Tapestry Sales Plunge 53% in the Fourth Quarter
Tapestry (NYSE: TPR), the parent company of luxury names Coach, Kate Spade, and Stuart Weitzman, was trying to pull itself together amid declining sales before the COVID-19 pandemic. The pandemic certainly didn't help matters, contributing to a 53% sales drop year over year in the fourth quarter ended June 27. But the quarter wasn't all bad.
Despite the plunge, sales and earnings exceeded company expectations. Tapestry has been working on a plan to accelerate digital and create an omni-channel experience, building community to emotionally connect with customers. That prepared it for store closures, with enhanced e-commerce options and a triple-digit rise in digital sales. As a more insightful signal of progress, sales growth turned positive in China, where stores have been open for longer than other parts of the world.
Image source: Getty Images.
Source Fool.com
