WASHINGTON (dpa-AFX) - Coach Inc. (COH) reported that its second-quarter net income totaled $347.50 million or $1.18 per share, up from $303.43 million or $1.00 per share in the prior year's second quarter. Net sales were $1.45 billion, compared with $1.26 billion reported in the same period of the prior year, an increase of 15%. Analysts polled by Thomson Reuters expected the company to report earnings of $1.15 per share on revenues of $1.43 billion for the quarter. Analysts' estimates typically exclude special items. The company also announced that during the second fiscal quarter, it repurchased and retired nearly 4.8 million shares of its common stock at an average cost of $62.48, spending a total of $300 million. At the end of the period, approximately $600 million remained under the company's current repurchase authorization. 'Our strong results this quarter reflect the strength of the Coach proposition and the continued relevance of the category. Given the strength of our business, we remain confident in our ability to continue to drive sales and earnings at a double-digit pace over our planning horizon,' said, Lew Frankfort, Chairman and Chief Executive Officer.
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