-=Tapestry (TPR) reported earnings on Thur 30 Apr 20 (b/o)

Tapestry misses by $0.23, reports revs in-line; refrains from providing guidance

Reports Q3 (Mar) loss of $0.27 per share, excluding non-recurring items, $0.23 worse than the S&P Capital IQ Consensus of ($0.04); revenues fell 19.4% year/year to $1.07 bln vs the $1.08 bln S&P Capital IQ Consensus.

• On a non-GAAP basis, gross profit totaled $720 million, while gross margin was 67.1% as compared to $921 million and 69.2%, respectively, in the prior year.

"During the quarter, 90% of Tapestry's stores were either closed or operating on shortened hours. We have seen a degree of normalcy return in certain areas first impacted, including Mainland China and Korea, and expect to apply lessons learned as, over time, additional countries and regions reopen."

Given the dynamic nature of the Covid-19 crisis and lack of visibility, the potential financial impact to our business cannot be accurately projected. Therefore, the Company is not providing guidance for its fiscal fourth quarter and full year 2020.