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Coach, Inc. a leading marketer of modern classic American accessories, today reported sales of $761 million for its first fiscal quarter ended September 26, 2009, compared with $753 million reported in the same period of the prior year, an increase of 1%. Net income for the quarter totaled $141 million, with earnings per diluted share of $0.44. This compared to net income of $146 million and earnings per diluted share of $0.44 in the prior year’s first quarter.
Lew Frankfort, Chairman and Chief Executive Officer of Coach, Inc., said, “We experienced sequential improvement in our North American retail business this quarter, as the initiatives put into place earlier this year proved successful. Specifically, Coach benefited from the well received launch of the Poppy collection and other products at particularly compelling prices. We achieved a solid quarterly top-line performance; with North American stores generating an 8% overall gain on a 1% decline in comparable store sales. At the same time, we were very pleased to achieve earnings per share that matched the prior year with excellent operating margins.”
Lew Frankfort, Chairman and Chief Executive Officer of Coach, Inc., said, “We experienced sequential improvement in our North American retail business this quarter, as the initiatives put into place earlier this year proved successful. Specifically, Coach benefited from the well received launch of the Poppy collection and other products at particularly compelling prices. We achieved a solid quarterly top-line performance; with North American stores generating an 8% overall gain on a 1% decline in comparable store sales. At the same time, we were very pleased to achieve earnings per share that matched the prior year with excellent operating margins.”
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