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Coach China reports almost 40% jump in sales
By Ding Yining |
October 24, 2012, Wednesday
|
Online Edition
Online Edition
American accessories and gifts maker Coach reported a nearly 40 percent jump in China sales in its last fiscal quarter thanks to robust consumer spending.
This compares with an 11 percent rise in its global revenue of US$1.16 billion in the quarter ended September 29.
Profit at the New York-based company edged up 3 percent to US$221 million, according to an unaudited financial report released yesterday.
In the last quarter, Coach added eight outlets to its China portfolio, bringing its total number of stores on the mainland to 104.
Jonathan Seliger, president and chief executive officer of Coach China, said the company will open around 30 new stores in China each year in the future.
He said in an interview in Shanghai last week that Coach China will launch its official online shopping platform at the end of this year as it taps the country's booming e-commerce market.
Sales in North America rose 8 percent but sales in other developed countries remained flat due to weak consumer sentiment.
This compares with an 11 percent rise in its global revenue of US$1.16 billion in the quarter ended September 29.
Profit at the New York-based company edged up 3 percent to US$221 million, according to an unaudited financial report released yesterday.
In the last quarter, Coach added eight outlets to its China portfolio, bringing its total number of stores on the mainland to 104.
Jonathan Seliger, president and chief executive officer of Coach China, said the company will open around 30 new stores in China each year in the future.
He said in an interview in Shanghai last week that Coach China will launch its official online shopping platform at the end of this year as it taps the country's booming e-commerce market.
Sales in North America rose 8 percent but sales in other developed countries remained flat due to weak consumer sentiment.
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