coach handbags can be a tough one in down economic times

The business of luxury goods can be a tough one in down economic times. High-end goods are one of the first purchases cut during a recession, especially since the consumers of these products usually derive a larger portion of their income from businesses and investments than do lower-wage workers.

In the past few years, many retailers saw sales and earnings drop as consumers fled to lower priced options. But a select few continued to increase dividends during this tough economic time. By no means are these companies to be considered top dividend picks, as their yields are all relatively low and their dividend histories are short. But in the right situation, they may provide diversification and/or capital appreciation potential.

Williams Sonoma Inc. (WSM) owns and operates six high separate, high-end home-centered retail businesses: Williams-Sonoma (stores, catalog and website), Pottery Barn (stores, catalog and website), Pottery Barn Kids (stores, catalog and website), PBTeen (catalog and website), Williams-Sonoma Home (website) and West Elm (stores, catalog and website). WSM has increased its dividend every year for the past 6 years, and in 2010 paid out 52.4% of earnings in the form of dividends. The latest increase was March 15, when the quarterly dividend was increased 13.3% from $.15 to $.17 a share. At the current price of $39.03, the stock yields 1.74%

Tiffany and Co. (TIF) Tiffany & Co. is a holding company that operates through its subsidiary companies, principally Tiffany and Company, a jeweler and specialty retailer. Merchandise offerings include an extensive selection of jewelry, as well as timepieces, sterling silverware, china, crystal, stationery, fragrances and accessories. Through Tiffany and Company and other subsidiaries, the company is engaged in product design, manufacturing and retailing activities. TIF has had eight years of dividend increases, with the last increase a 25% bump from $0.20 to $0.25 a share (quarterly) last May. In 2010, TIF paid out 33% of earnings as dividends, leaving plenty of room for growth. The company recently announced plans to buy back up to $400 million of TIF common stock, expiring January 2013.

Coach Inc. (COH) is a marketer of fine accessories and gifts for women and men. Coach’s product offerings include handbags, women’s and men’s accessories, footwear, business cases, jewelry, wearables, sunwear, travel bags, fragrance and watches. COH dividend history is the shortest of the group, declaring its first dividend of $0.075 a quarter, or $.30 annually, in fiscal year 2009. By fiscal year 2010 (COH fiscal year ends in July), the company increased that dividend 100% to $0.60 a share. At the current price of $51.22, the stock yields 1.17%.

Polo Ralph Lauren Corporation (RL) is engaged in the design, marketing and distribution of products, including men’s, women’s and children’s apparel, accessories, fragrances and home furnishings. The company operates in three segments: Wholesale, Retail and Licensing. RL declared its first dividend in 2003, and kept it stagnant until 2009. The most recent increase came this past February, with a 100% increase in the quarterly payout from $0.10 to $0.20 a share, or $0.80 annually. At the current price of $119.43, the stock yields .67%.

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

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