Coach Inc to Close 70 Stores; Lowers Outlook (COH)

After plummeting almost 9% on Thursday, Coach Inc (COH) is down again in pre-market trading Friday morning after it was reported that it now plans to close stores due to declining sales.

The upscale accessory company said than it plans to close 70 stores in North America as sales are expected to fall in the low double digits in percentage terms this year.

Coach current has 351 stores and 193 factory outlets in North America. The company has struggled to keep up with rivals including Michael Kors (KORS) and Kate Spade (KATE).

COH Dividend Snapshot

As market close on June 19, 2014

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Coach shares were down 37 cents, or 1.04% during pre-market trading Friday. The stock is down 36.42% YTD.