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Coach Profits Jump 34%

NEW YORK CITY-Luxury leather goods retailer Coach reported a 34% increase in profits during the first quarter.

By Beverly Ford | Updated on October 25, 2006

NEW YORK CITY-First quarter profits jumped 34% at luxury leather goods retailer Coach Inc., beating analysts’ estimates for the 24th out of the past 25 quarters. The company reported quarterly net income of $125.6 million, or 34 cents a share, up from the same period a year earlier when profit was $93.6 million, or 24 cents, the company said.

Analysts on average expected a profit of 31 cents a share for the period ended Sept. 30. “We once again effectively executed our growth plans and realized company-wide performance that outpaced our stated goals,” Lew Frankfort, chairman and chief executive officer of Coach, said in a conference call with analysts and investors.

Frankfort said continued growth in the US handbag market, including strong demand for its Signature Stripe bags, along with strong consumer interest in Coach’s line of accessories, helped fuel the strong results. A spokeswoman with the New York City-based firm said it was the 24th time in the past 25 quarters that profits exceeded analysts’ estimates.

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