Coach posts 7% decline in Q3 turnover
American leather goods maker Coach reports $1.1 billion in third quarter revenue, a 7% decline over the $1.19 billion reported in the prior-year period. Third quarter net income came in at $191 million, resulting in profit of 68 cents per share.
Continuing a trend reported in its first and second quarter earnings results, Coach’s women’s handbag sales in North America were a particular drag on the company, offsetting growth in the company’s men’s, footwear, Asian and European sales and leading North American sales to decline 18% to $648 million, down from $792 million during the same time in 2013. On a comparable-store basis, North American sales declined 21%.
Outside of North America, Coach’s results were much stronger, with international sales growing 14% to $441 million, up from $385 million last year. Solid results in China, where sales increased 25% to $540 million, helped boost the company’s international results.