Coach Q2 Results Down, Miss Estimates On Weak North America- Quick Facts

(RTTNews) - Handbags and accessories retailer Coach, Inc. (COH) reported Wednesday a decline in second-quarter profit, mainly hurt by weakness in North America. Earnings per share as well as top line missed analysts' estimates.

For the second quarter, net income totaled $297 million or $1.06 per share, lower than last year's $353 million or $1.23 per share.

On average, 30 analysts polled by Thomson Reuters expected earnings of $1.11 per share for the quarter. Analysts' estimates typically exclude special items.

Net sales declined 6 percent to $1.42 billion from $1.50 billion a year ago, while analysts estimated revenues of $1.48 billion. On a constant currency basis, sales declined 3 percent for the quarter.

Total North American sales decreased 9 percent, while International sales increased 2 percent.

Chief Executive Officer Victor Luis said, "During the holiday quarter, total sales fell slightly in constant currency as weakness in our North American women's bag and accessories business offset strong growth in Men's, footwear, and robust results in emerging Asian markets and Europe."

The company said it continued to be disappointed by performance in North America, which was impacted by substantially lower traffic in its stores and by the company's decision to limit access to e-factory flash sales site.