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distributing lower pricedquality (poppy) handbags and accessories to department stores http://www.shopladyboots.com/ugg-bailey-button-triplet-10-ugg North America and having a factory distribution channel (anyone ever visit the Gucci outlet?). So it's plausible that with the renewed weakness in consumer spending evidenced in 1Q, Coach's goods would not necessarily be a top of mind purchase for a head of household of a middle income family, which is dealing with higher food, gas and back to school bills. Although Coach's China story remained nicely intact in the quarter (double-digit percentage comp growth), we think there was consumer related stress on the North American business

one just had to engage in a game of puzzle building to find it.?ugg mini boots the Early Move in the Stock (Down)Coach's North America comp of 10.1% was fine compared to other specialty retail chains in the mall, but directionally the trend continues to soften on a sequential basis. Usually when comp trends begin to moderate for a retailerits stock tends to fall out of the good graces of Wall Street as it means less leverage on expenses. Coach is in full international expansion mode and is contending with elevated input

costs, so signs of less leverage equates to concerns on achieving future delaine ugg boots earnings estimates.Gross margin missed consensus, chiming in at 71.8% versus 71.95%. However, the shortfall can be swept aside as immaterial. What cannot be disregarded is the amount of year-on-year degradation totaling 154 bps, which essentially wiped out a reasonable performance on gross margins for FY11 (finished the year down 30 bps