Chairman and CEO Lew Frankfort likely wouldn't put it this way, but a very good fiscal 2006 appears to be in the bag at Coach Inc. The 2006 fiscal year for the New York-based maker and marketer of fine handbags, briefcases, and travel and fashion accessories ends on July 1, 2006.
For the first nine months of the 2006 fiscal year, net sales were $1.6 billion, up 24% from the $1.3 billion recorded during the first three quarters of fiscal 2005. Net income did even better in percentage terms, rising 40% to $377 million during the first nine months of fiscal 2006 from $269 million during the first three quarters of fiscal 2005.
For fiscal 2007, coach is projecting sales growth of about 19% to approximately $2.5 billion and earnings-per-share growth of about 20%. "During fiscal 2007, we are planning to accelerate our new unit openings to at least 85 Coach U.S. stores and international locations globally, bringing our total number of locations to over 600 by yearend," Frankfort said in late April of this year.
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