Tapestry ‘fell short of expectations’ in final quart - leatherbiz: Lea Leatherbiz

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Tapestry ‘fell short of expectations’ in final quarter of 2018

14/02/2019
US leathergoods group Tapestry, formerly known as Coach Inc., has reported net sales of just under $3.2 billion in the first half of its financial year (six months ended December 29), an increase of 3.5% compared to the same period of the previous year.

Its net income on this revenue was $377.1 million, compared to $45.5 million in the final six months of 2018.

Revenue for the Coach brand, which retained its name after the rebrand of its parent company, was $2.2 billion, up 2.6% year on year.

Net sales for the Kate Spade brand, which Tapestry acquired in July 2017, were $753.8 million, up more than 7%. High-end shoe brand Stuart Weitzman saw its revenue creep slightly higher to $218.9 million.

Referring specifically to the group’s performance in the second quarter, Tapestry CEO Victor Luis, said it “fell short of our expectations”. He blamed “an increasingly volatile macroeconomic and geopolitical backdrop”. 

Related stories:

Tapestry fills its CFO void 21/06/2019
Tapestry adds to its leadership team 03/06/2019
Tapestry sees revenue grow in third quarter 10/05/2019
Tapestry could boost orders from LWG tanneries by 30% 23/04/2019
Personalisation on offer at Coach’s new Indonesia store 08/04/2019
Tapestry marks anniversary of rebrand with strong results 30/10/2018
Tapestry demands more from its suppliers 05/10/2018
China a priority for Tapestry group 22/08/2018
Kate Spade helps Tapestry to 30% revenue growth 15/08/2018
Coach strength underpins Tapestry growth 02/05/2018
Former Ferragamo chief executive to lead Stuart Weitzman 18/04/2018
Tapestry takes control of licences after return to growth 07/02/2018
Tapestry unveils first results since rebrand 08/11/2017
Change of name for Coach group 16/10/2017

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