American fashion firm Tapestry enters FY22 with strong sales

Fashion

16 Nov `21

2 min read

Coach owner Tapestry has reported a 26 per cent revenue jump to $1.48 billion in the first quarter of FY22 ended on October 2, 2021, compared to the corresponding period of prior year, and 9 per cent compared to pre-pandemic levels. However, net income for the three-month period remained sluggish at $226.9 million (Q1 FY21: $231.7 million).

Coach owner Tapestry has reported a 26 per cent revenue jump to $1.48 billion in the first quarter of FY22 ended on October 2, 2021, compared to the corresponding period of prior year, and 9 per cent compared to pre-pandemic levels. However, net income for the three-month period remained sluggish at $226.9 million (Q1 FY21: $231.7 million).#

Gross profit for the quarter accelerated to $1.0 billion ($830.2 million), while operating income expanded to $295.0 million ($202.2 million). The company’s digital revenue nearly surged 50 per cent over Q1 FY21 and over 275 per cent compared to pre-pandemic levels.

Coach owner Tapestry has reported a 26 per cent revenue jump to $1.48 billion in the first quarter of FY22 ended on October 2, 2021, compared to the corresponding period of prior year, and 9 per cent compared to pre-pandemic levels. However, net income for the three-month period remained sluggish at $226.9 million (Q1 FY21: $231.7 million).#

“We delivered another quarter of solid performance, reflecting strong customer engagement and increased demand for our brands. Importantly, revenue trends accelerated compared to pre-pandemic levels driven by North America, as well as continued growth in digital and China - two key drivers of long-term opportunity,” Joanne Crevoiserat, chief executive officer of Tapestry, said in a press release.

Coach owner Tapestry has reported a 26 per cent revenue jump to $1.48 billion in the first quarter of FY22 ended on October 2, 2021, compared to the corresponding period of prior year, and 9 per cent compared to pre-pandemic levels. However, net income for the three-month period remained sluggish at $226.9 million (Q1 FY21: $231.7 million).#

By brand, sales from Coach advanced 27 per cent to $1.11 billion ($875.4 million), while Kate Spade recorded a 25 per cent increase to $299.5 million ($240.4 million). Furthermore, Stuart Weitzman’s sales went up 18 per cent to $66.5 million ($56.4 million).

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