Coach Inc. has mounted an $80 million share buyback programme following a decision by its board of directors. The US leather accessories retailer will purchase the shares over the next few years on the open market, subject to market conditions and prices.

Chairman Lew Frankfort said the company was in good financial shape, explaining that the share buyback scheme was: "designed to both offset share issuances under our employee compensation plans as well as to increase economic value for shareholders".

The company confirmed that earnings for the first quarter ending 26 September 2001 would be in the $0.27-$0.28 per share range, compared to $0.25 reported for the same period a year ago.

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