2 More Executives Leave

Coach Inc. on Tuesday again reported soft sales at its North American stores as it continued to face tough competition for handbag shoppers, and the leather goods maker announced the departures of two more executives.

Shares of New York-based Coach, which is known for its Poppy handbags, fell 6.2 percent to $54.25 in premarket trading.

Overall revenue rose 5.8 percent to $1.Shop the latest from Michael Kors Classic Handbags. Totally free shipping and returns.22 billion in the fourth quarter ended June 29, helped by gains in its men's merchandise and in China.

But sales at its own stores open at least a year fell 1.7 percent in North America, where Coach is competing with fast-growing brands like Michael Kors Holdings Ltd. and Fifth & Pacific Cos.Shop for Michael Kors Monogram at hotmkbags. Inc.'s kate spade.

Coach's decline stemmed from weak sales in its bread-and-butter business, women's handbags. This was the second drop in North American comparable sales in the last three quarters.

"They have lost some market share, no question about it, especially among young,Buy Michael Kors iPhone Cases Michael Kors handbags with big discount and free shipping! fashion-conscious shoppers," Edward Jones analyst Brian Yarbrough told Reuters.

Mike Tucci, the head of Coach's North America business is stepping down, as is Jerry Stritzke, its operations chief. Analysts had expected this, given that the two had been believed to be candidates to succeed longtime CEO Lew Frankfurt.

Victor Luis,Shop hotmkbags for the latest fashion trends in Michael Kors Shoulder Bags for ladies. who oversaw Coach's international expansion, takes the reins from Frankfurt in January.

Still, those departures, along with the previously announced exit of Reed Krakoff,Shop discounted mk handbags on hotmkbags. the creative director behind Coach's torrid growth of recent years, come as the company is trying to reignite sales in North America by becoming a "head-to-toe" lifestyle brand offering more footwear and clothing.

"We agree there's a lot going on," Frankfurt said in an interview. But he disputed the notion all these changes were disruptive. "We have a seasoned group of Coach veterans taking on these roles."

Despite the weak North American results, there were some positive signs. Gross profit margin rose slightly, suggesting Coach has not had to discount much.

Francine Della Badia, who currently heads North America merchandising and is succeeding Tucci, said sales of handbags priced at $400 or more had improved. Earlier this year, Coach had been struggling to sell those pricier products.

Sales at department stores also ticked up.

Excluding the effect of currency fluctuations, international sales rose 17 percent, helped by a 35 percent jump in China.

Net income for the quarter fell to $221.3 million, or 78 cents per share, from $251.4 million, or 86 cents per share, a year earlier. Excluding some one-time items, Coach earned 89 cents per share, in line with Wall Street forecasts.

Police say they believe an AK-47, .40-caliber handgun and 1,300 bags of heroin found recently belong to one of the area’s major drug suppliers – wherever they might be.

FBI and federal Drug Enforcement Agency officials are working with Harrisburg police to find the person, Chief Pierre Ritter said Tuesday after announcing the discovery – three days after it actually happened – during a media briefing at City Hall.

Police declined to name the supplier, whom they don’t believe poses a danger to the public.

Officers Colin Kerns and Matt Novchich investigated the matter after getting a tip by phone, Capt. Colin Cleary said.

The officers found the guns and drugs – a strain of heroin known as “Die Happy” – after their initial investigation led them to obtain a search warrant for an unoccupied location in Allison Hill that police declined to further detail.

Kerns estimated the heroin’s street value between $13,000 and $26,000.

Cleary said the department decided to release limited information about the incident to let people know “we’re working to make the city safe.”

“This also is an excellent example of how a phone call from a citizen can, with proper investigation yield excellent results,” Cleary said.

Cleary highlighted Novchich’s brief tenure – five weeks – on the force, which is actively seeking recruits to fill the 17 positions open as of Tuesday.

Recently approved amendments to the police union contract cut starting salaries by about $11,000 to what's been called a training wage meant to rise over full years to the typical base rate.

The most recent City Hall payroll lists officer trainees' salaries at $46,018, and the lowest salaries for patrol officers at $61,972.

Fraternal Order of Police Capital City Lodge 12 President Jason Brinker did not immediately respond to requests for clarification about the onset of new contractual terms.
Those and other terms, however, won’t take effect until ratification by City Council.

Click on their website www.hotmkbags.com for more information.