Coach revise revenue forecast25 January 2008
Coach Inc, US manufacturers of high-end bags and accessories, reported a higher quarterly profit yesterday and shares rose on results better than some had feared. They affirmed their earnings forecast for the fiscal year but trimmed full-year sales outlook due to uncertainty among consumers. But even lowered growth is better than many peers, said one analyst.
The New York-based company posted net income of US$252.3 million for the second quarter ended December 29, up from $227.5 million a year earlier. Net sales rose to $978 million from $805.6 million. Sales at North American stores which have been open for at least a year rose 7%. Coach forecast twelve-month sales of 'at least $3.15 billion', down from the $3.17 billion forecast earlier.