Coach reports alarming financial results for fiscal Q1
The American premium house Coach reported sales of $US1.15 billion for its first fiscal quarter ending September 28, 2013, compared with $US1.16 billion reported in the same period of the prior year, a decrease of 1 per cent. Coach’s main market, the U.S. reported sales decline of 1 per cent to $US778 million, compared to $US784 million last year.
But it wasn’t just North America where we saw a decrease in sales as international sales also decreased slightly to $US365 million from $US367 million last year. China continues to be strong for the luxury house, with total sales up over 35 per cent and comparable store sales rising at a double-digit rate. In Japan, sales declined by 2 per cent on a constant currency basis, while dollar sales declined 22 per cent, reflecting the weaker yen.