Coach profits surge on Japanese sales
Earnings for the fourth quarter ended June 29 were $16.6 million or 18 cents per share, compared with $9.2 million or 10 cents per share the year before. Net sales meanwhile were up 30% to $171.4 million.
So called ‘Direct-to-consumer’ sales, consisting primarily of sales at Coach retail stores, increased 20 percent to $106.5 million with sales being lifted by new and expanded stores. The biggest contribution however was made by indirect sales. Consisting mainly of sales through U.S. department stores and through Coach's joint venture in Japan, these soared 49 percent to $64.9 million, helped by the opening of the giant Coach Ginza flagship store in May.
The company also forecast earnings ahead of Wall Street consensus estimates for the current quarter and fiscal year, with first quarter sales of at least $180 million and sales of $805 million to $830 million for fiscal 2003.
