WASHINGTON (dpa-AFX) - Coach Inc.'s (COH) third-quarter net income grew to $225 million or $0.77 per share from $186 million or $0.62 per share a year earlier. On average, 24 analysts polled by Thomson Reuters expected earnings per share of $0.75 for the quarter. Analysts' estimates typically exclude one-time items.
The company reported sales of $1.11 billion for its third fiscal quarter compared with the prior year's $951 million, an increase of 17%. Analysts estimated revenues of $1.10 billion for the quarter.
Chairman and Chief Executive stated, 'Our results demonstrated the brand's resonance across channels, categories and geographies and reflected the effectiveness of our new pricing and promotional strategies in our North American factory business.'
Additionally, the board has voted to increase its cash dividend by 33%, raising it to an annual rate of $1.20 per share starting with the dividend to be paid to stockholders in July 2012.
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