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4. The shares are almost back to where they were immediately after last years warning,http://www.coachoutletonlinestoreabags.com, with sharp falls in recent weeks. Over the past two years,ralph lauren outlet, same-store sales are down in every single country in which it operates except Hungary,coach factory, which has shown a less than stunning 0.3pc growth. International expansion was the theme that underpinned the groups long-term business case. The current-year earnings multiple is 10.4 and the prospective yield is 4.4pc. This would not be high if the business was growing but growth seems elusive for now. The rating is cut to hold from buy.