Summary Box: Coach 3rd-quarter net income rises

AP News
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Posted: Apr 26, 2011 8:00 AM
Summary Box: Coach 3rd-quarter net income rises

THE NEWS: Luxury bag maker Coach Inc. said Tuesday its third-quarter net income rose 18 percent as higher demand in North America helped offset a $20 million hit to its revenue from Japan's tsunami and earthquake. Revenue rose 15 percent to $950.7 million.

WHY IT MATTERS: The results offer further evidence that spending by affluent shoppers is rising more quickly than for others.

WHAT'S NEXT: Coach expects the earthquake and tsunami in Japan will hurt fourth-quarter net income by 2 to 3 cents per share.