http://www.thestreet.com/story/12749348/1/why-coach-coh-stock-continues-to-decline-today.html
Why Coach (COH) Stock Continues To Decline Today

蔻馳擬關閉70家業績欠佳門店 　　
新浪財經訊 北京時間6月20日凌晨消息，美國高端皮具零售商蔻馳(Coach)周四宣佈，計劃關閉70家業績欠佳的店面，並且表示，預計截至明年6月的財年營收將以低兩位數百分比下降。

Coach Inc (COH) dropped more than 10% during trading today, after the company forecasted it will see its sales drop for a prolonged period in its North American stores. Coach has been witnessing declining sales over the last three quarters.
On Thursday, at Coach’s Analyst and Investor Day, company officials said they project same-store sales in North America to fall in the mid to high teens percentage rate in FY15. Analysts, on the other hand, had estimated sales to decline 9.6%. Comparable sales including online sales are expected to fall at a rate in the mid to high twenties percentage.
Coach has been facing tough competition from luxury brand Michael Kors Holding Limited (KORS) in its handbag business. Coach has been trying to transform into a lifestyle brand under the leadership of Chief Executive Officer, Victor Luis.
Coach’s sales have declined more than 7.4% in its latest fiscal quarter to $1.1 billion. Adjusted earnings for the luxury handbag maker declined 19% year-over-year to 68 cents per share. Coach’s revenues in the US declined 34.1% over the past year to $647.9 million in its latest reported quarter.
Coach is trading at a blended forward twelve-month price-to-earnings (P/E) multiple of 12.6x, a discount of more than 22% to the industry’s average. Coach share price has declined almost 38% over the past one year. The company’s stock has declined almost 37% year-to-date.

便宜價買COH仍賠30%，
蠻讓我意外的，
這也是投資常見的事，
所以多種果樹，不要融資，控制好總持股比率，
就能永保安康。

我跟宥聰桑講，
我要在美股打造一個除非世界末日不然都不會有事的組合：
多分散，分散到不同產業，不同國家。

謝謝MIKE的指導，看來要投資多分散，分散到不同產業，不同國家的股票。只有在美股作得到。投資美股，不只投資三兩事。也增廣見聞了。

Pier 1 Imports Inc 也跌不少...
Pier 1 Imports fell 13% after the home-furnishings retailer released a disappointing quarterly report. Same-store sales gains of 6.3% showed encouraging traffic trends, but Pier 1 has faced the same discounting-heavy environment that Coach and other retailers are dealing with right now. As a result, Pier 1's gross margins fell substantially during the quarter, with declines of 2.4 percentage points forcing the company to reduce its earnings guidance for the full year by almost 2%. With concerns about the health of the housing market, and its potential impact on sales of home-related goods, Pier 1 needs to right its ship quickly to avoid what could become much bigger problems down the road.

之前被台橡k過,雖然有在高點減碼,但仍對業績下滑的公司心懷警戒,COH業績下滑,我主動下修預期ROE,在40元以下才出手,買在39.9元,
因為這個價位抱8年我比較安心,我覺得這樣較符合危機入世的精神,
反之,業績上揚的公司,我會用較高的價位買進,如GSK
以上分享
ㄧ

老巴說:不要接掉下來的小刀,人(公司)在倒楣時,總是禍不單行

http://seekingalpha.com/article/2279783-review-of-coach-investor-day-which-resulted-in-significant-pullback-and-dividend-yield-of-3_8-percent

未來股份購回的期望：
“在第三季度期間，我們回購和註銷了3600000股普通股在47.99美元的平均成本，總共1.75億美元的支出。年初至今，我們購回普通股525萬元。在的結束期約8.35億美元仍然受到該公司目前的回購授權。

我們對現金的首要任務是在我們的業務進行再投資。當然，我們仍然致力於本公司的股息。然而，鑑於我們目前的前景業務，國內現金流需求，包括資助我們的轉型計劃，以推動長期增長，我們並不對FY'14的剩餘時間內預計進一步的股票回購。

因為它涉及到我們的股票回購計劃，我們已經引導了約7億股票回購。我們已經完成了5.25億，正如我所說。和它的真正基於我們當前的現金流預測，我們國內的現金需求，真正投資於我們的業務，這是我們的首要重點，我們將繼續讓你更新你的，作為我們前進。正如我們在本季度的叫出來，我們非常致力於為我們的股息作為我們的首要向股東退還資本的手段。“

股價對於獲利衰退的反應常是天差地別，令人摸不找頭緒。
AZN、LLY的獲利減少得更厲害，股價反而上漲。
COH卻殺得一塌糊塗。

這就是美股，獲利很差還會漲，獲利不差有時會大跌

從2014到2015年，要花2.5 - 3億 restructure。到2017還要花5.7億裝潢（不知折幾年）。到2015-2016還要多花5千萬廣告。

因為會關掉一些店，他們自行預估業績會下滑個1-20%。

因為這些支出都是確定的，看起來這兩年獲利少個30%，也是很正常。

好消息是，未來如果有反彈，很快就到貴價了。


http://seekingalpha.com/article/2279783-review-of-coach-investor-day-which-resulted-in-significant-pullback-and-dividend-yield-of-3_8-percent

[ 本帖最後由 Josephchu0616 於 2014-6-21 20:57 編輯 ]

蛤∼∼問題這麼大條！
原以為把總設計師換掉就好了，
包包賣不好，換個新人來設計，
或者展開包海戰略，不惜犠牲毛利率，以搶佔市占率。。。。
還是採取飢餓行銷，來個秒殺。。。。
找林志穎在FaceBook先透露樣包照也可以。

千萬不要找鋼鐵人來拍廣告，C。。。O。。。A。。。C。。。H

還有一招：股東會送包包!!

股東會被擠爆~~

只會讓董事長與執行長被譙得很慘而已


[ 本帖最後由 woody 於 2014-6-21 21:21 編輯 ]

原來如此,謝謝Mike和Joe,

[ 本帖最後由 Samual-Zhang 於 2014-6-21 22:33 編輯 ]