Coach reported a 3 percent increase in first-quarter profits as the luxury accessories retailer’s results were powered by strong sales in the US and overseas, particularly China. It also said its board authorized the repurchase of up to $1.5 billion of its outstanding stock by June 30, 2015. Net income was $221.4 million, or 77 cents per share, compared with $215 million, or 73 cents, a year earlier.
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