NEW YORK — Coach Inc. began its new fiscal year exactly as it ended its last one — with the momentum of a runaway train.

The New York-based leather goods company said Tuesday that first-quarter net income continued to skyrocket, gaining 88.3 percent to $42.3 million, or 22 cents a diluted share, 4 cents ahead of most recent company expectations as well as the Wall Street consensus estimate. That compares to the $22.5 million, or 12 cents, the company earned in the first quarter of 2002.

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