Tapestry Loses $652 Million For Year, But Beats Quarterly Expectations

Tapestry registered big losses last year, but manage to turn in better-than-expected fourth-quarter results, reassuring Wall Street.” data-reactid=”19″>Tapestry registered big losses last year, but manage to turn in better-than-expected fourth-quarter results, reassuring Wall Street.

Coach, Kate Spade and Stuart Weitzman brands —  narrowly beat analyst expectations for the quarter, but still logging a $652 million loss for the year. Shares of Tapestry, which closed up 0.5 percent Wednesday to $15.60 a piece, shot up nearly 5 percent during Thursday’s pre-market hours as a result. ” data-reactid=”20″>The fashion house —  parent company to Coach, Kate Spade and Stuart Weitzman brands —  narrowly beat analyst expectations for the quarter, but still logging a $652 million loss for the year. Shares of Tapestry, which closed up 0.5 percent Wednesday to $15.60 a piece, shot up nearly 5 percent during Thursday’s pre-market hours as a result. 

Coach ended the quarter with $517 million in revenues, down from $1.09 billion the same time last year. Revenues at Kate Spade were $164 million, compared with $332 million a year ago, while shoe and accessories brand Stuart Weitzman reported quarterly revenues of $33.3 million, down from $85.2 million the previous year. ” data-reactid=”30″>For the three-month period ending June 27, 2020, total company revenues were $715 million, compared with $1.5 billion last year. By brand, Coach ended the quarter with $517 million in revenues, down from $1.09 billion the same time last year. Revenues at Kate Spade were $164 million, compared with $332 million a year ago, while shoe and accessories brand Stuart Weitzman reported quarterly revenues of $33.3 million, down from $85.2 million the previous year. 

earnings of $149 million a year earlier. However adjusted losses of 25 cents per share for the quarter were far better than the 56 cent deficit analysts projected. ” data-reactid=”32″>Tapestry lost $294 million during the quarter, down from earnings of $149 million a year earlier. However adjusted losses of 25 cents per share for the quarter were far better than the 56 cent deficit analysts projected. 

earnings of $643 million during 2019’s fiscal year. ” data-reactid=”33″>Full-year losses of $652 million compared with earnings of $643 million during 2019’s fiscal year. 

e-commerce sales tripled during the quarter, compared with the same time last year, while sales growth in Mainland China returned to positive growth year-over-year during the quarter. The company also said inventories declined by 5 percent, compared with a year earlier. ” data-reactid=”34″>There were a few bright spots, however. The retailer said e-commerce sales tripled during the quarter, compared with the same time last year, while sales growth in Mainland China returned to positive growth year-over-year during the quarter. The company also said inventories declined by 5 percent, compared with a year earlier. 

laid off approximately 2,100 people across all three brands last April and continued to trim the headcount in May and June.)” data-reactid=”35″>Changes to the company’s operating model resulted in reduced selling, general and administrative, including a 20 percent decline in the company’s run-rate corporate headcount cost and effective expense management. (Tapestry laid off approximately 2,100 people across all three brands last April and continued to trim the headcount in May and June.)

coronavirus. ” data-reactid=”39″>Tapestry, like so many others in the retail industry, is still reeling from store closures around the globe earlier this year in an effort to prevent the spread of the coronavirus. 

Market Trading EssentialsAugust 13, 2020

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