Shares of Coach Stumble on Falling Demand in North America

Shares of Coach Inc (COH) sank after the handbags maker posted a sharp decline in North American demand on Tuesday, making it TheStreet's Move of the Day. The largest U.S. luxury goods company reported mixed fiscal first quarter earnings. The company posted a drop in earnings from last year, missing analysts' estimates while revenue fell, but edged out analysts' expectations. The company has been struggling to match the growth of rivals like Michael Kors Holdings Ltd (KORS) and Kate Spade & Co (KATE) in the past few quarters as it undergoes a brand makeover. North American sales dropped as same-store sales also fell for the sixth straight quarter. Investors are worrying about its declining sales and falling margins as it tries to pull out of a slump.