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Updated from 7:16 a.m. EDT Investors backed off from CoachCOH Tuesday as the luxury-goods company beat fiscal third-quarter targets but announced the closing of its corporate accounts business. Shares were slumping $3.36, or 6.3%, to $49.99 in recent trading. The New York-based handbag maker made $147 million, or 39 cents a share, from continuing operations for the quarter ended March 31, up from the year-ago $102 million, or 26 cents a share. Sales jumped 30% from a year ago to $625 million. Operating margin rose to 36.2% in the latest quarter from 32% a year ago. Analysts polled by Thomson first call were looking for a 38-cent profit on sales of $617 million. "Our third-quarter results exceeded our expectations, driven by the overall strength of the brand, great product performance and continued expansion in the North American handbag and small leather goods market," CEO Lew Frankfort said in a statement. As always, bags and women's accessories drove the company's performance, said Frankfort, who added that the company was "delighted" with the reception for its new Coach fragrance, which launched in early March and accounted for more than 3% of the company's retail sales in that period.
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