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Tapestry Reports Near 20% Drop in Quarterly Sales

The Coach owner announced that it will open 40 of its stores in North America on May 1 to help reduce the financial setback caused by the coronavirus pandemic.
Coach's "Dream It Real" campaign featuring Liu Wen | Source: Coach
By
  • Reuters

NEW YORK, United States — Coach handbag maker Tapestry Inc. said on Thursday it would begin reopening some stores in North America, as the company tries to recover from the sales damage caused by the coronavirus pandemic.

Luxury goods companies have been among the worst hit in the retail sector as fashion capitals in Italy, France and the United States virtually halt business activity and restrict people's movement to help curb the spread of the virus.

Tapestry said about 90 percent of its stores were either closed or operating on shortened hours during its third quarters, but it will reopen about 40 stores in North America for contactless curbside pickup services beginning May 1.

The company has already opened most of its stores in China and South Korea.

Net sales fell 19.4 percent to $1.07 billion in the third quarter ended March 28.

The company reported a net loss of $677.1 million, or $2.45 per share, compared to a profit of $117.4 million, or 40 cents per share, a year earlier.

By Uday Sampath; editors: Shailesh Kuber and Supriya Kurane

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