8 Sep 2022
Tapestry has reported its full year and fourth quarter results for the 2022 fiscal year, announcing record annual sales, reports ILM. The company achieved annual sales of US$6.7 billion, more than 15% growth year-on-year. In the fourth quarter, revenue was US$1.6 billion, also a record and up 7% over levels in pre-pandemic 2019. For the full year 2022, digital sales more than tripled over 2019 figures at US$2 billion and accounted for 30% of total revenue, while the digital result in the fourth quarter alone saw more high single-digit year-on-year growth. Regionally, Tapestry reports double-digit sales increases year-on-year in the fourth quarter across North America, Japan, other Asia and Europe, offsetting a low-30% decline in Greater China following Covid-19 restrictions. Net income for the fourth quarter was US$189 million on a reported basis and came in at US$856 million for the full 2022 financial year. Looking forward, Tapestry is expecting revenue of around US$6.9 billion for the 2023 financial year, representing an increase of around 3-4% on a reported basis. However, this outlook assumed no further appreciation of the US$, continual recovery in Greater China and no worsening of inflationary pressure on consumers. CEO Joanne Crevoiserat said: “Although the external environment is challenging, we are well-positioned given the durability of our category, the strength of our brands and the proven ability of our teams to respond effectively to change. These competitive advantages and established capabilities will enable us to fuel sustained top and bottom-line gains and drive meaningful shareholder value.”

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