Coach Posts 41% Jump in 2Q Profit
New York City, Handbag and accessory manufacturer and retailer Coach Inc. announced a 41% increase in net profits to $134 million, or 69? per share, compared with $95 million, or 50? per share, the prior year. Revenue climbed 29% to $532 million from $412 million last year. Comparable-store sales jumped 16.5%, with retail stores up 13.9% and factory outlet sales up 20.7%.
“This spring, as planned, we will add up to nine more retail stores in the U.S., bringing the total to about 20 new retail stores in fiscal 2005. We will also be adding at least two new locations in Japan during the second half, for a full-year total of at least 10 new locations,” said Lew Frankfort, chairman and CEO, Coach.
Looking ahead, Coach estimates fiscal 2005 sales will rise at least 26% to more than $1.66 billion, with earnings per share of at least $1.87. Analysts are forecasting full-year profit of $1.84 per share on revenue of $1.66 billion.
Wegmans to Establish Pharmacy School
Rochester, N.Y., Robert B. Wegman, chairman of Wegmans Food Markets, has donated $5 million to be used for the creation of the Wegmans School of Pharmacy at St. John Fisher College in Pittsford, N.Y. The school is expected to open in 2006.
Jo-Ann Appoints New VP
Hudson, Ohio, Jo-Ann Stores named David Holmberg executive VP, store operations. In this position, he will lead the strategic execution of the company’s transition to its newer superstore format. Holmberg has responsibility for store site selection, construction and visual merchandising, as well as the chain’s financial and operational performance.