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Higher sales help lift luxury handbag retailer Coach's profit for its fiscal 1st quarter
NEW YORK (AP) ' Coach Inc. says its fiscal first quarter profit rose 14 percent on strong demand for its luxury handbags and accessories in the U.S. and abroad.
Results show the luxury consumer continues to spend in North America despite the uncertain economy. Coach has also been expanding its men's offerings and increasing its business in Asia.
The New York company reported net income rose to $215 million, or 73 cents per share, for the three months ended Oct. 1. That compares with $188.9 million, or 63 cents per share, a year ago.
That beat analysts' expectations of 70 cents per share.
Coach says revenue rose 15 percent to $1.05 billion. Analysts expected $1.02 billion.
Revenue in stores open at least one year rose 9.2 percent in North America.