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In battle of the bags, Kate Spade wins -- for now
Luxury handbags seem to be as common these days as smartphones, and therein lies the problem for rival brands Coach, Michael Kors and Kate Spade, who all reported quarterly results this week.
As these three luxury heavyweights battle it out against brand saturation and bored shoppers midway through the year, it seems as though only Kate Spade has all the right moves.
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Coach Q4 tops expectations
New York -- A big acquisition of a luxury shoe brand helped Coach top analysts’ fourth quarter earnings forecasts even as its sales and income fell.
Coach’s fourth-quarter net income plunged 84.4% to $11.7 million, down from $75.2 in the year-ago period. Excluding one-time charges, Coach said its net income came in at $85 million, or 31 cents per share, beating the analyst consensus by two cents.
Coach said Stuart Weitzman, which it acquired earlier this year, helped to boost its earnings.
