Aug 15 (Reuters) - Coach-owner Tapestry Inc missed analysts’ quarterly revenue estimates on Thursday, hit by weakness in its Kate Spade retail stores.
The company said it would cut back on new store opening for the Kate Spade brand it bought in 2017.
Tapestry’s net income fell to $148.9 million, or 51 cents per share, in the fourth quarter ended June 29, from $211.7 million, or 73 cents per share, a year earlier when the company recorded a one-time benefit from the U.S. tax reform.
Net sales rose to $1.51 billion from $1.48 billion, missing the average analyst estimate of $1.53 billion, according to IBES data from Refinitiv. (Reporting by Uday Sampath in Bengaluru; Editing by Sriraj Kalluvila)