During the 2013 holiday season
Coach sales in North America plummet as market share erodes
The New York company, canada goose coats on sale known for its Poppy handbags, on Wednesday reported a 13.6 percent decrease in comparable canada goose black friday sale store sales in North America.It was the third straight quarter of decline in a market that accounts for buy canada goose jacket 70 percent of its revenue, and a much deeper cheap canada goose uk drop for the holiday quarter than Coach forecast in October.Coach shares were down canada goose outlet reviews 6.2 percent canada goose outlet uk to $49.29 in late morning trading.There were some bright spots in Coach results: sales in China rose 25 percent, quelling fears a slowdown in luxury spending growth there would hurt Coach. And sales in North canada goose outlet sale America for handbags priced above $400 were also up.Still, company executives expect Coach problems to persist in canada goose uk outlet North America in the next six months, predicting continued sales drops there.Relief canada goose outlet new york city may only come in the fall, canada goose outlet store uk when the first collection https://www.doloresnet.com designed under its new creative director, Stuart Vevers, hits stores.guys are definitely losing share. Fashionwise, they missing the beat, Edward Jones analyst Brian Yarbrough said. handbag market fell to 17.5 cheap canada goose percent from 19 percent, according to Euromonitor International. Michael Kors market share canada Canada Goose Parka goose outlet canada rose to 7 percent from 4.5 percent.North American sales fell 9 percent to $983 million in the second quarter ended December 28, a startling drop in a women handbags canada goose outlet online and accessories market Coach executives said grew by a single digit percentage during the period.People walk past a Coach store on Madison Avenue in New York, in this January canada goose outlet in usa 23, 2013 file photo. REUTERS/Carlo Allegri/FilesChief Executive Victor Luis is pinning Coach turnaround hopes on Vevers collections making Coach fashion forward again. Luis told analysts on a call that Vevers was a canada goose outlet fashion relevance for the brand like we have never had.Coach overall revenue fell 5.6 percent to $1.42 billion, in the second quarter, while net income dropped to $297.4 million, or $1.06 per share, from $352.8 million, or $1.23 per share, a year earlier.Analysts on canada goose outlet uk sale average had expected earnings of $1.11 per share on revenue of $1.48 billion, according to Thomson ReutersREBALANCING ACT To win back shoppers, the 73 year old company is trying to offer more footwear and fashion to become a lifestyle brand. Coach will be presenting a canada goose black friday sale collection at New York canada goose outlet toronto factory Fashion Week next month for the first time.Chief Executive Victor Luis, who took the reins this month from longtime CEO Lew Frankfort, told Reuters that Coach is its merchandise selection and increasing its offerings of handbags priced $400 or more.After the 2008 09 recession, Coach had ramped up its selection of lower price handbags.During the 2013 holiday season, Coach had to contend with a problem many retailers have complained about: a drop in traffic to shopping malls, and fewer shoppers coming into its stores. Still, kate spade and Michael Kors, which operate many stores in the same malls as Coach, are expected to report sales gains.Coach poor sales led to a surplus canada goose coats of merchandise it said it would clear through its factory outlets, raising the specter of more pressure on its profit margin. Inventory levels were up 12 percent at the end of quarter, while companywide sales fell 3 percent, stripping out the effect of currency fluctuations canada goose clearance sale.