Coach Declines After Handbag Maker Forecasts Sales Plunge

Coach Inc. shares fell the most in four months after the company predicted a continued plunge in revenue this year and posted slower sales in Asia, signaling that its turnaround effort is still far from complete.

Comparable-store sales will decline in the mid- to high-20 percent range, the New York-based company said on a conference call. On a reported basis, total revenue will fall in the low double-digits, it predicted. Sales growth in China, meanwhile, slowed to 10 percent last quarter, and revenue in Japan declined 7 percent when adjusting for currency changes.