Coach, the US retailer of luxury handbags and leather accessories, has beaten market expectations with a dramatic 76% rise in earnings for the fourth quarter. The New York company reported net income of $9.2 million for the quarter to June 30, which works out at 20 cents per diluted share, compared to analysts’ expectations of 17-18 cents.

Lew Frankfort, Chairman and Chief Executive Officer, said he was very pleased at the fourth quarter results and added that the company hopes to expand in Japan through Coach Japan, its joint venture with Sumitomo. The company has introduced several new collections that have received strong consumer response including the Signature fabric and leather collection and the Hamptons leather collection featuring lighter-weight leathers.

Coach was sold on the stock exchange last October by parent company Sara Lee Corporation and has since been busy expanding and increasing sales. The company recently opened seven Coach retail stores and two Coach factory stores, bringing the total to 121 retail and 68 factory stores.