COACH reports healthy results for Q3 of 2010 and expects 14 million euros loss in Japan
American premium leatherwear company COACH announced positive results for Q3 of 2010 with sales jumping 14% to 648,5 million euros and profits up by 18% to 127 million euros. The company is bracing for a 14 million euro due to the disaster in Japan. For more than 3 years, COACH has been the market leader in Japan, surpassing Louis Vuitton. The company has had to close one store in Japan and sales at all levels have been affected.
The U.S. has been COACH’s best performing market with a sales growth of 10,3%. Three stores were closed while 5 factory outlet stores were opened in 2010. Earlier this week, Coach announced it will celebrate its70th birthday with a new campaign starring Gwyneth Paltrow, which will be released in Europe and Asia later this year.