Tapestry Replaces FY20 Outlook To Include Impact Of Coronavirus Outbreak

(RTTNews) - Tapestry, Inc. (TPR) announced, for fiscal 2020, the company now projects earnings per share to be approximately $2.15-$2.25. The company expects revenues to approximate $5.9 billion. The company said its guidance now includes an estimated negative impact of the coronavirus outbreak in China of approximately $200-$250 million in sales and $0.35-$0.45 in earnings per share. The company noted that the potential financial impact to its business could be materially different.

Second-quarter non-GAAP basis earnings per share was $1.10 compared to $1.07, prior year. Net sales were $1.82 billion compared to $1.80 billion last year, an increase of 1% on a reported and constant currency basis.

Tapestry, Inc. also announced a number of appointments to the company's senior management team. Liz Fraser has been named CEO and Brand President of Kate Spade. Fraser has been the President of Lafayette 148, a New York-based women's fashion brand.

Giorgio Sarn, currently President, Tapestry Asia and President & CEO Coach Asia, will be promoted to CEO and Brand President of Stuart Weitzman. Emmanuel Ruelland, currently Vice President, General Manager, Tapestry Southeast Asia & Oceania, will succeed Sarn as President of Coach Asia. Yann Bozec, currently President, Tapestry China and President & CEO of Coach China will be promoted to President, Tapestry Asia Pacific, while continuing as President & CEO of Coach China.