Tapestry (TPR) Q4 2020

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Employees prepare a window display at a Kate Spade shop in The Shoppes at Marina Bay Sands shopping mall in Singapore on June 19, 2020 as retail shops reopen in Singapore following the further easing of restrictions that were in place due to the COVID-19 novel coronavirus.

Roslan Rahman | AFP | Getty Images

Coach and Kate Spade owner Tapestry reported a narrower-than-expected loss on Thursday, as strong online sales helped offset the impact of closed stores during the coronavirus pandemic. 

It also said it will reduce expenses and focus on digital growth as part of a turnaround plan.

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Stocks making the biggest moves premarket: Tapestry, 3M, Apple

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Check out the companies making headlines before the bell:

Tapestry (TPR) – The company behind the Coach and Kate Spade luxury brands reported an adjusted quarterly loss of 25 cents per share, smaller than the 57-cent loss anticipated by analysts. Revenue was also well above estimates, with e-commerce sales providing a boost even as the pandemic impacted store traffic.

3M (MMM) – 3M reported a 6 percent increase in July sales compared to a year earlier, noting a broad-based improvement in sales trends across its businesses. 3M had said in late July that sales for the month to that point

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Revolut losses continue to grow

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Revolut losses tripled in 2019 as the FinTech blamed rising staff costs more than offset revenue growth, however it argues that it is on track to break even this year despite the impact of COVID-19.

Revolut losses continue to grow

Revolut reported a pre-tax loss of £107 million, more than triple the £33 million loss in 2018, driven largely by a massive hiring spree. Staff numbers increased from 633 to 2,261 over the year, including hundreds of appointments to strengthen its customer service and compliance functions.

Despite the deepening losses, Revolut stuck to a previously announced aim of being profitable

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Wirecard is finally getting booted from Germany’s blue-chip DAX index

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Wirecard’s logo can be seen on a smartphone held in front of a stock market chart.

Alexander Pohl | NurPhoto | Getty Images

Insolvent payments company Wirecard will finally be ejected from Germany’s benchmark DAX index this month after exchange operator Deutsche Boerse announced a change in its selection rules.

Deutsche Boerse said Thursday that, from Aug. 21, a rule change will be implemented that allows it to remove insolvent companies from the DAX with two trading days’ notice. It added this rule change would apply to Wirecard, “given the current situation.”

Wirecard, once a high-flying tech company, collapsed into

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