22 May 2023
Tapestry has reported its third quarter results for 2023, achieving net sales of US$1.51 billion, up by 5% year-on-year, reports ILM.
Revenue was reportedly up by 9% year-on-year when excluding a 370 basis point headwind from currency due to the appreciation of the U.S. dollar.
The company’s gross profit for the period was US$1.1 billion, while its gross margin was 72.8%, against a gross profit of US$1.01 billion and margin of 69.9% in the same period of 2022.
Net income for the third quarter totalled US$187 million, compared with a result of US$123 million in first quarter of last year.
Looking forward, the company is expecting revenue for the full 2023 fiscal year approaching US$6.7 billion.
CEO Joanne Crevoiserat said: “Our strong third quarter results were significantly ahead of expectations, demonstrating the power of brand building, customer centricity, and our agile operating model. We delivered solid revenue gains, expanded both gross and operating margin, and drove robust earnings growth. Importantly, we continued to advance our strategic agenda, creating lasting customer relationships around the world through product innovation and compelling omni-channel experiences – a testament to the ingenuity of our talented teams.
“Looking forward, we are well-positioned to deliver sustainable, profitable growth against a volatile backdrop. We’re harnessing the strength of our iconic brands, enhanced by our direct-to-consumer, globally diversified, and data-driven platform. At the same time, we’re continuing to make investments that fuel brand magic and empower us to move at the speed of the consumer both today and for years to come. Our runway is significant, and we remain steadfast in our commitment to drive long-term growth and shareholder value.”