Coach sales up in U.S., Asia

The luxury handbag maker said Q2 EPS rose 18% to $1.18, beating views by 3 cents. Revenue increased 15% to $1.45 bil. Gross margins narrowed slightly to 72.2% from 72.4% in '11. Same-store sales in N. America increased 8.8% and the brand is doing well in Asia, including China, where it opened 9 new stores. It expects to generate $300 mil in sales in China in '12. Sales of Coach's (NYSE:COH - News) new men's line, featuring high-end wallets and belts, is expected to double to $400 mil this year. It leapt 5.8% to 67.97.