Tapestry says it remains confident in Stuart Weitz - footwearbiz: Lead

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Tapestry says it remains confident in Stuart Weitzman

04/05/2018
Tapestry, the parent company of Coach, Stuart Weitzman and Kate Spade, has reported sales of more than $1.3 billion for the third quarter of its business year, an increase of around 30% compared to the same quarter last year.

Operating income totalled $159 million, an increase of 14%.

Revenues from sales of Stuart Weitzman’s high-end shoes during the three-month period were $84 million, an increase year on year of 5%, but the footwear brand recorded a loss of $12 million for the quarter.

Tapestry chief executive, Victor Luis, said Stuart Weitzman’s results had been negatively impacted by “execution issues, including production delays and lower sell-through of key carryover styles”. He said the group remains confident in the brand’s direction under the leadership of newly appointed chief executive, Eraldo Poletto, and creative director, Giovanni Morelli.


Related stories:

Tapestry sees revenue grow in third quarter 13/05/2019
Tapestry focuses on sustainability drive 24/04/2019
Stuart Weitzman faces delivery difficulties 02/11/2018
Creative director leaves Stuart Weitzman 24/05/2018

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