Coach owner Tapestry sales plunge nearly 20% as coronavirus pandemic shuts nearly all of its stores
Chief Executive Jide Zeitlin said the crisis materially weakened the retailer's results during the period.However, the company also laid out its reopening strategy, igniting some optimism that business will bounce back. It said starting Friday, it will reopen roughly 40 shops in North America for curbside pickup. Tapestry said it plans to used a phased-in approach to bring shoppers back to stores, and it will provide gloves and masks to store workers.
Analysts had been calling for a loss of 12 cents per share, adjusted, on revenue of $1.03 billion, based on a Refinitiv survey. However, it is difficult to compare reported earnings to analysts' estimates due to the coronavirus pandemic, which continues to hit global economies and makes earnings impact difficult to assess.
The company said it is not able to forecast fourth-quarter or full-year earnings due to the pandemic. As of Wednesday's market close, Tapestry shares are down more than 36% this year. The company has a market cap of about $4.7 billion. CORRECTION: This story has been corrected to say excluding special items, the company lost 27 cents per share. A previous version misstated that amount.
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