Tapestry reports Q4 FY20 sales of $715 mn


Tapestry, a US-based house of modern luxury accessories and lifestyle brands, reported fourth quarter (Q4) result for fiscal 2020 ended on June 27, 2020. Net sales during Q4 FY20 declined to $714.8 million compared to $1.51 billion in same period last year. Company incurred a net loss of $293.8 million compared to net income of $148.9 million in Q4 FY19.

 

“Our fourth quarter results reflected our effective and values-led approach to navigating the Covid-19 pandemic. This performance exceeded internal expectations, demonstrating the power of our unique brands and the decisive actions taken to adapt our business to the rapidly evolving environment and enhance financial flexibility,” Joanne Crevoiserat, interim chief executive officer of Tapestry, said in a press release.

 

Gross profit for the quarter came down to $498.9 million (Q4 FY19: $999.2 million). Selling, general and administrative expenses were $778.9 million ($828.1 million). Company’s operating loss were $280.0 million compared to operating income of $171.1 million.

 

Sales of Coach brand for Q4 FY20 dropped 53 per cent to $517.4 million ($1.09 billion). Sales of Kate Spade were down 51 per cent to $164.1 million ($331.9 million). Sales of Stuart Weitzman slipped 61 per cent to $33.3 million ($85.2 million).

Fibre2Fashion News Desk (JL)

Tapestry, a US-based house of modern luxury accessories and lifestyle brands, reported fourth quarter (Q4) result for fiscal 2020 ended on June 27, 2020. Net sales during Q4 FY20 declined to $714.8 million compared to $1.51 billion in same period last year. Company incurred a net loss of $293.8 million compared to net income of $148.9 million in Q4 FY19.





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