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Tapestry, the parent of luxury and lifestyle retailers Coach, Kate Spade and Stuart Weitzman, stood by the managers and employees in its stores during the coronavirus pandemic. Thus, it was well positioned to act quickly when the time came to begin reopening stores.
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“Throughout the crisis, we have prioritized the health and well-being of our employees, their families and communities,” said Jide Zeitlin, Tapestry’s chairman and chief executive, in late May. “At the same time, we have heightened our focus on our customers. While this has primarily been through our digital channels, we are now pleased to welcome them back to many of our stores. Our decision to support our store managers and associates in a time of uncertainty allows us to execute quickly while maintaining the highest standards to ensure everyone’s health and safety as store openings become possible.”
Store associates were trained on new health and safety protocols including the use of masks and gloves, social distancing and enforcing low customer densities. In addition, there are additional cleaning and sanitation measures in store and fitting rooms as well as sanitizers and wipes available at the point of sale.
In the middle of the pandemic, Tapestry released financial results for the quarter that ended March 28. Sales totaled $1.07 billion, down from $1.33 billion the year before, as profits plunged to $616 million from $916 million the prior year. In a sign of the times, the value of inventory at the end of the quarter was $853 million, up from $811 million in the 2019 quarter.