Japanese bag sales boost Coach’s Q4 results
31/07/2007
New York-based luxury leather goods company Coach, Inc. has posted a 30% increase in net sales for its fourth quarter.
Sales were $652 million for the quarter compared with $502 million in the prior-year period. Net income rose 41% to $159 million compared with $113 million in the fourth quarter of 2006.
For full year 2007, net sales were $2.61 billion, up 28% compared with the $2.04 billion recorded in 2006. Net income rose to $637 million, up 37% compared with $464 million the previous year.
Chairman and CEO Lew Frankfort said that the premium handbag and accessory category in North America had helped to drive fourth quarter sales. Rapid expansion in the Japanese market was another positive factor and the company’s Ergo leather handbag has proved a particular hit with Japanese consumers.
The company is now expecting sales of approximately $3.16 billion for fiscal 2008, an increase of approximately 21%. Sales for the first of quarter 2008 are expected to be approximately $655 million, an increase of over 23%.
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