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Coach "thrilled" with Stuart Weitzman results

03/02/2017
Coach "thrilled" with Stuart Weitzman results
Leathergoods brand Coach reported net sales of $1.32 billion in the second quarter of the 2016/2017 fiscal year, a 4% increase on the same period last year. 

Net income for the period was 18% higher at $200 million.

The company said sales growth had been impacted by its “deliberate pullback” in North America, which has seen it remove products from some department stores, as well as a reduction in promotional events. 

“We are both pleased and proud of our performance this holiday season, particularly in light of the challenging and volatile global retail environment,” said Victor Luis, Coach CEO.

He revealed that Coach achieved good sales growth in Europe and China, which represent “significant opportunities” for its brands. 

Sales for the Coach brand were $1.2 billion, a 2% increase year-on-year. This included 2% growth in North American sales and a 3% increase in international revenue. 

The Stuart Weitzman brand, which Coach acquired in January 2015, recorded revenue of $118 million during the quarter, which represented growth of 26%. Coach attributed this to strong growth in directly operated channels and a wholesale shipment timing shift from the first quarter. 

Mr Luis said he was “thrilled” with Stuart Weitzman’s result, adding that Coach continues to implement its strategic priorities for the brand.

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