Coach Profits Bigger Than Expected
Chicago, Coach Inc. reported that its quarterly profit would likely beat expectations. The company said strong sales of its handbags for the fall season drove the increase. Coach said first-quarter earnings would be at least 25? per share on sales of at least $445 million. Analysts expected a profit of 24? per share.
Three top Coach executives signed extensions to stay with the company through August 2011: chairman and chief executive Lew Frankfort, executive creative director Reed Krakoff and COO Keith Monda.
2Q Profit Up at Williams-Sonoma
Bentonville, Ark., Williams-Sonoma said quarterly profit rose nearly 12% on strong demand at its Pottery Barn and Pottery Barn Kids stores. Net revenues for the second quarter ended July 31, 2005, increased 12.6% over the second quarter of fiscal year 2004 to $776.2 million. Earnings rose to $30.8 million, or 26? a share, for the quarter, up from $27.6 million, or 23? a share, a year earlier.
Saks Department Store CEO Resigns
Birmingham, Ala., Saks Inc. announced the resignation of George Jones, president and CEO of the retailer’s Saks Department Store Group. The resignation is effective Sept. 30.
Replacing Jones effective Sept. 15 will be Toni Browning. Browning held the post of president and CEO of Saks’ Proffit’s/McRae’s unit, which was sold to Belk last month.