Coach's Q1 earnings up nearly 80 percent
Coach Inc., the New York-based leather goods retailer, has posted a surging 79.3 percent jump in profits in the first quarter, due largely to strong full-price sales in its two largest markets, the United States and Japan. For the quarter ended Sept. 28, the retailer reported net income of $22.5 million,
or $0.24 per diluted share, compared with $12.5 million, or $0.14, in the year-ago period. Sales also soared 27.9 percent to $192.8 million from $150.7 million, driven by sales of handbags and women's small leather goods. The company currently operates some 200 U.S. stores, two U.K. stores and sells its merchandise through department stores throughout the U.S. and in 18 other countries (including Japan through a joint venture with Sumitomo).
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