// Tapestry will open 40 of its stores across North America after quarterly sales drop 19.4%
// The Coach owner has now re-opened most of its stores in China & South Korea
Coach parent company Tapestry has announced plans to re-open 40 of its stores in North America on May 1 after the coronavirus pandemic hammered its business.
Sales of luxury goods have been among the worst hit in retail as fashion capitals in Europe and the US were forced to halt all business activity and amid lockdowns to help curb the virus spread.
Tapestry said its stores in North America would open by offering contactless curbside pickup services.
The fashion group said that approximately 90 per cent of its stores were either closed or operating on shortened hours during its third quarter, leading to the company’s first adjusted loss in nearly 20 years.
Net sales fell 19.4 percent to $1.07 billion in the third quarter ended March 28, its biggest drop in at least 15 years.
Tapestry 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.
Tapestry has already opened most of its stores in China and South Korea and is now restarting business in Europe.