Coach parent Tapestry posts 7 percent drop in Q2 sales

Coach parent Tapestry Net sales at Tapestry Inc. totalled 1.69 billion dollars for the second quarter compared to 1.82 billion dollars in the prior year, representing a 7 percent decline. Net income for the quarter was 311 million dollars on a reported basis, with earnings per diluted share of 1.11 dollars. This compared to net income of 299 million dollars with earnings per diluted share of 1.08 dollars in the prior year period. On a non-GAAP basis, net income for the quarter was 323 million dollars with earnings per diluted share of 1.15 dollars.