Coach-parent Tapestry posts loss for Q4 and full year

Net sales at Coach-parent Tapestry Inc totalled 715 million dollars for the fourth quarter compared to 1.51 billion dollars in the prior year. The company said in a statement that gross profit totalled 499 million dollars on a reported basis, while gross margin for the quarter was 69.8 percent compared to 999 million dollars and 66 percent, respectively, in the prior year. Net loss for the quarter was 294 million on a reported basis, with loss per diluted share of 1.06 dollars compared to net income of 149 million dollars with earnings per diluted share of 51 cents in the prior year period.