Tapestry said that Stuart Weitzman’s sales fell by 7 percent to $116 million in the fiscal second quarter ended on Dec. 28. At constant currency rates, the decline narrowed to 6 percent. This came after declines of 9 and 8 percent for the footwear brand in the first quarter.
Taspestry’s chairman and chief executive, Jide Zeitlin, said that the brand’s sales were impacted by “softer demand across channels as we lacked compelling newness in our heritage boot offering.” He added that Stuart Weitzman is reinvigorating its “footwear icons, while injecting innovation into the overall assortment.”
The bottom line improved, however. The brand’s gross margin rose to 60.5 percent from 57.3 percent and the adjusted margin grew to 61.8 percent from 58.1 percent. The operating margin widened to 8.2 percent from 8.0 percent and the adjusted operating margin was 9.8 percent against 9.2 percent.
The group, which also owns the brands Coach and Kate Spade, posted overall second-quarter sales of $1.82 billion, up by 1 percent on a reported and constant-currency basis. The net income rose to $299 million from $255 million a year earlier, but on an adjusted basis, it fell to $304 million from $310 million.