— Tapestry Inc. (NYSE: TPR) reported its first-quarter 2020 adjusted earnings of $0.40 per share versus $0.37 per share expected.
— Net sales declined by 2% to $1.36 billion versus $1.37 billion expected.
— Sales for Coach rose by 1% on a reported and constant currency basis. Global comparable store sales increased 1%, including a benefit of about 100 basis points driven by an increase in global e-commerce.
— Sales for Kate Spade fell by 6% on both a reported and constant currency basis. Global comparable store sales dropped by 16%, including the negative impact of about 200 basis points from global e-commerce.
— Sales for Stuart Weitzman decreased by 9% on a reported basis and 8% on a constant currency basis.
— Looking ahead into fiscal 2020, the company expects revenues to increase at a low-single-digit rate from fiscal 2019, and earnings per share to be about even with the prior year.
— Net interest expense for the year is expected to be about $50 million and the full year 2020 tax rate is projected to be in the area of 17.5%.
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