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Shares of Tapestry (TPR) - Get Free Report , the parent company of high-end luxury fashion brands including Coach, Stuart Weitzman and Kate Spade, plunged more than 18% on Thursday after the company reported fiscal fourth-quarter earnings that missed analysts' forecasts as decent international sales weren't enough to offset sagging U.S. demand, particularly for its recently acquired Kate Spade line.

The New York-based company said net income for its fiscal fourth quarter came in at $148.9 million, or 51 cents a share, vs. $211.7 million, or 73 cents a share in the comparable year-ago quarter. Analysts polled by FactSet had been expecting earnings of 61 cents a share.

Stronger sales of Stuart Weitzman-branded goods helped offset flat sales at Coach and a 6% drop in global same-store sales at Kate Spade, though the drop in Kate Spade sales came as a surprise to analysts, who were expecting a 1.4%% gain.

"The brand's financial results did not meet our expectations and more time is required to drive a positive inflection in the business, particularly in light of the traffic-challenged and competitive retail environment in North America," CEO Victor Luis said in a statement.

Company wide sales totaled $1.51 billion compared with $1.48 billion in the year-ago period. Analysts polled by FactSet had been expecting sales of $1.5 billion.

Tapestry said it repurchased $120 million of its common stock at an average cost of $29.31 a share during the fourth quarter, leaving $900 million remaining under its current repurchase authorization plan. Tapestry said it plans to return about $700 million to shareholders in fiscal 2020 through dividends and share repurchases.

The company also declared a quarterly cash dividend of 33.75 cents a share, maintaining an annual rate of $1.35. The dividend is payable on Sept. 30, to shareholders of record as of the close of business on Sept. 6.

For its full fiscal year, Tapestry said it earned $643 million, or $2.21 a share, vs. $398 million, or $1.38 a share, in the prior-year period. Sales totaled $6.03 billion for the full year 2019 vs. $5.88 billion in the prior year.

Shares of Tapestry were down 18.84% in mid-morning trading on Thursday, falling $4.71 a share to $20.29.