Tapestry reports q4 loss per share $1.06

Tapestry, inc. reports fiscal 2020 fourth quarter and full year results.q4 loss per share $1.06.q4 sales $715 million versus $1.51 billion.q4 non-gaap loss per share $0.25.announces acceleration program with multi-year initiatives to drive profitable growth.ending year with $1.4 billion in cash and short term investments.estimates that it will realize approximately $300 million in gross run rate expense savings from acceleration initiatives.net sales for coach totaled approximately $517 million for the fiscal fourth quarter as compared to $1.10 billion in the prior year.net sales for kate spade totaled $164 million for the fiscal fourth quarter as compared to $332 million in the prior year.inventory was $737 million at end of quarter versus ending inventory of $778 million in year ago period.recorded $117 million of pre-tax impairment charges in q4.not providing detailed guidance for fiscal 2021.under acceleration program, expects to incur total charges of approximately $185 to $200 million.not providing comparable store sales figures for quarter.tapestry - expects to incur about $100 to $115 million additional charges under acceleration program, majority is expected to be recorded in fiscal 2021.would expect return to sustained topline growth in second half of fiscal 2021.tapestry - assuming continued steady recovery as we emerge from pandemic, expect return to sustained topline growth in h2 fiscal 2021.
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