×
27 007
Fashion Jobs
ESTÉE LAUDER
Account Coordinator - Estée Lauder - 40Hrs - Macys nw Valley Fair - Santa Clara, ca
Permanent · Santa Clara
ESTÉE LAUDER COMPANIES
Keyholder - Cosmetic Company Store - 20Hrs - Tucscon Premium Outlets - Tucson, az
Permanent · Tucson
H&M
Logistics HR Manager
Permanent · Burlington
H&M
District Visual Manager
Permanent · Chicago
TIFFANY & CO
Technical Support Analyst (Sterling)
Permanent · PARSIPPANY-TROY HILLS
JBCSTYLE
HR Generalist-Manufacturing
Permanent · LOS ANGELES
JARAL FASHION
Licensing Admin - to $70k
Permanent · NEW YORK
NIKE
Product Manager & Data Scientist, Supply Chain Advanced Analytics
Permanent · Portland
NIKE
Application Security Architecture Consultant
Permanent · Beaverton
ESTÉE LAUDER
Vice President, Ecommerce – Estee Lauder North America
Permanent · NEW YORK
AVEDA
Process Coordinator- 2nd Shift
Permanent · BLAINE
ESTÉE LAUDER COMPANIES
Security Manager
Permanent · Bristol
H&M
Expansion Development Controller
Permanent · NEW YORK
DESIGNER BRANDS
Sales Supervisor Part-Time
Permanent · Watchung
JBCSTYLE
Account Executive
Permanent · LOS ANGELES
JBCSTYLE
Director of Trade Marketing
Permanent · NEW YORK
JBCSTYLE
Operations Business Partner
Permanent · LONDON
JBCSTYLE
Global E-Commerce Manager
Permanent · NEW YORK
NIKE
Senior Technology Business Consultant
Permanent · Memphis
NIKE
Senior Marketplace Operations Business Consultant
Permanent · Beaverton
NIKE
Planning & Analytics Manager
Permanent · MEMPHIS
ESTÉE LAUDER
Executive Director, Global Skincare Marketing
Permanent · New York

Coach, Kate Spade owner Tapestry helped by China recovery, but cuts costs

By
Reuters API
Published
Aug 13, 2020
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Tapestry Inc reported a smaller-than-expected quarterly loss on Thursday, as a recovery in sales in China and a tight lid on expenses helped it weather some of the impact of the COVID-19 pandemic.


Coach 1941 - Spring-Summer2020 - Womenswear - New York - © PixelFormula



The New York fashion house's shares, down 42% this year, rose 7% in premarket trading as it also beat sales estimates.

The company said sales had returned to growth in mainland China, where demand for luxury handbags, apparel and accessories rose due to restrictions on traveling abroad.

Versace owner Capri Holdings and European luxury goods makers LVMH and Kering have also signaled a pick-up in sales in the region, but demand in major European and American shopping destinations remains pressured.

Tapestry, which also owns the Kate Spade and Stuart Weitzman brands, now has to navigate a path to recovery without a permanent chief executive officer, after Jide Zeitlin resigned suddenly last month amid an investigation into his personal behavior.

On Thursday, the company said it plans to streamline its business through store closures and job cuts and would incur about $100 million (£76 million) to $115 million in related charges mostly in fiscal 2021.

It has already reduced costs through pay cuts, tightening marketing purse strings and cancelling some summer and fall lines of products. On an adjusted basis, its expenses fell nearly 28% in the in the fourth quarter ended June 27.

Excluding certain items, Tapestry lost 25 cents per share, smaller than analysts' estimates of a loss of 57 cents, according to IBES data from Refinitiv.
Despite a triple-digit increase in online sales, Tapestry's net sales fell nearly 53% to $714.8 million. However, that beat analysts' average estimate of $663.4 million.

© Thomson Reuters 2020 All rights reserved.