NEW YORK ( TheStreet) - Coach's ( COH) stock is sinking, as its second-quarter earnings were not luxurious enough to sustain bullish sentiment.

Shares are falling 3.1% to $51.70 before the bell, even though the handbag maker reported what would normally be considered a solid quarter, with profit climbing 26% to $303.4 million, or $1 a share. Sales rose nearly 19% to $1.26 billion, while North American same-store sales jumped 12.6%.

This topped Wall Street's forecast of 97 cents a share on revenue of $1.21 billion, but these numbers were already baked into the stock.

Gross margin missed estimates, coming in at 72.4% compared with expectations of 73.2%.

The company also announced the repurchase of up to $1.5 billion of its outstanding common stock.

Coach's stock has shed 9% since December and Wall Street Strategies analyst Brian Sozzi does not believe today's results are "sexy" enough to re-energize the stock.

--Written by Jeanine Poggi in New York.

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