Shares Of Tapestry Down After Earnings Miss
Tapestry’s stock tumbled after missing analyst’s expectations in its most recent quarter. The fashion house, home to Coach, Kate Spade and Stuart Weitzman, reported reported fourth-quarter and year-end results for fiscal year 2019 Thursday before the bell, improving on top-line sales at all three brands. But that wasn’t enough to deter investor fears — nor were the smaller-than-expected income figures — which sent shares down more than 8 percent during pre-market trading Thursday morning. Net sales for the three-month period ending June 29 were up to $1.51 billion, compared with $1.48 billion the year before. But income for the quarter was $149 million, down from $212 million the prior year. “Fiscal 2019 was a year of meaningful evolution for Tapestry,” Victor Luis, chief executive officer of Tapestry, said in a statement. “We experienced ongoing strength in our business internationally, while navigating a volatile backdrop in North America. Importantly, we made significant progress on our strategic initiatives, most notably building the foundation of our distinctive multi-brand platform. We generated the anticipated synergies from the successful integration of Kate Spade into our portfolio, which funded, in part, material investments in systems as well as our international development through distributor acquisitions and new store openings in
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