comparable store sales to pre-Christmas levels in North America.

Coach is up 15% to $21 per share.

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UPDATE: Click here to see some highlights from the company's Q3 conference call.

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