Tapestry reports Q4 Coach SSS up 2%, Q4 Kate Spade SSS down 3%
Net sales for Coach totaled $1.1B for the fourth fiscal quarter as compared to $1.05B in the prior year, an increase of 5% on a reported basis and 3% on a constant currency basis. Global comparable store sales rose 2% in aggregate, including e-commerce, as well as for bricks and mortar stores. Net sales for Kate Spade totaled $312M, reflecting, in part, the strategic pullback in wholesale disposition and online flash sales, partially offset by the consolidation of the joint ventures for Mainland China, Hong Kong, Macau and Taiwan. Global comparable store sales declined 3%, including the negative impact of approximately half a point from a decline in global e-commerce due to the reduction in online flash sales.