The company also announced that during the third fiscal quarter, it repurchased and retired 2.33 million shares of its common stock at an average cost of $73.92 per share, spending a total of $172 million. At the end of the period, approximately $430 million remained under the company’s previous repurchase authorization.For the nine months ended March 31, 2012, net sales were $3.61 billion, up 15% from the $3.13 billion reported in the first nine months of fiscal 2011. Net income totaled $787 million, up 16% from the $678 million reported a year ago, while earnings per share rose 19% to $2.67 from $2.24. Third fiscal quarter sales results in each of Coach’s primary channels of distribution grew as follows:
- Direct-to-consumer sales, which now include Singapore and Taiwan, increased 18% to $984 million from $837 million last year. North American comparable store sales for the quarter rose 6.7%. In China, sales growth continued strong, up nearly 60%, driven by distribution growth and double-digit comparable location sales. Sales in Japan rose 10% on a constant-currency basis, while dollar sales rose 14%, boosted by a stronger yen.
- Indirect sales increased 10% to $125 million in the third quarter from the $114 million reported in the prior year. International sales at POS were strong for the quarter while sales in U.S. department stores were modestly below last year’s levels.