New York, NY, United States (AHN) – Coach Inc’s fiscal second quarter profits rose 15 percent as strong North American sales helped offset flat indirect sales.
The luxury handbag, accessories and leather-good maker has seen its profits grow for more than two years despite the dour economy.
For the quarter ending Dec. 31, Coach on Tuesday reported a profit of $347.5 million, or $1.18 a share, up from $303.4 million, or $1 a share from a year earlier. Sales jumped 15 percent to $1.45 billion.
Helping Coach attract customers and continue its upward growth is the addition of its men’s business and more male-oriented products, and by opening men’s stores in the United States and Japan.
Coach Inc. is an upscale American leather goods company recognized for its distinctive ladies handbags, luggage, briefcases, wallets, belts shoes, scarves, umbrellas and sunglasses.
In keeping with the times, Coach has introduced covers and cases for personal electronic devices.
The company began as a family owned business in 1941 in a New York loft. The company was sold to Sara Lee Corporation for $30 million in 1985. Sara Lee spun off the company with an initial public offering in October 2000.
Coach has operations in the United States, France, Italy, Japan, Hong Kong, China and South Korea.
In mid-morning trading Tuesday following the earnings release, shares of Coach were up more than 7 percent at $68.97 per share.