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Coach reaffirms FY08 guidance at $2.06

Apr '08
Lew Frankfort, Chairman and Chief Executive Officer of Coach Inc, said, “We were pleased to deliver quarterly results which met our top and bottom-line expectations despite the weakening retail climate in the U.S. Our strong overall performance continues to reflect the critical balance provided by our multi-channel and international business model.”

For the nine months ended March 29, 2008, net sales were $2.4 billion, up 22% from the $2.0 billion reported in the first nine months of fiscal 2007. Net income rose to $570 million, up 19% from the $477 million reported a year ago, while earnings per share rose 23% to $1.56 from $1.27.

Third fiscal quarter sales results in each of Coach's primary channels of distribution grew as follows:

• Direct-to-consumer sales increased 20% to $578 million from $481 million last year, including a 20% gain in sales from new and existing Coach stores in North America. North American comparable store sales for the quarter rose 9.0%. This compares to last year's third quarter in which North American comparable store sales rose 20.0% overall. In Japan, sales rose 12% on a constant-currency basis, while dollar sales rose 25% adjusted for a stronger yen.

• Indirect sales increased 15% to $166 million in the third quarter from the $144 million reported for the prior year. Coach enjoyed gains at retail for all indirect businesses, including international locations as well as in U.S. department stores.

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