US: Coach eyes Asia as Q4 profit surges
- Q4 net profit up 18% to US$202m
- Net sales up 17% to $1.03bn
- China viewed as “biggest opportunity”
Accessories specialist Coach is looking to Asia for future growth after announcing an 18% rise in fourth quarter profits, boosted by a double-digit sales increase.
The buoyant performance in the three months to 2 July helped full-year net profit to rise 24% to $881m, with sales up 18% to $4.16bn.
“We’re continuing to drive sales through higher productivity and distribution expansion, globally,” said Coach chairman and CEO Lew Frankfort.
He added that the company was increasing its share of the growing accessories market in North America, while benefiting from the accelerating contribution of international businesses in China and other east Asian markets.
Citing China as Coach’s “biggest opportunity”, Frankfort said: “We’re also pleased to announce the transition of Singapore to a direct business, with Malaysia planned to occur at the end of this fiscal year.
“In addition, we have recently signed distribution deals for Brazil and Vietnam, with the first openings targeted for late this calendar year.”
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