Bengaluru
Handbag maker Coach Inc issued a full-year sales forecast that missed analysts’ estimates and reported lower-than-expected quarterly sales, as it pulls back products from department store shelves to maintain its premium brand cachet.
The company’s shares were down 6.3 per cent at $44.92 in premarket trading on Tuesday. The stock has gained nearly 37 per cent this year. In a bid to regain their brand appeal and maintain exclusivity, luxury retailers like Michael Kors Holdings Ltd and Coach have been cutting discounts and pulling products off department store shelves in order to sell them at full price through their own stores.