Shares
in handbag and accessories-maker Coach, Inc.(NYSE:COH) fell more than 15
percent in early hour after the company reported revenue growth that did not
meet analyst expectations.
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Buoyed
by strong demand in China, the company's revenues rose 13 percent to $1.16
billion in the June quarter, but it was short of the $1.2 billion that the
Street had estimated.
Its
shares were trading at under $8 dollar before the market opened.
Sales
in China were offset by low demand in North America, where consumer sentiment
has been hit following the long-drawn economic recovery in the United States,
the world's largest consumer market.
Revenue
growth of same-store sales in China was double of that in North America. The
company has introduced increased discount coupons but said that this strategy
would not impact sales as it had enough room to manoeuvre in its pricing
strategy.
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Analysis
In
the June quarter, net income rose 24 percent to $251.4 million, or 86 cents per
share, from $202.5 million, or 68 cents per share, a year earlier.
Marathon
Petroleum Corp(NYSE:MPC ) fared better on the Street with a forecast-beating
performance. It reported a June quarter net profit of $814 million or $2.38 a
share, up from $802 million or $2.24 a share in the year-ago period.
Revenues
rose to $20.3 billion from $20.8 billion a year earlier.
Its
gross refining margin rose to $11.13 a barrel in the second quarter from $10.78
a barrel a year earlier.
Marathon's
shares were trading up 0.3 percent at $47.60 on the Nasdaq.
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