News Brief
Coach Sales Up 20% In Quarter
Jul 30, 2008, 5:00 AM
All those downer headlines don't seem to have slowed the demand for luxury purses: Coach, Inc. says sales in its fourth-quarter gained 20%, to $782 million, while net income gained 8% to $172 million. North American comparable store sales gained 6.7%. And for its fiscal year, sales gained 22%, to $3.18 billion, with income jumping 17%, to $742 million.
"We're pleased with our fiscal fourth quarter and full-year results, especially in light of the weak retail environment in the U.S.," the company says. During the quarter, it opened 12 new stores in North America, including six in new markets, and closed two; it also opened one new factory store. In Japan, it opened seven new stores.
In the year ahead, Coach says it plans to open 40 new North American retail stores and six factory outlets, as well as between 10 and 15 new stores in Japan, and 30 additional international stores, including at least five in China.--Sarah Mahoney
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