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USA:Coach''s Q1 profit soars 60%, Sales up |
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2004-10-28
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Coach Inc, the US accessories specialist, reported beat analysts'' expectations with a 60 percent jump in net profit and 33 percent rise in sales for the first quarter.
In the three months to 2 October 2004, the group''s net profit reached $68 million (€53.1 m), up from $42 million in the comparable quarter last year.
Coach revealed that profit growth came from higher margins and strong sales, which rose to $344 million from $258 million in the year-earlier period. Sales at Coach Stores in the US rose 30 percent to $175 million with like-for-like sales up 15.1 percent.
Wholesale sales increased by 36 percent to $169 million driven mainly by strong trading abroad, in particular in Japan, where sales rose 30 percent on the opening of four new stores and ‘mid-single-digit’ like-for-like growth.
During the quarter, Coach opened 10 stores and operated 179 accessories stores and 81 outlets in early October. By the beginning of January, a further four stores will open in Japan and six in the US.
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