The US luxury leather goods brand, Coach Inc, has posted an 80% increase in fourth quarter profits to $29.9 million.

For the three months ended June 28, 2003, net sales were up 35% to $231.5 million. The firm’s full year profits rose 67% to $146.6 million and sales were up 32% to $953.2 million.

During Q4 the company opened an additional six Coach retail stores and one factory store, bringing the total store count to 156 retail and 76 factory outlets.

The firm said it expects fiscal 2004 earnings of at least $1.92 per share on sales of at least $1.1 billion. For the current quarter the firm forecasts earnings per share of 33 cents on sales of at least $230 million.

The company also announced that three of its key executives - chairman and CEO, Lew Frankfort; president and executive creative director, Reed Krakoff and president and chief operating officer, Keith Monda - have entered into five-year employment contracts.

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