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Costo's CFO said earnings will be "well below" the original $1.01 per share Q4 estimates. CNBC's Margaret Brennan has th...

May.24
11:31 PM ET
Thursday, 24 May 2007
Breaking News: Coach Headquarters Fire
Posted By:Margaret Brennan
Topics:Retail Sales
Sectors:Personal and Household Goods | Retail
Companies:Coach Inc
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AP |
According to Coach spokesperson Andrea Resnick, the fire was contained to the rooftop, where it was brought under control, and the damage was minimal. All of the company systems are up and fully operational. There were no injuries to Coach employees.
The building does not contain Coach goods; it is only their corporate headquarters. It will be closed tomorrow, but the building was only supposed to be open half a day due to the holiday. The building will be fully operational by Tuesday morning.
I spoke with Coach sources who are also downplaying the damage, as it doesn't affect merchandise. Coach's main edge right now does seem to be their talent (for example, the excellent merchant Reed Krakoff as president), so the corporate headquarters is of course important, but fortunately, none of the executives or employees were affected.
FYI -- the original address of the fire was erroneously reported by other news organizations, which is why we now are confirming details of the blaze that happened midday.
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