Tapestry says Coronavirus could cost it $250 million
06/02/2020
On announcing its results for the second quarter of its current business year, the period ending December 28, Tapestry said it had achieved revenues of just over $1.8 billion, an increase of 1% compared to the same quarter a year earlier.
It said it had experienced “strong growth” in China over the three-month period, but that since then, with the Coronavirus restricting consumers’ work, travel and shopping, the situation had changed.
Chief executive, Jide Zeitlin, said: “The escalating Coronavirus outbreak is now significantly impacting our business in China, resulting in the closure of the majority of our stores. We now expect that our second-half results could be negatively impacted by approximately $200-$250 million in sales given current trends in China. If the situation further deteriorates, or the outbreak affects demand outside the country, this impact could be worse.”
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