Tapestry starts fiscal year 2020 on the low: sales shrink 1.6% and profit plummets 83%
The American group, owner of Coach, Kate Spade and Stuart Weiztman, has ended the first quarter with sales of 1.3 billion dollars.
Tapestry starts a weak 2020. The American group, owner of Coach, Kate Spade and Stuart Weiztman, has ended the first quarter with a revenue of twenty million dollars), 83% less than in the same period of the previous year.
The company has also reduced its revenue between June and September. In the first quarter, the company’s sales fell 1.6% to 1.3 billion dollars. By brands, the chain that performed worse in the period was Stuart Weitzman, with a drop of 9%, to 86.5 million dollars. Kate Spade, meanwhile, reduced its profit by 6.1% in the period, to 305.5 million dollars.
Coach, on the other hand, increased its revenue during the period, ending the first quarter with a revenue of 965.9 million dollars. Despite the results, Jide Zeitlin, chief executive officer and chairman of the group, said in a statement that “fiscal first quarter revenue was consistent with our expectations.”
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