New York-based luxury and leather goods retailer Coach, Inc. has reported a significant growth in sales for the fourth fiscal quarter ended July 1.

During the quarter, net income rose 31% to $118 million compared with $90 million in the prior year. Net sales reached $2.1 billion, up 23% from the $1.7 billion recorded in 2005. On a constant-exchange-rate basis, net sales increased 26% for the fiscal year, excluding the negative currency effects from translating foreign-denominated sales into US dollars. Net income rose to $494 million, up 38% from the $359 million earned in the prior year.

During the fourth quarter of fiscal 2006, the company opened 12 US retail stores and three factory stores, while closing one factory location, bringing the total to 218 retail stores and 86 factory stores as of July 1.