__1st___Quarter report for ___2014_____	Date:	11/19/13

Percentage change in Sales from year ago quarter_____-0.9%__________

Percentage change in Earnings per Share from year ago quarter____-0.1%___________

(from top left box on p. 1 of SSG)

Is company meeting our target sales & earnings estimates at bottom of p. 1 of SSG? No

Pre-tax Profit on sales trend? (up, even, down) Down

Return on equity trends? (up, even, down) Down

Debt? (up, even, down) Down

Current PE is _14.9_______. (Section 3 SSG)

Where does it fall in my estimated High/low range of PE's?___Upper middle______

Signature PE =__15.2_______

Club cost basis for this stock is _$56.82_______. Current price is ___$53.95_____

(from latest valuation)

Has stock met S&P's 12-month target price from a year ago?__No $70.00_______________

Current fair value: Morningstar:__$61_________ S&P:___$57.30______________

My SSG Total Return is ___18.2%________ Projected Average Return is ____6.0______________

What will drive future growth?__Growth in emerging markets and in Europe. COH is struggling on the domestic front._______________________________________________

Additional comments: COH is buying back 3.3 million shares to help comparisons, but share net is flat at $0.77. VL is estimating EPS to increase by only 2% in fiscal 2014.

The SSG shows a hold, but I recommend a challenge. Look at the PERT

Recommend: Buy More ____, Hold_________, Challenge with a better investment__X____, Sell____.