Mr. Frankfort continued, “Leveraging the underlying strength of our North American business we implemented a significant shift in our pricing strategy in factory stores during the quarter, as we eliminated in-store couponing across our network. Our new “no math” pricing structure provides us with greater marketing flexibility, enabling us to balance productivity gains and margin improvement. Complementing this strategy, we broadened our e-commerce factory programs and continued to refine our initiatives across all aspects of digital media.”

“Internationally, our directly-operated businesses are also growing rapidly with China continuing to post excellent gains, remaining on course to generate at least $300 million in sales this year. As previously noted, in January we took control of our domestic retail business in Taiwan, and will be acquiring our Malaysian retail business in July. In addition, we are very pleased to announce that we have signed an agreement to take control of our domestic retail business in Korea effective in early FY13.”

“We’re also excited about the results we’re achieving globally in our Men’s business, which remains on track to double to over $400 million this year. Given the success of Men’s, we are now accelerating the rollout of Men’s within existing retail stores. By the end of this fiscal year, we expect to have a broader expression of Men’s in nearly 100 Coach retail stores in North America, up from 42 at the end of the third quarter. Outside the U.S., where Men participate in the category at a higher rate, new dual gender and dedicated men’s shops are the primary distribution growth vehicles.”

“Looking ahead, we’re particularly pleased with the reception that both the Willis and Hamptons Weekend groups are enjoying worldwide. The strong response to both groups, which were inspired by successful collections from our archives, reinforce our confidence in the performance of our next significant platform, Legacy, which will launch this August. Also inspired by our heritage, grounded in leather and featuring iconic Coach elements, the Legacy collection will span a full range of women’s and men’s bags, small leathergoods, and complementary accessories while incorporating other lifestyle categories such as outerwear, footwear, jewelry, watches, and scarves. It has already received widespread and positive coverage by the fashion press.”

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