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InvestmentspendshoulddriveSG&AdeleverageinF2013F2013willbeaninvestmentyearforCoach.Thecompanyplanstoincreasemarketing(especiallyin1Q)andwillincurexpensesasitacquirestheretailoperationsofsomeofitsdistributorsinAsia.Italsoplanstoenhanceitsdigitalstrategy.Whilethesemovesarepositiveforthelongrun lv2013皮夾目錄,itwillresultinelevatedSG&AinF2013.Wearemodeling190bpofSG&Adeleverageto42.1%inF2013E.
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