Coach Inc. COH, the designer handbag maker, came out with third-quarter fiscal 2016 results, wherein adjusted earnings of 44 cents surpassed the Zacks Consensus Estimate of 41 cents. Also, the bottom line increased 23% from 36 cents a share earned in the year-ago quarter.Following the strong results, the company reiterated its fiscal 2016 guidance. Also, the company stated that it remains on track to return to positive North America comparable store sales in the fourth quarter.Earnings Estimate Revision: The Zacks Consensus Estimate for fiscal 2016 portrays a slight upside in the last 7 days. Moreover, Coach’s performance in the trailing four quarters gives a positive picture. In the trailing four quarters, including the quarter under review, the company outperformed the Zacks Consensus Estimate by an average of 6%.Revenues: Coach generated net sales of $1,033.1 million, ahead of the Zacks Consensus Estimate of $1,024 million and up 11.2% year over year.Key Events: Coach outlined operational efficiency initiatives focused on creating a nimble and scalable business model. This plan will attract pre-tax charges of nearly $65-$80 million between the fourth quarter of fiscal 2016 and the end of fiscal 2017. These initiatives, along with the previously announced Transformation plan, are expected to help the company attain its target of about a 20% operating margin for the Coach brand in Fiscal 2017.Zacks Rank: Currently, Coach carries a Zacks Rank #3 (Hold) which is subject to change following the earnings announcement.Check back later for our full write up on Coach’s earnings report!Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report COACH INC (COH): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research