NEW YORK (AP) _ Tapestry Inc. (TPR) on Thursday reported a fiscal third-quarter loss of $677.1 million, after reporting a profit in the same period a year earlier.
On a per-share basis, the New York-based company said it had a loss of $2.45. Losses, adjusted for asset impairment costs and non-recurring costs, came to 27 cents per share.
The results did not meet Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for a loss of 16 cents per share.
The maker of high-end shoes and handbags posted revenue of $1.07 billion in the period, beating Street forecasts. Six analysts surveyed by Zacks expected $1.03 billion.
Tapestry shares have fallen 38% since the beginning of the year. The stock has declined 48% in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on TPR at https://www.zacks.com/ap/TPR
Automated Insights, source Associated Press News