for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up

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)

for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up