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Coach Raises Second-Quarter Guidance

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Coach

(COH)

raised second-quarter earnings guidance, citing strong sales.

The luxury goods maker expects to earn at least 96 cents a share in the quarter, up from previous estimates of 92 cents, on sales of $235.8 million. The company said second-quarter same-store sales rose 0.6%.

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Coach's shares rose $1.85 to $42.10 Tuesday on analyst speculation it might raise its estimate. The company said its refusal to discount its merchandise helped boost sales in the quarter.