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Coach raises profit expectations

Premium accessories brand Coach said it is to raise its full year profit expectations after strong sales of new handbags boosted sales in the second quarter.

Coach said new handbag designs allowed the business to reduce its dependence on discounting but it did not specify the amount by which it is raising its outlook on operating profit for the full year.

The business said profit for the three months to December 26 was up to 68 cents (47p) per share, beating analysts’ estimates of 66 cents (45p) per share.

Net income fell 5.9% to $188.4m (£131.3m), excluding exceptional items. Sales were up 4% to $1.27bn (£885m) in the quarter, meeting analysts’ expectations.

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