×
71 301
Fashion Jobs
URBN
Free People: Senior Buyer, Denim/Bottoms
Permanent · PHILADELPHIA
UNDER ARMOUR
Stock Lead, ft
Permanent · NIAGARA FALLS
PUMA
District Manager - South Florida (Miami)
Permanent · SOMERVILLE
SALLY BEAUTY CORPORATE
Outside Sales Representative
Permanent · WINCHESTER
SALLY BEAUTY CORPORATE
Outside Sales Representative
Permanent · FRESNO
SALLY BEAUTY CORPORATE
Outside Sales Representative
Permanent · SANTA BARBARA
SALLY BEAUTY CORPORATE
SEO Specialist
Permanent · DENTON
SALLY BEAUTY CORPORATE
sr Manager Media Strategy & Digital Acquisition
Permanent · DENTON
SALLY BEAUTY CORPORATE
Outside Sales Representative
Permanent · BAKER CITY
SALLY BEAUTY CORPORATE
Director General Accounting
Permanent · DENTON
SALLY BEAUTY CORPORATE
Outside Sales Representative
Permanent · MONTGOMERY
SALLY BEAUTY CORPORATE
Outside Sales Representative
Permanent · CHARLESTON
SALLY BEAUTY CORPORATE
Regional Loss Prevention Manager
Permanent · COLUMBUS
SALLY BEAUTY CORPORATE
District Manager-Sally Beauty- d227
Permanent · PANAMA CITY
SALLY BEAUTY CORPORATE
Outside Sales Representative
Permanent · VENTURA
SALLY BEAUTY CORPORATE
sr Financial Analyst
Permanent · DENTON
SALLY BEAUTY CORPORATE
Outside Sales Representative
Permanent · STAMFORD
SALLY BEAUTY CORPORATE
IT Senior Manager
Permanent · DENTON
SALLY BEAUTY CORPORATE
Outside Sales Representative
Permanent · CHARLOTTESVILLE
SALLY BEAUTY CORPORATE
Brand & Visual Execution Manager
Permanent · DENTON
SALLY BEAUTY CORPORATE
Outside Sales Representative
Permanent · KNOXVILLE
SALLY BEAUTY CORPORATE
Outside Sales Representative
Permanent · WILLIAMSBURG
By
Reuters
Published
May 6, 2021
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Coach owner Tapestry bets on summer shopping comeback as sales rebound

By
Reuters
Published
May 6, 2021

Tapestry Inc returned to quarterly sales growth and forecast full-year numbers above analysts’ estimates as the Coach handbag maker benefits from a strong rebound in demand for luxury goods in North America and China.


Coach - Spring-Summer2021 - Womenswear - New York



Encouraged by rapid vaccine rollouts in its key markets, the fashion group is launching a new line of Coach handbags and rearranging store shelves with more Stuart Weitzman sandals, pumps and wedding accessories in expectation of people returning to relatively normal lives, company executives said on a call with analysts.

The luxury industry took a major hit from pandemic lockdowns last year but is making a comeback as easing curbs and vaccinations make people more confident about venturing out and spending on high-end brands.

Tapestry’s estimate-beating third-quarter results mirrored European luxury names Louis Vuitton owner LVMH and Kering’s Gucci, which also reported better-than-expected sales last month.

“We’ve seen vaccination efforts progressing, resulting in increasing consumer confidence... and improving in-store traffic trends,” Tapestry Chief Executive Officer Joanne Crevoiserat said.


Kate Spade - Spring-Summer2020 - Womenswear - New York - © PixelFormula



Tapestry, which also owns Kate Spade, said sales in North America returned to pre-pandemic levels, while revenue from Mainland China soared about 175% compared to a year ago and was 40% above 2019.

The New York-based company forecast full-year sales to rise by a mid-teens percent, above analysts’ estimate of a 10% rise, according to IBES data from Refinitiv. It also forecast full-year earnings above 2019 levels.

However, Tapestry said it is experiencing shipping delays that are causing delays in products moving from design boards to shelves. The blockage in the Suez Canal earlier this year will have a modest impact on current quarter results, Tapestry said.

The company’s shares, which have risen nearly 56% this year, fell 2%.

Tapestry’s third-quarter net sales rose 19% to $1.27 billion beating analysts’ expectations of $1.22 billion, while its adjusted profit of 51 cents per share, was above estimates of 31 cents.

© Thomson Reuters 2023 All rights reserved.