by Alexandra Steigrad
Posted Tuesday April 26, 2011
From WWD.COM
Coach Inc. posted an 18 percent leap in third-quarter net income, topping analysts’ projections Tuesday, but the handbag and accessories maker warned that the recent crisis in Japan had a “significant” impact on its business there.
For the period ended April 2, the New York-based company registered a profit of $186 million, or 62 cents a diluted share, compared with income of $157.6 million, or 50 cents a share, in the year-ago period.
Sales rose 14.5 percent to $950.7 million, versus $830.7 million the previous year.
Analysts anticipated EPS of 60 cents on sales of $949.1 million, according to Yahoo.
Comparable-store sales in North America increased 10.3 percent, offsetting a 9 percent comp decline in Japan.
“As one would expect, the immediate impact to our Japanese business was significant, with improvement more recently,” said chairman and chief executive officer Lew Frankfort. “We’re hopeful that business conditions will continue to steadily improve over the next few months.”
