Luxurious bag maker Coach said income rose in the fiscal fourth quarter helped by development in China and people buying more high-end Hermes Kelly 35 handbags in North America, but shares fell due to falling margins.
During Tuesday afternoon trade, Coach lost $4.19, or 6.42% to $61.10 on the New York Stock Exchange, as dwindling margins are a concern for a few analysts.The company, which makes upscale bags, watches and footwear, posted profits of $202 million, or 68 cents per diluted share, versus $195.5 million, or 64 cents per diluted share, in the year ago period.
Sales at Coach Japan fell 7% impacted by the after effects of the earthquake and tsunami, the company said in a statement.Coach said sales in China continued to be exceptional with same Hermes store sales rising at a double-digit rate, which helpe counterbalance the impact of higher costs and a slowdown in Japan that resulted from your March 11 earthquake and the tsunami.
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