Sales up 20% at Coach
US-based leathergoods company Coach has reported sales of $912 million for its first fiscal quarter ended October 2 compared with $761 million during the same period in 2009, an increase of 20%.
Net income totalled $189 million compared with $141 million during the prior-year period, a 34% increase.
Lew Frankfort, chairman and chief executive officer, said: "We're extremely pleased with our fiscal first quarter results. This quarter's performance demonstrated a continuation of the strength we have seen in our business throughout 2010, as the wind was once again at our back.
“Our performance also reflects the resiliency of the premium handbag and accessory category in North America, as well as significant growth in developing markets, as our globalisation initiatives take hold."
He added: "We are particularly pleased with our recent developments in Europe, notably plans to open our first regional global flagship, which will be located on New Bond Street in London, as well as additional locations in France, Spain and Portugal, over the next several months."
