Coach parent Tapestry shares plummet 12% on problems at Stuart Weitzman, Kate Spade pullback

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Stuart Weitzman’s execution problems are expected to continue

Tapestry Inc. shares were taking a beating Tuesday, after the company said problems plaguing the Stuart Weitzman brand will continue through the year and reported a steep same-store sales decline at Kate Spade.

Tapestry’ TPR, -11.31% the parent of Coach, reported earnings and sales that beat expectations, but shares fell 12.1% in early Tuesday trading, marking their biggest one-day decline since October of 2016.

“At Stuart Weitzman, results were negatively impacted by execution issues including production delays and lower sell-through of key carryover styles, which pressured sales and margins,” said Tapestry Chief Executive Victor Luis in a release statement.

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