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Coach posts jump in Q2 profits

US bag and accessories brand Coach has posted a 14.5% jump in its second quarter profits to $347.5m (£223.4m) up from $303.4m (£195.1m) in the same period last year.

Global sales in the three month period to December 31 increased 14.6% to $1.45bn (£900m) up from $1.26bn (£809m), the previous year.

Like-for-like sales in the period climbed 8.8% in the US and 6% in Japan on a constant-currency basis. In China, the brand said like-for-like sales continued to grow at a double-digit rate.

During its current financial year which began last July, Coach opened 21 new stores in the US and plans to open another 19 before the end of the financial year.

The brand also plans to open another 30 stores in China and focus on its men’s business there.

Last October, Coach opened a flagship store on London’s New Bond Street, bringing the number of UK stores to three, including one at Westfield London and a factory shop in designer shopping outlet, Bicester Village. The brand also wholesales via premium retailers including Selfridges.

Coach will continue to focus on double digit growth going forward.  “There has been a structural shift in spending over the last decade, where women are spending more on accessories,” said Coach chairman and chief executive Lew Frankfort.

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