In the remainder of its fiscal year, half of which is over, Coach plans to open nine new stores in six new markets and is expanding its flagship store here, at 52nd Street and Madison Avenue, by 3,000 sf, bringing it to 9,700 sf. (A temporary unit is open on 57th Street.) The company is also expanding stores at other high-profile locations, including stores in Boston, Hawaii and White Plains.
Other than US retail stores, locally based Coach operates 81 outlet units domestically, as well as 107 retail stores in Japan. In Japan, the company opened eight new stores over its last quarter. This year it plans to open 10 new stores in that country.
Coach's sales also grew during the quarter. Year-over-year same-store sales rose 16.5% during the quarter, while net sales shot up to $532 million, from the $412 million during the same period a year ago. Net income jumped 41%, to $134 million. For the second half of its fiscal year Coach executives predict a 10% same-store sales increase.
In the spring Coach is launching a new line of backpacks and satchels in its Hamptons Weekend collection. Over the last quarter the most popular styles had color, shine and fur trims, executives say. A limited edition handbag line priced at $698 each is also selling well, they say.
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