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