By  on October 24, 2006

NEW YORK - Shares of Coach Inc. soared to a new 52-week high in intraday trading early Tuesday morning to $39.04, following the company’s first-quarter report that showed robust sales and earnings.

For the quarter ended Sept. 30, net income rose 34.2 percent to $125.6 million, or 34 cents, from $93.6 million, or 24 cents, in the same year-ago period. Sales rose 23.4 percentto $553.9 million from $449 million.

Fueling the company’s results has been the “continued rapid growth in the US premium handbag market, as consumers continue to trade up within the category,” said Lew Frankfort, chairman and chief executive officer, in a statement.

In late morning trading, shares of Coach traded in the $38.65 range, still up $2.32, or 6.39 percent, from Monday’s closing price.

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