US fashion brand Tapestry posts Q3 FY21 sales of $1.27 bn

Fashion

US fashion brand Tapestry posts Q3 FY21 sales of $1.27 bn

07 May `21

Tapestry, a US-based house of modern luxury accessories and lifestyle brands, has posted 19 per cent sales increase to $1.27 billion in its third quarter (Q3) FY21 ended on March 27, 2021, compared to the sales of $1.07 billion in the same period prior fiscal. The company’s net income for the quarter rose to $91.7 million (Q3 FY20: loss $677.1 million).

 

Tapestry, a US-based house of modern luxury accessories and lifestyle brands, has posted 19 per cent sales increase to $1.27 billion in its third quarter (Q3) FY21 ended on March 27, 2021, compared to the sales of $1.07 billion in the same period prior fiscal. The company`s net income for the quarter rose to $91.7 million (Q3 FY20: loss $677.1 million).#

“Our third quarter results significantly outpaced expectations, underscoring the power of the acceleration programme and enthusiasm for our brands. Through a sharpened focus on the consumer, we fuelled new customer acquisition at Coach, Kate Spade, and Stuart Weitzman and delivered robust sales growth led by digital and China,” Joanne Crevoiserat, chief executive officer of Tapestry, said in a press release.

 

Tapestry, a US-based house of modern luxury accessories and lifestyle brands, has posted 19 per cent sales increase to $1.27 billion in its third quarter (Q3) FY21 ended on March 27, 2021, compared to the sales of $1.07 billion in the same period prior fiscal. The company`s net income for the quarter rose to $91.7 million (Q3 FY20: loss $677.1 million).#

Gross profit during Q3 FY21 was $911.9 million ($616.2 million), while selling, general and administrative expenses were $795.2 million ($1.3 billion). Tapestry’s operating income for the period grew to $116.7 million (operating loss: $685.5 million).

 

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