Coach Tumbles Most Since 2001 as North American Sales Slow |
| Businessweek - Jul 31, 2012 |
Coach Inc. (COH) (COH), the largest U.S. luxury handbag maker, tumbled the most in almost 11 years after reporting fiscal fourth-quarter revenue that trailed analysts’ estimates amid slowing sales growth in North America.
Coach fell (COH) 14 percent to $50.97 at 9:58 a.m. in New York, after declining as much as 19 percent for the biggest intraday drop since Sept. 17, 2001. The shares had dropped 0.8 percent this year through yesterday.
Sales at North American stores open at least a year advanced 1.7 percent, compared with a gain of 10 percent a year earlier. Jennifer Davis, an analyst at Lazard Capital Markets, projected an increase of 5 percent. Coach, facing competition from Michael Kors Holdings Ltd. (KORS) (KORS) and brands such as Tory Burch and Kate Spade, is working to attract consumers who have curbed spending on discretionary purchases amid slow economic growth.
Read Full Article from Businessweek
- Posted: 2012-07-31 14:27:58
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