Coach Inc. (COH) reported first quarter net income of $0.77 per share Tuesday morning, up from $0.73 per share last year. The consensus estimate was for EPS of $0.76. The company also announced that its Board of Directors has authorized the repurchase of up to $1.5 billion of its outstanding common stock by June 30, 2015.
Coach gapped open higher Tuesday morning, but traded in a range for the bulk of the session. The stock closed up by 3.98 at $58.15 on above average volume. Coach rose above a range and set a 1-month high.
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