April 30, 2020 / 11:00 AM / a month ago

Coach owner Tapestry reports near 20% fall in quarterly sales

April 30 (Reuters) - Tapestry Inc reported a 19.4% fall in quarterly net sales and scrapped its full-year forecast on Thursday, as the coronavirus pandemic forced store closures and hurt demand for the company’s Coach and Kate Spade handbags.

Net sales fell to $1.07 billion in the third quarter ended March 28, from $1.33 billion a year earlier.

The company reported a net loss of $677.1 million, or $2.45 per share, compared to a profit of $117.4 million, or 40 cents per share, a year earlier. (Reporting by Uday Sampath in Bengaluru; Editing by Shailesh Kuber)

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