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Coach Stock Falls as Market Inches Up

U.S. retail stocks rise 0.1 percent.

Shares of Coach Inc. took a big step back today, falling 16.4 percent to $50.75 in what was a generally positive day of trading.

Coach missed Wall Street’s second-quarter earnings projections and said its North American comparable-store sales fell 2 percent — only the third time in 11 years the company posted a negative comp.

The S&P 500 Retailing Industry Group, which does not include Coach, inched up 0.1 percent, or 0.72 points, to 686.38. The broad measure of U.S. retail stocks hit a new all-time high of 686.65 in midday trading. The Dow Jones Industrial Average rose 0.5 percent, or 66.96, to 13,799.17.


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The fashion and beauty industry gainers included Fifth & Pacific Cos., up 2 percent to $15.25; VF Corp., 1.3 percent to $150.76; Michael Kors Holdings Ltd., 1.2 percent to $55.63, and The Procter & Gamble Co., 1.1 percent to $70.69.

In Europe, markets closed with mixed after Prime Minister David Cameron laid out plans for a referendum on Britain’s future within the European Union.

The FTSE was up 0.3 percent to 6,197.64, having crossed the 6,200 level for the first time since May 2008, boosted by results from Unilever, which reported underlying sales growth of 6.9 percent for 2012.

 The DAX in Frankfurt was also ahead, by 0.2 percent to 7,707.54. However, the CAC 40 in Paris dropped 0.4 percent to 3,726.17 and the FTSE MIB in Milan was down 0.8 percent to 17,579.

The pound was trading at $1.58 against the dollar, while the euro was valued at $1.33.

The day’s biggest fashion-industry gainers included Unilever, up 1.9 percent to 30.02 euros; Geox, 8.5 percent to 2.58 euros; and Marks & Spencer, 2.5 percent to £3.79.

Among those losing ground were LVMH Moët Hennessy Louis Vuitton, down 0.7 percent to 138.40 euros; Ferragamo, 1.3 percent to 19.16, and Safilo, 0.6 percent to 7.93 euros.