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Coach reaffirms FY08 guidance at $2.06
23 Apr '08
3 min read
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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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.
Click here to view more:
Coach Inc
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