Tapestry sales drop, net loss reaches 677 million dollars

Net sales at Tapestry Inc., totalled 1.07 billion dollars for the fiscal third quarter as compared to 1.33 billion dollars in the prior year. The company said in a statement that net loss for the quarter was 677 million dollars on a reported basis, with loss per diluted share of 2.45 dollars compared to net income of 117 million dollars with earnings per diluted share of 40 cents in the prior year period. On a non-GAAP basis, net loss for the quarter was 76 million dollars with loss per diluted share of 27 cents compared to non-GAAP net income of 122 million dollars with earnings per diluted share of 42 cents in the prior year period.

Commenting on the results, Jide Zeitlin, Chairman and Chief Executive Officer of Tapestry, Inc., said: “We entered the calendar year with strong underlying momentum. As the novel coronavirus expanded across the globe, our results materially weakened. No one is immune to the effects of this one hundred year storm. We are taking aggressive actions to assure that Tapestry emerges a strong company when conditions normalize.”

Performance of Coach, Kate Spade and Stuart Weitzman

Net sales for Coach, the company added, totalled approximately 772 million dollars compared to 965 million dollars in the prior year, while gross profit totalled 476 million dollars on a reported basis and gross margin was 61.6 percent compared to reported gross profit and margin in the prior year of 692 million dollars and 71.7 percent, respectively. On a non-GAAP basis, gross profit was 538 million dollars, while gross margin was 69.6 percent compared with 692 million dollars and 71.7 percent in the prior year’s third quarter.

Net sales for Kate Spade totalled around 250 million dollars compared to 281 million dollars in the prior year, while gross profit totalled approximately 123 million dollars on a reported basis and gross margin was 49.1 percent compared to reported gross profit and margin in the prior year of 178 million dollars and 63.3 percent, respectively. On a non-GAAP basis, gross profit was 155 million dollars, while gross margin was 62 percent compared with 182 million dollars and 64.8 percent in the prior year’s third quarter.

Net sales for Stuart Weitzman, Tapestry said, totalled 51 million dollars compared to 85 million dollars reported in the same period of the prior year. Gross profit for Stuart Weitzman totalled 18 million dollars on a reported basis, while gross margin was 35.4 percent as compared to 46 million dollars and 54.3 percent, respectively, in the prior year. On a non-GAAP basis, gross profit was 28 million dollars, while gross margin was 54.7 percent compared to 47 million dollars and 55.2 percent, respectively, in the year ago period.

Tapestry sales drop, net loss reaches 677 million dollars

Picture:Kate Spade via Business Wire

 

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