Coach Reports 88% rise in third quarter earnings
US luxury goods retailer Coach reported an 88% increase in earnings per share to $0.32 for its third fiscal quarter ended March 30, 2002, up from $0.17 a year ago. The increase came from a 29% gain in net sales combined with operating margin improvement.
In the third quarter, net sales were $161.6 million, 29% higher than the $125.7 million reported in the same period of the prior year. Net income rose 89% to $14.7 million, or $0.32 per fully diluted share, compared with $7.8 million, or $0.17 per share the prior year. These results were ahead of analysts' recently revised consensus estimate of $0.28 per share. The figures exclude restructuring charges for the closure of manufacturing facilities in Lares, Puerto Rico in March, 2002 and Medley, Florida in October, 2000.
