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Coach fiscal 3Q profit falls 29 percent

NEW YORK (AP) - Coach Inc., which makes luxury handbags and accessories, said Tuesday that profit fell 29 percent in its fiscal third quarter as sales were nearly flat in the recession. The company indicated, however, that weak traffic has stabilized.

That news as well as the initiation of a new cash dividend sent Coach bags shares up more than 15 percent.

coach handbags sales have suffered as the luxury market has weakened. Following one of the weakest holiday seasons in decades, the company announced plans to offer more handbags at lower prices and has been working to cut costs.

But sales have now stabilized at levels seen before the holiday season, both at full-price stores and off-price factory stores, said Chairman and Chief Executive Lew Frankfort. Sales in stores open at least one year, a retail metric known as same-store sales, fell 4.2 percent. By contrast, the previous quarter’s same-store sales, which included the holidays, fell more than 13 percent.

“The biggest difference on the holiday quarter trend was traffic, which improved from second-quarter (same-store sales) levels,” he said.

Lazard Capital Markets analyst Todd Slater, who rates the company’s shares a “buy,” said strength in the factory stores largely offset weakness at the full-price retail stores. He believes that same-store sales at the factory outlet stores rose more than 20 percent, he wrote in a client note.

Coach’s profit for the three months ended March 28 fell to $114.9 million, or 36 cents per share, from $162.4 million, or 46 cents per share last year. Excluding charges related to its cost-cutting plan, profit was 38 cents per share — 2 cents better than analysts expected.

The company was incorporated in 1st June 1995 to supply high quality China plastic injection molding products for the Steelers jerseys，Consumer Electronics, telecommunication, automobile and Office automation products to most of the major local and overseas customers that demand absolute reliability.

Revenue edged down less than 1 percent to $739.9 million from $744.5 million. That was better than the $711.4 million analysts predicted.

During the quarter, Coach bags cut 150 U.S. corporate staff, closed four retail stores and closed a sample-making plant in Italy. The cost-cutting plan is in addition to the company’s previous actions to eliminate merit-based salary increases and freeze hiring except in critical areas. Coach expects to save $50 million before taxes with the cuts during the next fiscal year.

Coach previously said it is lowering prices 10 percent to 15 percent over the next fiscal year, which begins in June. As part of that it plans to offer half of its

At the end of June it will launch a collection of Coach bags under the “Poppy” name that is the first line designed with these price points in mind.

“Our goal is to provide our consumer with more choices at prices she’s willing to spend or is able to afford,” Frankfort said in a conference call with analysts.

New York-based Coach said it will begin quarterly dividend payments of 7.5 cents per share on June 29 to shareholders of record as of June 8. The new dividend “reflects our financial strength and our confidence in Coach’s business outlook,” Frankfort said.

Coach shares rose $2.77 to $21 in morning trading. They have traded between $11.41 and $37.64 during the past 52 weeks.

Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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Replica Watches for Superman Fans

For those of us who have never grown up and still sleep with Superman bedsheets, we’ve decided to present a couple of our favorite replica watches that pay homage to the greatest superhero of all time. We’re not going to lie… we were pretty disappointed with the latest Superman movie. While it’s not even in the same category, we were also pretty damn impressed with the last Batman movie.  While that style wouldn’t work with a movie about Superman, we’re still pretty disappointed in the final result of Superman Returns.  However, that hasn’t dampened our enthusiasm for The Man of Steel.  That’s why we’ve put together this, admittedly short, list of replica watches that keep his spirit alive on our wrists.

First up is an Alain Silberstein Architect Automatic.  This watch really isn’t for everyone.  In typical Alain Silberstein fashion, it features some of the most radical and strange hands on a replica watches that we’ve ever seen.  So what makes this a great replica watch for Superman fans?  The red and blue leather bands!  This is the only watch (replica or not) that we’ve ever seen with one red leather band and one blue, making it a perfect match for anyone who thinks an Action Comics #1 is the Holy Grail.  While we’ve never actually seen this replica watch in person (and can’t vouch for the quality of it), it would make a fine addition to anyone’s replica collection.

Next up is a more reserved and traditional watch; a replica Rolex GMT Master II.  If you’re looking for a more sophisticated and well known Coach bags that still shows off your love of all things Krypton, you can’t go wrong with this watch.  The top hemisphere of the bezel of this replica watch is blue while the bottom half is red; a great way to let everyone know that you secretly long for X-ray vision and the ability to hide simply by putting on a pair of glasses.  The quality of Rolex replica watches is usually top-notch as they’re the replica watch industry’s number one selling brand by a large margin.  The Rolex GMT Master II replica is great for those looking to own a well-known, respected and stylish luxury watch without spending a fortune.

These are the only two replica watches we could find by doing a quick scan of our favorite watch sites… if you know if any more, please let us know in the comments section.

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