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Coach Profit Rises 26%; Gross Margin Trails Estimates

Coach Inc., the largest U.S. maker of luxury leather handbags, reported a 26 percent increase in second-quarter profit after introducing new bags more frequently during the holiday quarter.

Net income rose to $303.4 million, or $1 a share, the New York-based company said in a statement today. That compared with the 97-cent average of estimates compiled by Bloomberg. Sales gained 19 percent to $1.26 billion, also beating projections.