Wedgewood Partners Comments on Coach
We also exited our positions in Coach ( NYSE:COH ) as we have seen the Company's international unit, particularly in China, dramatically slow (on a constant currency basis). Relatively speaking, their results in China are still exceptional. Coach competes well below the price points of higher-end luxury players, and therefore has avoided the negative side effects of the Chinese Government's corruption crackdown that has curtailed a wide swath of demand for higher-end luxury goods. However, on an absolute basis, we find it marginally more difficult to make the case for Coach's long-term, double-digit earnings per share growth rate.
From Wedgewood Partners' fourth quarter 2015 client letter .
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
