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Coach 4Q Net Rises 3.6% On Strong North America Sales

DOW JONES NEWSWIRES Coach Inc.'s (COH) fiscal fourth-quarter earnings rose 3.6% from a year-earlier quarter that included an extra week as North American sales continued to rise. The luxury handbag, accessories and leather-goods maker has posted double-digit profit growth in recent quarters on the strength of its North American direct-to-consumer businesses and global expansion. The company is also broadening its men's business with more male-oriented products and by opening men's stores in the U.S. and Japan. But Coach had warned that the March 11 earthquake and tsunami in Japan would lower fiscal fourth-quarter sales by about $20 million and earnings by 2 to 3 cents a share. For the quarter ended July 2, Coach reported a profit of $202.5 million, or 68 cents a share, up from $195.5 million, or 64 cents, a year earlier. The extra week added about 8 cents to last year's per-share earnings. Sales jumped 8.5% to $1.03 billion. Analysts polled by Thomson Reuters had most recently forecast earnings of 65 cents on revenue of $1.01 billion. Gross margin fell to 71.8% from 73.3%. Direct-to-consumer sales increased 9%, or 18% on a comparable basis to exclude the extra week last year. Same-store sales, on a comparable basis, rose 10.1% in North America. Same-store sales fell 2% in Japan, reflecting the stronger yen. Shares slipped 1% to $64.65 premarket. The stock has risen 70% over the past year. -By Melodie Warner, Dow Jones Newswires; 212-416-2283; melodie.warner@dowjones.com

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