Coach shares dive in premarket on disappointing sales in North America
Coach shares dived 7 per cent pre-market New York trading after the preppy retailer posted its third consecutive decline in sales in North America.
Revenue dropped 5.6 per cent to $1.42 billion in the second quarter, while net income fell to $297 million, or $1.06 per share, from $352 million, or $1.23 a share, compared with a year earlier.
Analysts were expecting earnings per share of $1.11 on revenue of $1.48 billion.
The New York-based retailer known for its Poppy handbags has been losing ground to affordable luxury rivals Michael Kors and Kate Spade in North America in recent years, which accounts for 70 per cent of its revenue.
North American sales fell 9 per cent to $983 million in the quarter ended 28 December.
Chief executive Victor Luis said: "We continued to be disappointed by our performance in North America, which was impacted by substantially lower traffic in our stores and by our decision to limit access to our e-factory flash sales site."
Coach is set to present a new collection at New York Fashion Week next month.
Mr Luis added: "We view this as an important milestone in our brand transformation, driving fashion credibility and relevance."
Shares fell 7.6 per cent to $48.55 in premarket trading in New York.
- 1 Al Pacino on suffering from depression: 'It can last and it's terrifying'
- 2 Half of young women unable to ‘locate vagina’ and 65% find it difficult to say the word
- 3 Saudis risk new Muslim division with proposal to move Mohamed’s tomb
- 4 A teacher speaks out: 'I'm effectively being forced out of a career that I wanted to love'
- 5 Mexican woman becomes world’s 'oldest person' at 127
Perez Hilton apologises for publishing Jennifer Lawrence naked photo leak
Jennifer Lawrence 'nude photo hacker' claims there are hundreds more celebrity images to come
Victoria Justice on naked photo leak: 'Let me nip this in the bud right now – pun intended'
Saudis risk new Muslim division with proposal to move Mohamed’s tomb
Ariana Grande nude photos leak: Pictures are completely fake, say representatives
Rotherham child sex abuse scandal: Labour Home Office to be probed over what Tony Blair's government knew - and when
What do immigrants really think of Britain? Polish immigrant's Reddit post goes viral
Ashya King: Parents of five-year-old boy refused permission to visit him in hospital and denied bail at Spanish court
With Douglas Carswell joining Ukip, my party has taken another giant step forward
When elitism grips the top of British society to this extent, there is only one answer: abolish private schools
Ashya King: 'Cruel NHS has not given us the treatment we need', says father of five-year-old with brain tumour who fled to Spain
iJobs Money & Business
£35000 - £38000 per annum + benefits: Ashdown Group: Executive Assistant/Event...
£30000 - £32000 per annum: Ashdown Group: HR Generalist (standalone) - Tunbrid...
£600 - £800 per day: Harrington Starr: Derivatives Risk Commodities Business A...
£600 - £800 per day: Harrington Starr: Power & Gas Business Analyst/Subject Ma...