Sales Rise 33% at Coach
Accessories marketer Coach Inc., New York, bagged a 33 percent jump in net sales during its second fiscal quarter ended Dec. 27.The total reached $411.5 million compared with the $308.5 million posted for the same period in the prior year. Net income also was up, rising 53 percent to $95.4 million compared with $62.4 million in the previous year. Also in the quarter, gross profit experienced a 41 percent bounce to $305.1 million from $216.8 million a year ago.
In addition, for the six months ended Dec. 27, net sales totaled $669.9 million, up 34 percent from $501.3 million in the first six months of fiscal 2003. Net income rose to $137.8 million, up 62 percent from $84.9 million a year ago.
Fiscal second-quarter results include direct-to-consumer sales -- which include catalog and e-commerce results but consist mainly of sales at U.S. Coach stores -- increased 24 percent to $237.1 million from $191.5 million last year. Comparable-store sales for the quarter rose 13.7 percent, with retail stores up 16.4 percent and factory store sales up 9.4 percent.
In other news, net revenue and operating income were up significantly at eBay for the fourth quarter and full 2003 year, the company announced yesterday.
EBay's net revenue for the fourth quarter was up 57 percent year over year, while operating income climbed 78 percent. Net revenue for the full year was up 78 percent from 2002. Net income for 2003 jumped 77 percent.
