-
Coach Q3 profit tops estimates; COO out in job reduction
Coach on Tuesday reported its first growth in quarterly profit in three years. The retailer also announced a series of management changes and corporate job reductions resulting in a pre-tax charge of about $65 million to $80 million in the fourth quarter.
Coach said it would cut an unspecified number of corporate jobs, and announced that president and COO Gebhard Rainer and global marketing president David Duplantis would leave the company.
-
Office Depot earnings, sales derailed by stalled Staples merger
Office Depot put the blame for disappointing first-quarter financial results on its delayed buyout by Staples.
"The protracted regulatory review of the pending Staples acquisition continues to have a substantial disruptive impact on our business," stated Roland Smith, chairman and CEO, Office Depot. “Our North American Business Solutions Division and International Division are more impacted by this disruption and accordingly, both failed to meet our sales and profit expectations this quarter.”