Coach Shares Are Tanking After A Huge Sales Miss
Jan 22, 2014, 18:05 IST
Shares of Coach are crumbling.
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The stock is down by over 6%.
Earlier today, the company announced fiscal Q2 earnings of $1.06 per share, missing expectations for $1.11.
Comparable store sales in North America collapse 13.6%. Analysts were looking for a 6.8% decline.
"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," said CEO Victor Luis. "At the same time, China results remained resilient with total sales growing about 25% and comparable store sales rising at a double digit rate."
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More to come...