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Coach Q3 profit surges 35%, plans 600 stores by 2007

25
Apr '06
Leading marketer of modern classic American accessories Coach Inc announced an increase of 34 percent in earnings per diluted share to $0.28 for its third fiscal quarter ended April 1st 2006, up from $0.21 per diluted share a year ago.

In the third quarter, net sales were $498 million, 20 percent higher than the $416 million reported in the same period of the prior year, while net income rose 35 percent to $109 million, compared with $81 million in the prior year.

Lew Frankfort, Chairman and CEO of Coach Inc, said, "Our excellent third quarter performance reflects the vitality of the Coach franchise, the year-round appeal of Coach as a gift resource and the continuing strong growth of the US accessory category."

Quarterly operating margin rose to 33.2 percent in the current period, a 140 basis point improvement from the 31.8 percent reported for the prior year. During the quarter, gross profit rose 20 percent to $390 million from $325 million, a year ago.

For the nine months ended April 1st 2006, net sales were $1.6 billion, up 24 percent from the $1.3 billion reported in the first nine months of fiscal 2005, while net income rose to $377 million, up 40 percent from the $269 million reported a year ago.

Frankfort added, "It's worth noting that US full price comparable store sales have now increased at a double-digit rate in each of the last 16 consecutive quarters, which demonstrates the consistency and sustainability of our growth. Clearly, Coach's share of the fast-growing US premium accessories market continues to expand across all channels."


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