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Tapestry reports full year results

Aug 13, 2020 United States
Tapestry reports full year results
The New-York based luxury group has reported fourth quarter results marked by a 52.79% decline in revenue. Declining revenues have impacted the three brands of the Tapestry's portfolio
“Our fourth quarter results reflected our effective and values-led approach to navigating the COVID-19 pandemic. This performance exceeded internal expectations, demonstrating the power of our unique brands and the decisive actions taken to adapt our business to the rapidly evolving environment and enhance financial flexibility. I am incredibly proud of our global teams for the resilience, passion and commitment they have shown during these unprecedented times. Looking forward, Tapestry’s next chapter of growth is ours to write. While the backdrop remains volatile, it has not changed our long-term objectives. Rather, it has been a catalyst to accelerate our strategic agenda", commented Joanne Crevoiserat, Interim Chief Executive Officer of Tapestry.

Fourth Quarter Highlights

Net sales for the period totaled 715 million US dollars for the fiscal fourth quarter as compared to 1.51 billion US dollars in the prior year. Gross profit reached 499 million US dollars on a reported basis, while gross margin for the quarter was 69.8% compared to 999 million US dollars and 66.0%, respectively, in the prior year. Net loss for the quarter was 294 million US dollars on a reported basis, with earnings per diluted share of (1.06 US dollars). This compares to net income of 149 million US dollars with earnings per diluted share of 0.51 US dollars in the prior year period.

Full Year Results


Coach
Net sales for the Coach brand totaled 3.53 billion US dollars for the full year 2020 as compared to 4.27 billion US dollars in the prior year. Gross profit for Coach totaled 2.41 billion US dollars on a reported basis, while gross margin for the year was 68.4%. On a non-GAAP basis, gross profit totaled 2.47 billion US dollars, while gross margin was 70.2%. This compared to 3.00 billion US dollars and 70.2%, respectively, in the prior year on both a reported and non-GAAP basis. Operating income for Coach was 589 million US dollars compared to reported operating income of 1.15 billion US dollars in the prior year, while operating margin was 16.7% versus 26.9% a year ago.

Kate Spade

Net sales for Kate Spade totaled 1.15 billion US dollars for the full year 2020 as compared to 1.37 billion US dollars in the prior year. Gross profit for Kate Spade totaled 683 million US dollars on a reported basis, while gross margin was 59.4%. This compared to reported gross profit and margin in the prior year of 864 million US dollars and 63.2%, respectively. Operating loss for Kate Spade was 99 million US dollars on a reported basis, representing an operating margin of (8.6)%. This compared to operating income of approximately 165 million US dollars and an operating margin of 12.1% on a reported basis a year ago.

Stuart Weitzman
Net sales
for Stuart Weitzman totaled 286 million US dollars for the full year 2020 compared to 389 million US dollars reported in the same period of the prior year. Gross profit for Stuart Weitzman totaled 145 million US dollars on a reported basis, while gross margin for the year was 50.6% as compared to 194 million US dollars and 49.8%, respectively, in the prior year. Operating loss for Stuart Weitzman was 621 million US dollars on a reported basis versus an operating loss of approximately 51 million US dollars in the prior year.

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