American fashion company Tapestry enters FY22 with strong sales

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Coach owner Tapestry reported a 26 percent increase in revenue to $ 1.48 billion in the first quarter of fiscal 22 ended October 2, 2021, compared to the corresponding period of the year before, and 9% from 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 reported a 26 percent increase in revenue to $ 1.48 billion in the first quarter of fiscal 22 ended October 2, 2021, compared to the corresponding period of the year before, and 9% from 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 profit increased to $ 295.0 million ($ 202.2 million) . The company’s digital revenues are up nearly 50% from the first quarter of FY21 and more than 275% from pre-pandemic levels.

Coach owner Tapestry reported a 26 percent increase in revenue to $ 1.48 billion in the first quarter of fiscal 22 ended October 2, 2021, compared to the corresponding period of the year before, and 9% from pre-pandemic levels. However, net income for the three-month period remained sluggish at $ 226.9 million (Q1 FY21: $ 231.7 million).

“We had another strong quarter of performance, reflecting strong customer engagement and increased demand for our brands. Importantly, revenue trends have accelerated from pre-pandemic levels driven by North America, as well as continued digital and Chinese growth – two key drivers of long-term opportunities. term “, Joanne Crevoiserat, General Manager of Tapestry, said in a press release.

Coach owner Tapestry reported a 26 percent increase in revenue to $ 1.48 billion in the first quarter of fiscal 22 ended October 2, 2021, compared to the corresponding period of the year before, and 9% from pre-pandemic levels. However, net income for the three-month period remained sluggish at $ 226.9 million (Q1 FY21: $ 231.7 million).

By brand, Coach sales rose 27% to $ 1.11 billion ($ 875.4 million), while Kate Spade saw a 25% increase to $ 299.5 million ($ 240.4 million). millions of dollars). Additionally, Stuart Weitzman’s sales rose 18 percent to $ 66.5 million ($ 56.4 million).

Coach owner Tapestry reported a 26 percent increase in revenue to $ 1.48 billion in the first quarter of fiscal 22 ended October 2, 2021, compared to the corresponding period of the year before, and 9% from pre-pandemic levels. However, net income for the three-month period remained sluggish at $ 226.9 million (Q1 FY21: $ 231.7 million).

“Overall, this performance reaffirms our belief in our ability to generate continued revenue and profit gains. As supply chain challenges persist due to the global pandemic, we remain nimble and take deliberate action to meet growing consumer demand, ”added Crevoiserat.

Coach owner Tapestry reported a 26 percent increase in revenue to $ 1.48 billion in the first quarter of fiscal 22 ended October 2, 2021, compared to the corresponding period of the year before, and 9% from pre-pandemic levels. However, net income for the three-month period remained sluggish at $ 226.9 million (Q1 FY21: $ 231.7 million).

Based on current trends, Tapestry has increased its outlook and now expects FY22 sales to reach $ 6.6 billion (previous outlook: $ 6.4 billion), which is a significant growth in mid-adolescence compared to the previous exercise.

Fibre2Fashion Information Office (JL)


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