Classic American accessories retailer Coach, Inc. (COH) reported third-quarter net income of $238.93 million or $0.84 per share, higher than $225.00 million or $0.77 per share in the previous year.
Net sales for the quarter grew 7% to $1.19 billion..On a constant currency basis, sales were up 10% from last year.
The company also announced that its board of directors has voted to increase its cash dividend by $0.15 annually, raising it to an annual rate of $1.35 per share starting with the dividend to be paid to stockholders in July 2013.
Coach also said Reed Krakoff, President and Executive Creative Director has informed his decision not to renew his contract, which expires in June 2014, to focus exclusively on his namesake brand. Coach is exploring strategic options for the Reed Krakoff brand, which may involve a sale to a group in which Krakoff would participate.
In addition, the company has commenced a search for his successor.
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