Sales rise 22% at Coach
US-based leathergoods company Coach has reported sales of $951 million for its fourth quarter ended July 3 compared with $778 million during the same period the previous year, an increase of 22%. Net income rose 34% to $196 million from $146 million during the prior-year period.
For the year ended July 3, sales rose 12% to $3.6 billion and net income increased 18% to $735 million.
Chairman and chief executive officer, Lew Frankfort, said: "Our results reflect the growing recognition of the Coach brand globally, and consumers' strong response to our product offering. It was also a year of many milestones, including the first full year of direct operation of our stores in China—where sales at retail doubled—the opening of our first standalone men's stores, and our expansion into Western Europe, as we laid the groundwork for strong top and bottom line results in the years ahead."
He added: "We're entering Europe, starting with France, where initial results in Printemps have been very encouraging. During this fiscal year, we'll begin to open stores in the UK, Portugal and Spain, starting with first locations in Spain and Portugal this fall, in El Corte Ingles, as part of our joint venture with Hackett Limited."
