Is Coach Canada outlet a has-been? We think the answer is definitely not. Although the stock's recent plunge means it's down almost 40 percent from its 52-week high, we believe that's created an opportunity for income investors with an aggressive streak. In addition to a current yield of 2.4 percent, the company has strong financials and global growth prospects.

The worries began when Coach's sales and earnings grew only 4 percent and 2 percent, respectively, for the second quarter of fiscal 2013, ended last December. Investors much preferred the nearly 20 percent annual growth Canada Coach outlet had delivered the past three years.

Worse, for the first time ever, the overall company failed to grow as fast as its handbag segment, which saw a 10 percent rise in sales. Coach's premium-priced handbags lost market share to competitors, especially Michael Kors Holdings (NYSE: KORS), which won market share by lowering prices.

Coach wisely has not lowered prices. If anything, Coach is expanding into higher-priced offerings ($400 and over), where it has a small presence but where consumers have gobbled up its limited offerings.

And Coach outlet has a growth plan: It's leveraging its strong brand and highly efficient supply chain to launch new products and expand into Asia. This expansion, which has already started, is on track to show surprisingly good results starting sometime in 2013.

Last year, Coach got 71 percent of its revenue from products that didn't exist the year before, while maintaining industry-leading profit margins (recently at 35 percent). We think this bodes well for Coach being able to execute the following growth strategy.

More products for women. Coach handbags are a premium-priced brand that appeals to management-level women for its understated style, functionality and durability. North American sales are some 67 percent of Coach's business, and most of this is women's handbags, where Coach outlet Canada has about 30 percent market share.