Tapestry Loses $652 Million For Year, But Beats Quarterly Expectations

Tapestry registered big losses last year, but manage to turn in better-than-expected fourth-quarter results, reassuring Wall Street.

“Our fourth quarter results reflected our effective and values-led approach to navigating the COVID-19 pandemic,” said Joanne Crevoiserat, Tapestry’s interim chief executive officer. “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.

Tapestry lost $294 million during the quarter, down from earnings of $149 million a year earlier. However adjusted losses of 25 cents per share for the quarter were far better than the 56 cent deficit analysts projected. There were a few bright spots, however. The retailer said e-commerce sales tripled during the quarter, compared with the same time last year, while sales growth in Mainland China returned to positive growth year-over-year during the quarter.

The company has 1,567 stores around the globe, or 958 Coach stores, 420 Kate Spade stores and 189 Stuart Weitzman stores. The majority of Tapestry’s directly-operated stores reopened by the end of the quarter.

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