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Coach beats Street as profit soars 26%
New York City -- Coach reported Tuesday that net income for the quarter ended Jan. 1 rose a better-than-expected 26% to $303.4 million on strong sales, compared with $240.1 million in the year-ago period.
The company credited a rebound in U.S. luxury spending, as well as soaring holiday sales in China for the strong performance.
Sales leaped 18.7% to $1.26 billion, boosted by a same-store sales increase of 12.6% in North America.
On average, Wall Street expected revenue of $1.21 billion.
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New York & Co. hires former Coach exec
New York City -- New York & Co. announced on Wednesday the appointment of David Witkewicz to executive VP design, effective this month.
Witkewicz will report to Greg Scott, president, and will serve on the company’s executive committee.
Witkewicz was previously VP design for Coach.