NEW YORK (TheStreet) -- Shares of Coach Inc. (COH) are down -9.53% to $35.46 on Thursday afternoon after the company announced it expects revenue to drop to the low double digits for the 2015 fiscal year, and that it will close around 70 stores in North America, Reuters reports.
For the coming year the designer handbag, accessories, clothing, and shoe retailer said it anticipates North American same store sales to decline in the "high teens" in percentage terms.
Coach had 351 stores and 193 factory outlets in North America by June 2013, 70% of its revenue comes from these stores, Reuters added.
Separately, TheStreet Ratings team rates COACH INC as a Hold with a ratings score of C+. TheStreet Ratings Team has this to say about their recommendation:
"We rate COACH INC (COH) a HOLD. The primary factors that have impacted our rating are mixed some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its largely solid financial position with reasonable debt levels by most measures, reasonable valuation levels and expanding profit margins. However, as a counter to these strengths, we also find weaknesses including deteriorating net income, weak operating cash flow and a generally disappointing performance in the stock itself."