Add Coach (COH) to the list of retailers that had a disappointing holiday season.
The high-end seller of purses and tote bags reported a sluggish sales period for its fiscal second quarter, saying the economy overall and competition in the sector hurt its financials. As a result, the stock was having one of the worst single sessions in its history, sinking 15.4% to $51.33 Wednesday. According to FactSet data, at a decline of that level, the stock is set to record its fourth-biggest drop going back to the fall of 2000.
Evidence is continuing to mount that shoppers were hesitant to part with their cash as Christmas drew near, as a number of well-known chain merchants in sectors from apparel to games to jewelry have signaled a decided lack of consumer enthusiasm during the most important time of year for retail.
As for Coach, the sell-off in its stock came after the company posted quarterly sales of $1.50 billion. That was up 4% from last year, but it was the slowest rate of growth sinceRead More »from Coach Crushed as Sales Fail to Impress