Tapestry's net income for the quarter ended Sept. 26 increased to $231.7 million, or 83 cents per share, from $20 million, or 7 cents a share, a year earlier, when Tapestry recorded more than $70 million in impairment charges.reported Thursday quarterly results that topped its own estimates, driven by triple-digit e-commerce growth and a strong rebound in China.
While the company, which also owns the Kate Spade, is not offering a full-year outlook at this time due to the uncertainty stemming from the Sales fell 14% to $1.17 billion from $1.36 billion a year ago. That came in better than expectations for $1.07 billion, buoyed by strength online and double-digit revenue growth in Mainland China.
Excluding one-time charges the latest quarter, Tapestry earned 58 cents per share, better than expectations for 23 cents.
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