Pursuits
Coach Profit Tops Estimates as North American Sales Advance
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Coach Inc., the largest U.S. luxury handbag maker, reported fiscal third-quarter profit that beat analysts’ estimates, helped by demand in North America, and said it may sell its Reed Krakoff brand. The shares jumped.
Net income rose 6.2 percent to $238.9 million, or 84 cents a share, in the three months ended March 30, from $225 million, or 77 cents, a year earlier, New York-based Coach said today in a statement. Analysts projected 80 cents, the average of 30 estimates compiled by Bloomberg.