Coach Parent Tapestry Posts a Loss, Cuts Jobs as Coronavirus Slams Sales
Tapestry (NYSE: TPR), the corporate parent of Coach and other luxury brands, said that it lost $677 million in the quarter that ended March 28, down from a $117 million profit a year ago, as the coronavirus pandemic forced it to shutter stores around the world during the period.
On a non-GAAP (adjusted) basis, excluding one-time items and currency fluctuations, Tapestry's net loss was $76 million, or $0.27 per share, on revenue of $1.07 billion. A year ago, Tapestry reported a profit on the same basis of $122 million or $0.42 per share, on revenue of $1.33 billion.
Tapestry's loss was worse than Wall Street had expected, but its revenue was higher. Analysts polled by Thomson Reuters had expected an adjusted loss of $0.11 per share, on average, on revenue of $1.03 billion.
Source Fool.com
