 Coach, the American luxury accessory brand, reported sales of $831 million for its third fiscal quarter ended March 27, 2010, compared with $740 million reported in the same period of the prior year, an increase of 12%. Net income rose
37% to $158 million from $115 million reported for the prior year.
Lew Frankfort, Chairman and Chief Executive Officer of Coach, Inc. said, "Our excellent third quarter results showed further strengthening of our full-priced businesses across all geographies and channels. These trends reflect the traction of the strategies we put into place entering 2010, positioning Coach well for the future. Further, the announcements today of the doubling of our dividend and the authorization of a new buyback program reflect our financial strength and our confidence in Coach's business outlook."
 "We were very pleased to achieve results which showed double-digit increases in each key financial metric - sales, operating income, net income and earnings per share. Importantly, we are also making significant strides in the globalization of the Coach brand. In China, we're continuing to experience rapid growth and our business is trending about a year ahead of our originally articulated plan. We're now targeting to achieve about $250 million in sales during FY12. In addition, we're opening our first mainland China flagship, in Shanghai, this week."
"Looking beyond North America and Asia, we're pleased to announce our expansion plans into Western Europe. Through an agreement with Printemps, the renowned French department store group, we plan to open at least 14 locations in Printemps stores throughout France over the next three years. Our first will be a 1,700 square foot shop in their flagship boulevard Haussmann store in Paris this June. In addition, we've reached an agreement in principle to establish a joint venture with Hackett Limited, the iconic British retailer, to open Coach stores in the U.K., Spain, Portugal and Ireland. We expect that the first locations in the U.K. and Spain will open during the next twelve months. We're confident that the Coach proposition of New York fashion and accessible luxury will resonate with the stylish European consumer, as it has throughout North America, Asia, and the Middle East," Mr. Frankfort added.
Image: Coach Madison bag
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