New York -- Coach Inc. reported Tuesday that profit for the quarter ended Sept. 29 rose 3% to $221.4 million, compared with $215 million for the same period last year and beating Wall Street expectations.
Sales surged 11% to $1.16 billion, in line with forecasts, and same-store sales in North America rose 11%, bolstering the luxury retailer’s results for the quarter. In China, same-store sales also rose by double-digits.
“With regard to China, our position is an accessible luxury brand which means our price points are 40-60% lower than the average European luxury brands,” Lew Frankfort, CEO, said. “So our products are more in reach for the emerging middle class.”