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Coach sales feel pressure from department store pullback

Coach Inc. said Tuesday that its sales for the fiscal first quarter were pressured by about 150 basis points by the company’s decision to pull back on sales and promotions through its wholesale channel.

Coach COH, +0.48% reported sales of $1.04 billion, missing the FactSet consensus of $1.07 billion. Adjusted earnings per share were 45 cents, meeting the FactSet consensus.

See also:Coach pulls back inventory in department stores due to deep discounting

North American sales for the Coach brand were down 3% to $545 million versus $561 million last year. North American bricks-and-mortar same-store sales were up 4%. Aggregate North American same-store sales were up 2%, including the negative impact of a further decline at the company’s e-commerce flash sale business.

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