Tapestry, a house of modern luxury accessories and lifestyle brands, posted its net sales of $1.0 billion in third quarter (Q3) FY20 ended on March 28, 2020 compared to $1.3 billion in same period prior year. Year-over-year (YoY) sales were $4.2 billion (Q3 FY19: $4.5 billion). Net loss were $677.1 million compared to income of $117.4 million in Q3 FY19.
Tapestry, a house of modern luxury accessories and lifestyle brands, posted its net sales of $1.0 billion in third quarter (Q3) FY20 ended on March 28, 2020 compared to $1.3 billion in same period prior year. Year-over-year (YoY) sales were $4.2 billion (Q3 FY19: $4.5 billion). Net loss iwere $677.1 million compared to income of $117.4 million in Q3 FY19.#
“We entered the calendar year with strong underlying momentum. As the novel coronavirus expanded across the globe, our results materially weakened,” Jide Zeitlin, chairman and chief executive officer of Tapestry, said in a press release.
Tapestry, a house of modern luxury accessories and lifestyle brands, posted its net sales of $1.0 billion in third quarter (Q3) FY20 ended on March 28, 2020 compared to $1.3 billion in same period prior year. Year-over-year (YoY) sales were $4.2 billion (Q3 FY19: $4.5 billion). Net loss iwere $677.1 million compared to income of $117.4 million in Q3 FY19.#
Gross profit for the quarter were $616.2 million ($915.9 million). Selling, general and administrative expenses in Q1 FY20 were $1.3 billion ($806.1 million). Operating loss were $685.5 million compared to operating profit of $109.8 million.
Tapestry, a house of modern luxury accessories and lifestyle brands, posted its net sales of $1.0 billion in third quarter (Q3) FY20 ended on March 28, 2020 compared to $1.3 billion in same period prior year. Year-over-year (YoY) sales were $4.2 billion (Q3 FY19: $4.5 billion). Net loss iwere $677.1 million compared to income of $117.4 million in Q3 FY19.#
Sales of brand Coach declined 20 per cent to $772.5 million ($965.0 million). Sales of brand Kate Spade fell 11 per cent to $249.5 million ($281.1 million). Sales of brand Stuart Weitzman decreased 40 per cent to $50.7 million ($85.3 million).
Tapestry, a house of modern luxury accessories and lifestyle brands, posted its net sales of $1.0 billion in third quarter (Q3) FY20 ended on March 28, 2020 compared to $1.3 billion in same period prior year. Year-over-year (YoY) sales were $4.2 billion (Q3 FY19: $4.5 billion). Net loss iwere $677.1 million compared to income of $117.4 million in Q3 FY19.#
During the quarter, 90 per cent of Tapestry’s stores were either closed or operating on shortened hours. Approximately 90 per cent of stores on the Mainland were closed as of early February. By the end of the quarter, the vast majority of stores had re-opened, though traffic remained muted, as Tapestry reported.
Tapestry, a house of modern luxury accessories and lifestyle brands, posted its net sales of $1.0 billion in third quarter (Q3) FY20 ended on March 28, 2020 compared to $1.3 billion in same period prior year. Year-over-year (YoY) sales were $4.2 billion (Q3 FY19: $4.5 billion). Net loss iwere $677.1 million compared to income of $117.4 million in Q3 FY19.#
Tapestry’s e-commerce platforms and related distribution centres across all brands and regions remained operational almost continuously during the quarter. The company’s brand teams distorted marketing investment towards digital, driving engagement with customers and generating significant overall e-commerce sales gains.
Tapestry, a house of modern luxury accessories and lifestyle brands, posted its net sales of $1.0 billion in third quarter (Q3) FY20 ended on March 28, 2020 compared to $1.3 billion in same period prior year. Year-over-year (YoY) sales were $4.2 billion (Q3 FY19: $4.5 billion). Net loss iwere $677.1 million compared to income of $117.4 million in Q3 FY19.#
“The impact of the Covid-19 pandemic transcends near-term results. Consumer behaviours are changing and secular trends are accelerating. In this environment, we are planning conservatively while acting decisively to transform the way we operate and engage with our customers,” Zeitlin said.
Fibre2Fashion News Desk (JL)
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