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Coach warns of further fall in North America sales
Oct 22, 2013, 1:17 PM EDT
REUTERS
pstronga href\"http://www.putontiffany.com\"astrong By Maria Ajit Thomasp
pstronga href\"http://www.putontiffany.com\"tiffany and coastrong Oct 22 (Reuters) - Coach Inc, known for its Poppy handbags, posted a steep fall in sales in North America, its largest market, and forecast further declines through the rest of its financial year as it loses market share to rivals such as Michael Kors.p
pstronga href\"http://www.putontiffany.com\"buy tiffanyastrong Coach shares fell as much as 9 percent after it reported a 6.8 percent fall in North America same-store sales in the three months to Sept. 28.p
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pstronga href\"http://www.putontiffany.com\"cheap tiffanyastrong The company warned North American same-store sales would be down by \"high single digits\" for the rest of the financial year which ends in June 2014, Chief Financial Officer Jane Nielsen said on a post-earnings conference call.p
pstronga href\"http://www.putontiffany.com\"tiffanyastrong Coach has been facing stiff competition in the handbags business from Michael Kors Holdings Ltd, Fifth & Pacific Cos Inc\'s kate spade and Tory Burch whose trendy offerings resonate more with younger customers.p
pstronga href\"http://www.putontiffany.com\"tiffany and coastrong \"I think where Coach has really struggled is the 20-35 crowd. They\'ve left Coach and gone to Michael Kors and kate spade,\" said Edward Jones analyst Brian Yarbrough.p
pCoach retaliated by selling more clothing and footwear, which have lower margins than the handbag business.p
pHowever, Yarbrough said the strategy would not be enough to offset the declines in the handbag business.p
pCoach\'s total sales in 2014 are expected to be flat or rise in the low single digits on a constant currency basis, CFO Nielsen said on the conference call.p
pTotal first-quarter sales slipped 1 percent to $1.15 billion, falling shy of analysts\' estimates. Sales in North America fell 1 percent and accounted for about 68 percent of total sales.p
pNet income slipped 1.6 percent to $217.9 million, or 77 cents per share, missing analysts\' estimates. (Reporting by Maria Ajit Thomas in Bangalore and Phil Wahba in New York; Editing by Savio D\'Souza)p
Copyright 2013 Thomson Reuters. Click for Restrictions. p
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Macdonald-Cartier student places 5th in OFSSA para race By: Sudbury Northern Life Staff p
| Nov 03, 2013 - 9:13 AM
The rigours of competition etched on their faces, a handful of the 1,715 high school runners from across Ontario who participated in the provincial cross-country running championships at Laurentian University compete Nov. 2. More than the 300 high schools participated in the Ontario Federation of School Athletic Associations provincial championship on Saturday. Photo by Heidi Ulrichsen.p
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pstronga href\"http://www.cartierwatches.org\"cartierastrong Some 1,715 athletes from more than 300 high schools participated in the the OFSAA Cross-Country Running Championships at Laurentian University Nov. 2. p
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p Visit www.ofsaa.on.ca/cross-country-running for full race day details. p
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