14 November 2023

Mixed results for Tapestry in first quarter results


Tapestry has reported its first quarter financial results, with net sales growth of 0.4% to US$1.51 billion, writes ILM.

The company noted that when excluding the 130-basis point headwind from currency due to the appreciation of the U.S. dollar, revenue increased by around 2%.

Gross profit for the quarter totalled US$1.1 billion with a gross margin of 72.5%, while net income was US$195 million.

Net sales were up by 3% year-on-year for Coach for a total of US$1.16 billion, while Kate Spade was down by 6% to US$303.2 million. Stuart Weitzman had a decline of 19% year-on-year to US$52.6 million.

Tapestry reported international revenue growth of 7% at constant currency, supported by increases of 12% in Japan and 9% in Greater China. North America, meanwhile, was flat year-on-year.

Direct-to-consumer revenue increased by 1% at constant currency, while digital was flat and represented around 25% of revenue.

Looking forward, Tapestry expected revenue of around US$6.7 billion in the full 2024 financial year, with constant currency revenue growth of 2-3% year-on-year.

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