The US luxury leather goods retailer, Coach Inc, has announced a dramatic leap in its third quarter earnings by 113%, to $0.34 per share.

For the three months ended March 29, 2003, net sales increased 36% to $220.4 million, while net income was up 117% to $31.9 million. Gross profit, meanwhile, rose 44% to $159.8 million.

“Our strong third quarter sales reflect sustained momentum and market share gains in all channels of our business,” said chairman and chief executive Lew Frankfort.

The New York designer opened its second flagship store in Tokyo, Japan two weeks ago, which it says has generated an enthusiastic response from consumers. The firm will open an additional six retail stores in the US and another one in Japan during the current quarter.

Frankfort added: “Our results in Japan were extremely strong, as comparable locations again posted double-digit sales gains and our new stores, led by our Ginza flagship, performed very well.”

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