Coach Q1 sales jumps 14%
New York City -- Coach said Tuesday its first quarter profit increased 14% on strong demand for its products at home and abroad. Its results beat expectations and reflected the continuing strength of the luxury market.
Coach reported net income of $215 million for the three months ended Oct. 1, up from $188.9 million in the year-age period.
Revenue rose 15% to $1.05 billion, from $912 million a year ago. Same-store sales were up 9.2% in North America.
Coach CEO Lew Frankfort said the company is "well positioned for another excellent holiday season," due to the momentum of its business and breadth of offerings.
In North America, Coach opened two stores, including one men's store and closed two locations. At quarter's end, the company operated 345 retail stores and 152 factory stores in North America.
Coach has been focusing on increasing its men's offerings and expanding abroad.
At quarter’s end, the company operated 345 retail stores and 152 factory stores in North America.