298
Fashion Jobs
H&M
Total Rewards Manager, Supply Chain
Permanent · TSIM SHA TSUI
H&M
Accounts Specialist
Permanent · TSIM SHA TSUI
ESTÉE LAUDER COMPANIES
Assistant Demand Planning Manager
Permanent · HONG KONG
ESTÉE LAUDER - BRAND
Retail Marketing Manager, Estée Lauder
Permanent · HONG KONG
CLINIQUE
Assistant Education Manager, Clinique
Permanent · HONG KONG
CLINIQUE
Senior Marketing Manager, Clinique
Permanent · HONG KONG
TOMMY HILFIGER
Senior Manager, Creative Services, Tommy Hilfiger Asia Pacific
Permanent · HONG KONG
AESOP
Retail Consultant
Permanent · SHA TIN
NEWELL
Senior Manager, Indirect Sourcing
Permanent · HONG KONG
L'OREAL GROUP
Group Product Manager
Permanent · HONG KONG
ADIDAS
Senior Manager, Materials Availability Management
Permanent · HONG KONG
L'OREAL GROUP
Assistant Purchasing Manager (Marketing, Digital IT)
Permanent · HONG KONG
PUMA
Manager Innovation Technical Apparel
Permanent · HONG KONG
DR. MARTENS
Head of Financial Accounting, Apac
Permanent · TSIM SHA TSUI
TJX COMPANIES
Director of Sourcing, Apparel -Hong Kong
Permanent · HONG KONG
A & F
Hollister CO. - Brand Representative (Part-Time / Full-Time), Hysan Place
Permanent · CAUSEWAY BAY
A & F
Hollister CO. - Brand Representative (Part-Time / Full-Time), Yoho Mall
Permanent · HONG KONG
A & F
Abercrombie & Fitch - Brand Representative (Part-Time / Full-Time), Harbour City
Permanent · TSIM SHA TSUI
KERING EYEWEAR
Kering Eyewear Assistant Trade Marketing Manager Travel Retail
Permanent · HONG KONG
JAEGER
Training Manager
Permanent · HONG KONG
L'OREAL GROUP
Retail And Education Manager
Permanent · HONG KONG
TORY BURCH
Senior Manager, Retail Training, Asia
Permanent · HONG KONG
By
Reuters API
Published
Aug 16, 2019
Reading time
2 minutes
Download
Download the article
Print
Text size

Coach-owner Tapestry reports quarterly revenue miss, sees Kate Spade turnaround taking more time

By
Reuters API
Published
Aug 16, 2019

Tapestry Inc shares tumbled to their lowest in over a decade on Thursday after the high-end fashion house forecast a surprise fall in first-quarter revenue and profit and said it was not sure when same-store sales at Kate Spade would rise.

Coach spring 2019 campaign - Tapestry


Weakness at the millennial-centric brand, which Tapestry has grappled to turn around since buying it in 2017, also prompted the company to cut its full-year profit growth expectations.

The struggle to clear Kate Spade excess inventory blunted the impact of new collections from Nicola Glass, a Gucci and Michael Kors alumnus, hired by Tapestry last year to refresh the brand’s designs.

Chief Executive Officer Victor Luis blamed a lack of newness in some Kate Spade satchels and heavy discounts from competing brands for the drop. A re-launch of previously best-selling Kate Spade collections, a strategy used successfully at Coach, also did not work.

“The fact that customers are not buying into the brand at full-price is because the brand has lost its direction and isn’t producing collections that are particularly compelling,” said Neil Saunders, managing director at GlobalData Retail.

Kate Spade, which has not reported a rise in same-store sales since Tapestry acquired it, was expected to achieve positive sales in the reported quarter.

But global same-store sales fell 6% in the fourth quarter ended June 29, and the company said sales would continue to fall in the high-teens in the first quarter.

Luis said he would not take a call on when the brand will get into positive territory.
The company said it would cut back on new store openings, and instead focus on improving margins at Kate Spade.

Sales at Coach, Tapestry’s biggest business, remained flat at $1.10 billion, with the company partly blaming lower tourist spending in North America.

Excluding items, the company earned 61 cents per share, in line with expectations.
Net sales rose 2% to $1.51 billion, but missed estimates of $1.53 billion, according data from Refinitiv.

The company also forecast fiscal 2020 earnings per share to remain about flat with last year, down from a prior estimate of double-digit growth.

Tapestry said first-quarter revenue and profit would fall but did not provide specific numbers. Analysts were expecting a 10.7% rise in earnings per share and a 4.2% increase in revenue.

The company’s shares were last down about 20% at $19.36, setting them up for their biggest one-day percentage loss since 2001.

© Thomson Reuters 2024 All rights reserved.