X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

NEW YORK CITY-Tough overall economic conditions are not dissuading the management of Coach Inc., and they are planning an overall goal of 500 retail stores throughout North America. The company, with 282 retail stores, not counting 99 factory outlets, will open 40 stores annually over the “next several years,” said Lew Frankfort, Coach’s chairman and chief executive officer, during its Q2 conference call.

The company is also planning more international growth and recently signed an agreement to enter Russia, where executives are planning 15 units over the next five years. Additionally, this summer the retailer will open its first flagship store in Hong Kong, where the company currently has 13 locations.

In Japan, Coach’s second-largest market with 147 units, the retailer has 10 new stores planned for the second half of the year. During the first half, the company closed one store while it opened one and expanded four.

During its second quarter, which ended Dec. 29, same-store sales at its retail stores fell 1%, while factory stores posted a 17.7% gain. In Japan, comparable-location sales rose in the mid-single digits, management said.

Coach’s net sales came in at $978 million, a 21% increase from the same year-ago period, while net income shot up 18%, hitting $252 million. Management forecasts a 20% sales gain for the entire year and a 22% earnings jump.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.