Tapestry's interim CEO: We are looking at everything

Yahoo Finance's Brian Sozzi sat down with Tapestry Interim CEO Joanne Crevoiserat to discuss how the company is faring amid the coronavirus.

Video Transcript

JULIE HYMAN: We want to turn to another company that has been having some tricky times. And that is Tapestry, the retailer. Our Brian Sozzi had a chance to talk to the interim CEO. He is joining us now, that is Brian.

Brian, what did you hear after-- I'm looking at the shares, which are down about 2.5% right now. So what did you hear from Tapestry?

BRIAN SOZZI: Yeah, it was good to catch up with interim CEO Joanne Crevoiserat. I originally came in [? contact to ?] her when she was CEO of Abercrombie and Fitch. But she's been at Tapestry. And now she's the interim CEO, taken over a couple, for past couple weeks, on ousted, from ousted CEO Jide Zeitlin.

Talked a lot about inventory planning for the holiday season. I think they're obviously planning appropriately conservative for the holiday shopping season. It's unclear how the holidays will shape up in any way, shape, or form.

But store closures. You go through this earnings release from Tapestry and it's clear that she is likely to close a good number of stores. Tapestry around the world operates about 1,500 stores. That's Stuart Weitzman. That's Kate Spade. That's Coach. In reality, that's just too many stores to have open during a pandemic and even post pandemic.

Now on the positive side, they have seen strong gains digitally. But look for those store closures. She knows how to still close stores. She did this extensively at Abercrombie and Fitch. She had pulled it off successfully. I would expect the same deal at Tapestry, if she is confirmed as the full-time CEO.

JULIE HYMAN: All right. Brian Sozzi getting, ameliorating the over storing problem that we have seen with many retailers. Appreciate it, Brian.