It's a growth opportunity for Coach. Since we don't go on sale in our stores, it's the only way someone who values Coach can have an opportunity to buy at reduced prices. We target a value-oriented, brand-loyal consumer.
Looking ahead, we've never felt more positive about our prospects for growth, which rest on our distinctive proposition, strong brand equities, and expanding market share.
Looking ahead, I'm confident that our well-received new offerings, fueled by consistent product flow and a focussed gift assortment, will ensure continued superior financial results through the important holiday quarter and into calendar 2003,
Our business has been powered by consistently well-received new product flow, surging U.S. Coach store traffic and market share gains in Japan,
From a product perspective, we saw success across the board.
During this highly promotional retail environment in the United States, our gross margins have significantly increased, reflecting the consistent application of our philosophy of a 365-day full price proposition in our retail stores.
