At what price are they buying back?
Posted on business wire at 4:30 ET
It outlines the program already implemented and future buying until 2010...
"Coach Establishes New $1 Billion Share Repurchase Program
Announces Completion of Current Program
NEW YORK--(BUSINESS WIRE)--Coach, Inc. (NYSE: COH), a leading marketer of modern classic American accessories, today announced that its Board of Directors has authorized the repurchase of up to $1 billion of its outstanding common stock by June 26, 2010.
Pursuant to this new program, purchases of shares of the company's common stock will be made from time to time, subject to market conditions and at prevailing market prices, through open market purchases. Repurchased shares of common stock will become authorized but unissued shares, and may be issued in the future for general corporate and other purposes. The company may terminate or limit the stock repurchase program at any time.
Concurrently, the company announced that it has just completed its current $1 billion repurchase program, which was put into place in November 2007. The company acquired a total of 31.8 million shares of its outstanding common stock under this program, at an average cost of $31.42 per share, including a total of 5.7 million shares at an average cost of $28.45 since it announced its fourth quarter earnings last month.
Lew Frankfort, Chairman and Chief Executive Officer of Coach, Inc., said, “The stock repurchase program is designed both to increase economic value for shareholders and to offset share issuances under our employee compensation plans. Coach's strong financial condition allows us to take advantage of opportunities to purchase our securities at attractive prices, particularly considering our excellent long-term outlook.”
Coach, with headquarters in New York, is a leading American marketer of fine accessories and gifts for women and men, including handbags, women’s and men’s small leathergoods, business cases, weekend and travel accessories, footwear, watches, outerwear, scarves, sunwear, fragrance, jewelry and related accessories. Coach is sold worldwide through Coach stores, select department stores and specialty stores, through the Coach catalog in the U.S. by calling 1-800-223-8647 and through Coach’s website at
www.coach.com. Coach’s shares are traded on the New York Stock Exchange under the symbol COH.
This press release contains forward-looking statements based on management's current expectations. These statements can be identified by the use of forward-looking terminology such as "may," "will," "should," "expect," "intend," "estimate," "are positioned to," "continue," "project," "guidance," "forecast," "anticipated," or comparable terms. Future results may differ materially from management's current expectations, based upon risks and uncertainties such as expected economic trends, the ability to anticipate consumer preferences, the ability to control costs, etc. Please refer to Coach's latest Annual Report on Form 10-K for a complete list of risk factors. "
Contacts
Coach
Analysts & Media:
Andrea Shaw Resnick, 212-629-2618
SVP Investor Relations & Corporate Communications
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