November 5, 2019 / 12:00 PM / in 4 months

Tapestry sales miss on weak demand for Kate Spade handbags

Nov 5 (Reuters) - Coach owner Tapestry Inc missed Wall Street estimates for quarterly sales on Tuesday, hit by a drop in demand for its Kate Spade handbags.

Net sales fell to $1.36 billion from $1.38 billion a year earlier, missing the analysts' average estimate of $1.37 billion, according to IBES data from Refinitiv.

The company said net income fell to $20 million, or 7 cents per share, in the first quarter ended Sept. 28, from $122.3 million, or 42 cents per share, a year earlier.

The company, which replaced Chief Executive Officer Victor Luis with Chairman Jide Zeitlin in September, incurred about $76 million in charges related to a change in how it accounts for leases.

Reporting by Uday Sampath in Bengaluru; Editing by Arun Koyyur

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