Retail Checks in to Plaza Hotel
New York City, The world famous Plaza Hotel overlooking Central Park in New York City will convert into a hotel-condominium-and-retail center, according to a Reuters report. The new Plaza will feature 150,000 sq. ft. to 160,000 sq. ft. of retail on a five- or six-level space described as an exclusive department store. The 850-room hotel will close in April and reopen next year, with 150 rooms and some 200 luxury condominiums, in addition to the retail space.
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.