NEW YORK (TheStreet) -- Shares of Coach Inc (COH) are tumbling down 6.17% to $33.92 in midday trading Tuesday after the luxury goods maker reported earlier this morning that its fiscal first quarter earnings fell 44.2% year over year to adjusted earnings of 43 cents per share, missing analysts' estimates of 45 cents per share.
This was the first period for Coach to post earnings below analysts' estimates after topping forecasts for two consecutive quarters.
Excluding certain items, net income was $146 million, or 53 cents per share for the quarter, but fully reported net income was $119 million, or 43 cents per share.
New York City-based Coach reported $1.4 billion in first quarter revenue, down 9.6% from the same period a year ago, but beating analysts' estimates of $1.006 billion.
The handbags retailer said the major reason for the fall in revenue was the ongoing weakness in North America as sales declined 19% from last year to $634 million for the quarter, and comparable-store sales decreased by 24% from a year ago.
Separately, TheStreet Ratings team rates COACH INC as a Hold with a ratings score of C.
- You can view the full analysis from the report here: COH Ratings Report
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