Higher sales at Coach
New York-based luxury goods company Coach, Inc. has posted net sales of $753 million for its first fiscal quarter ended September 27 compared with $677 million in the same period last year. However, net income fell 6% to $146 million compared with $155 million.
Chairman and chief executive officer, Lew Frankfort, said: "While we're excited about the strength of the product we're introducing for the holiday season, our enthusiasm is tempered by the weak traffic trends in our North American retail stores and department store locations. We expect this very difficult retail environment will make productivity comparisons challenging for the balance of the fiscal year.”
For fiscal year 2009, the company now expects to achieve sales growth of approximately 10%, revised from its previous estimate of 13%.
