Shares of Coach (COH) slipped after revealing that profit and sales fell significantly from a year ago, making it TheStreet’s Move of the Day. Initially, investors gave a boost to Coach shares after the luxury goods retailer posted fiscal second-quarter results Thursday, that were slightly better than expected. But, earnings fell 38% from a year ago, while revenue also plunged by double digits, showing that it faces an uphill battle in its turnaround efforts. The company’s financial results are in sharp contrast to Kate Spade (KATE) which said it saw a big increase in sales last year. Coach faces stiff competition from rivals including Michael Kors Holdings (KORS) and Tory Burch, but has responded by adding higher-quality materials and edgier designs. TheStreet’s Kurumi Fukushima reports from New York.
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