Coach tops estimates; Reed Krakoff to step down

New York -- Coach on Tuesday reported that its net income for three-month period ending on March 30 rose 6.2% to $238.9 million amid strong sales in North America, beating analysts’ expectations. The company also disclosed that its longtime president and executive creative director, Reed Krakoff, will step down when his contract expires next year in order to focus on his own namesake brand, which is owned by Coach. Coach said it is already looking for a successor.

Coach said it will explore options regarding its Krakoff apparel and accessories brand, including a possible sale of the brand to a group including Krakoff.

Total sales in the quarter rose 7.1% to $1.19 billion, better than estimates. Same-store sales in North America increased 1%.
 

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