Coach Q3 Results Rise Sharply
Accessories marketer Coach Inc., New York, said yesterday it generated net sales of $313.1 million in its third fiscal quarter ended March 27, 42 percent higher than in the same period last year.Net income ballooned 83 percent to $58.3 million. Gross profit rose 49 percent to $237.5 million.
Direct-to-consumer sales, which consist mainly of sales at U.S. Coach stores, increased 32 percent to $160.3 million. Comparable-store sales for the quarter rose 20.5 percent as retail stores were up 28.7 percent and factory store sales improved 9.3 percent.
Indirect sales improved 55 percent to $152.8 million from the year-ago period. The category includes Coach Japan, U.S. department stores as well as international wholesale and special markets.
Direct marketing represents less than 3 percent of the company's business. It falls under the DTC segment.
For the nine months ended March 27, net sales reached $983 million, up 36 percent from the first nine months of fiscal 2003. Net income was $196.1 million, increasing 68 percent.
