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Is Coach back in vogue?
Coach says increased demand for its merchandise and fewer discounts led the luxury goods maker and retailer to report increased profit in the first quarter despite a steep 9.5% drop in same-store sales.
The company said that for the first quarter ended Sept. 26, earnings were 41 cents a share (analysts expected 40 cents). Net income fell 19% to $96.4 million. Sales dropped 0.8% to $1.03 billion in the quarter, missing analysts’ $1.04 billion projection.
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No sales, no crowds, no Black Friday at REI
REI has shocked the retail industry — and shoppers — with its decision to lock its doors on one of the biggest and most profitable shopping days of the year.
The retailer says it will be closed not only on Thanksgiving Day but also on Black Friday. REI.com will operate as normal on Thanksgiving. On Black Friday, REI.com will have a black takeover screen encouraging people to get outside. Customers will still be able to view product and make a purchase on Black Friday, but the order will not be processed until Saturday.
