Coach sees low double digit decline in FY15 constant currency, reported sales Says priority for North America is restoring productivity, will close underperforming stores. Says will further develop outlet strategy. Sees global square footage up 2% in FY15 vs. up 7% in FY14. Says focus will be on remodels. Sees executing majority of retail store closures in 1H, sees outlet store closures taking place throughout the year. Sees footprint in department stores increasing "modestly" in FY15. Sees China sales of over $600M in FY15. Expects continuation of current trends in Japan. Sees incurring pre-tax charges of $250M-$300M associated with transformation plan. Says "strongly" committed to dividend. Sees FY CapEx $350M. Sees low double digit decline in constant currency, reported basis sales in FY15. Sees high teens comp decline in North America. Sees FY gross margin 69%-70%. Sees FY operating margin in the high teens. Sees FY tax rate around 32%. Says cash priorities include investing in business, strategic acquisitions, capital returns.
On The Fly: Analyst Initiation SummaryT Today's noteworthy initiations include: Advaxis (ADXS) initiated with a Buy at MLV & Co.... Akebia (AKBA) initiated with a Buy at Brean Capital... CarMax (KMX) initiated with a Buy at Sterne Agee CRT... Coach (COH) initiated with a Neutral at Wedbush... Euronav NV (EURN) initiated with an Outperform at Credit Suisse... Franco-Nevada (FNV) initiated with an Outperform at Macquarie... Kate Spade (KATE) initiated with an Outperform at Wedbush... Lumber Liquidators (LL) initiated with a Perform at Oppenheimer... Michael Kors (KORS) initiated with a Neutral at Wedbush... National Instruments (NATI) initiated with an Overweight at Stephens... Royal Gold (RGLD) initiated with an Outperform at Macquarie... Spectra Energy Partners (SEP) initiated with a Buy at Janney ... Spectra Energy (SE) initiated with a Buy at Janney Capital... Tribune Publishing (TPUB) initiated with a Buy at Sterne Agee CRT.