Coach Slumps After Announcing Revenue Cut, Store Closings

Shares of Coach slumped on Thursday making it TheStreet's Move of the Day. The luxury-brand retailer known for its fashionable handbags said it expected revenue to fall by a double-digit percentage and that it would close next year 70 stores that it deemed 'underperforming.' Coach CFO Jane Hamilton Nielsen said in a conference call to investors: 'Fiscal year 2015 is the invest and reset year, largely is a function of our reduced promotions and store closing activity, we expect to see low double-digit revenue decline.' TheStreet's Joe Deaux reports from New York.