COH +7.72%: A good result here with 1H23 revenue of $892m, above the $850m expected while Net Profit After Tax (NPAT) of $142m was 8% ahead of consensus. They announced a surprise buy-back as they look to use cash on their balance sheet while they maintained FY23 guidance, which was for NPAT of $290-$305m, with the market sitting at $298m before today. Clearly, momentum is good here and we were surprised they didn’t upgrade FY numbers, we suspect brokers will edge their numbers to the top of the guided range.
MM is now bullish on COH after a strong result
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