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.

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