Coach Inc., a leading design house of modern luxury accessories and lifestyle brands, has announced its financial results for the first quarter of FY ’17 ended October 1, 2016. The company registered an increase of 1 per cent in net sales to US $ 1.04 billion.
In the reporting period, the company generated gross profit worth US $ 715 million, up by 3 per cent. Net income for the mentioned period on a reported basis totalled US $ 117 million as against US $ 96 million in the comparable period previous year.
Net sales for the Coach brand totalled US $ 950 million with a surge of 1 per cent on a reported basis as per the release. Total North American sales for the brand plunged 3 per cent to US $ 545 million versus US $ 561 million last year. Whereas, International Coach brand sales soared 7 per cent to US $ 395 million from last year’s US $ 369 million.
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The Coach brand generated gross profit of US $ 664 million, registering an increase of 3 per cent. Operating income for the brand jumped 20 per cent amounting to US $ 161 million.
Victor Luis, CEO, Coach said, “Our solid first quarter results, despite the volatile environment and global macroeconomic headwinds, reflect the continued progress we are making in our transformation and pursuing our vision of modern luxury. Our performance gives us confidence in the upcoming holiday season and the long-term prospects for Coach, Inc. driven by the strength of our brands and the talent of our teams.”
