Coach Sandbagged by Handbags

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Rivals are poaching in Coach's turf. Sales of its iconic handbags and fashion accessories fell sharply in North America in the latest quarter as it faces intense competition from Michael Kors, Kate Spade and Tory Burch. That's key because Coach gets 70 percent of its sales in its home region, and those sales are decelerating. Inventories were high, and profit margin shrank.