Coach sales miss Wall Street forecast on slow N.America

Wed Jan 23, 2013 7:10am EST

Jan 23 (Reuters) - Upscale leather-goods maker and retailer Coach Inc on Wednesday reported holiday quarter sales below Wall Street forecasts as a tough economy and more discounting on women's handbags by rivals hurt sales in North America.

Overall revenue in the second quarter rose 3.8 percent to $1.5 billion, missing Wall Street analyst projections for net sales of $1.6 billion, according to Thomson Reuters I/B/E/S.

Sales at stores open at least a year in North America, still its biggest market by far, fell 2 percent during the quarter.

Net income in the quarter, which ended Dec. 29, was $352.8 million, or $1.23 per share, compared with $347.5 million, or $1.18, a year earlier. 

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