Coach Inc. (NYSE: COH) announced its fiscal third-quarter financials Tuesday before the markets opened. This modern luxury brand retailer reported as $0.36 in earnings per share (EPS) on $929 million in revenue, compared to Thomson Reuters consensus estimates of $0.35 in EPS and revenue of $949.9 million. In the same quarter of last year, it posted EPS of $0.68 on $1.10 billion in revenue.

Total North American sales decreased 24% to $493 million from $648 million last year. Direct sales declined 23% for the quarter, with comparable store sales down 23%, including the impact of reduced eOutlet events.

International sales decreased 3% to $428 million from $441 million last year. On a constant currency basis, International sales grew 4%. Sales in China rose 10% on a constant currency basis and 8% in dollars with positive comparable store sales and slower distribution growth.

During this past quarter, the company was looking to optimize when it closed a total of 43 retail stores and 12 outlet stores in North America.

Coach looks to celebrate its 75 year anniversary in the fall.

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Victor Luis, CEO of Coach, commented on the earnings:

We are pleased with our third quarter performance which was consistent with our plan and annual guidance despite the increased negative impact of foreign exchange on our top-line results. As was the case in our second quarter, we drove sequential improvement in our North America bricks and mortar business while further reducing our eOutlet events. In addition, our international businesses posted moderate growth on a constant currency basis, highlighted by double-digit increases in Europe and China. Importantly, our brand transformation remains on track across the three key brand pillars, as we continued to open and renovate modern luxury concept stores globally, successfully introduced Stuart Vevers’s product in our outlet channel and had an overwhelmingly positive reception to our third New York Fashion Week presentation.

The company did not offer guidance for the year or the coming quarter, but there are consensus estimates of $0.30 in EPS on $989.67 million in revenue.

Shares of Coach were down 8.8% at $38.61 in Tuesday morning trading. The stock has a consensus analyst price target of $41.74 and a 52-week trading range of $32.72 to $47.00.

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