US: Coach Q2 earnings and sales tumble
North America sales were impacted by substantially lower traffic in stores
Upscale footwear, handbags and accessories retailer Coach Inc has booked a drop in second-quarter earnings and sales on the back of weakness in its North American business.
In the three months ended 28 December, net income dropped 15.8% to US$297m from $353m a year earlier.
Gross margin was 69.2% versus 72.2% reported in the prior year period.
Sales in the quarter also fell, to $1.42bn from $1.5bn in the comparable period of fiscal 2012.
"During the holiday quarter, total sales fell slightly in constant currency as weakness in our North American women's bag and accessories business offset strong growth in men's, footwear, and robust results in emerging Asian markets and Europe," said Coach CEO Victor Luis.
"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."
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