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The New York based design house of modern luxury accessories and lifestyle brands, has posted a 13% increase in third-quarter sales for the period ended March 26, 2016.
Coach’s net sales totalled US$1.03 billion for the third fiscal quarter, compared with US$929 million reported in the same period of the prior year (+11%). On a constant currency basis, total sales increased 13% for the period.
Gross profit amounted to US$713 million compared with US$665 million in 2015, a 7% increase. Gross margin was 69% for the period (71.6% in 2015).
International Coach brand sales increased 5% to US$448 million on a reported basis, from US$428 million the previous year. On a constant currency basis, international sales rose 7% with growth across all regions.
Total China sales rose 2% in constant currency, with double-digit growth and positive comparable store sales on the Mainland offset in part by continued weakness in Hong Kong and Macau. In Japan, sales rose 7% in constant currency, despite a decrease in square footage, while dollar sales rose 8%, reflecting the stronger yen.
According to Coach, Europe remained very strong; growing at a double-digit pace driven by both comparable store sales and distribution increases. In North America, sales increased 1% on a reported basis for the quarter to US$499 million from US$493 million in 2015.
Net sales for the Stuart Weitzman brand totalled US$79 million for the third fiscal quarter.
“We are encouraged by the momentum of the business we are driving across all of our regions. Most importantly, we are proud of the evolving perception of the Coach brand as we move from a specialty retailer to a house of modern luxury brands”, said Victor Luis, CEO, Coach. ”We remain focused on elevating the brand through product that is covetable, stores that are sophisticated yet also warm and inviting, and marketing that resonates with consumers globally as authentic. As we’ve said in our heritage campaign, it’s not about being classic, it’s about being an original, which no other American brand in our space can claim”, he added.