Coach props up Tapestry results
05/11/2019
Sales revenues for the group reached just over $1.35 billion, a fall of 2% compared to the same quarter a year ago.
Coach contributed $966 million of this revenue, 1% up year on year. Kate Spade revenues fell by 6% to $306 million and the figure for Stewart Weitzman was $87 million, a decline of 9%.
Chief executive, Jide Zeitlin, said: “Our business internationally was stronger than in North America, where we managed continued industry headwinds. Coach delivered its eighth consecutive quarter of positive comparable store sales growth, led by digital and international channels.”
He said the decline at Kate Spade was “in line with expectations” and reflected previously identified “product and merchandising challenges”. In the case of Stuart Weitzman, Mr Zeitlin said the main problems were softer wholesale demand and continued operational challenges.
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