Net sales

Tapestry Announces 13% Increase in Net Sales for the Third Quarter of FY22

American luxury fashion company Tapestry recorded $1.44 billion in net sales for the third trimester (Q3) in fiscal 2022 (FY22), up 13% from $1.27 billion in the same period last year.

For the three months to April 2, the company’s operating profit was $169 million, down from $117 million a year earlier.

Its operating margin increased to 11.8% in the quarter from 9.2% a year earlier.

Tapestry’s net income on a reported basis fell to $123 million from $92 million in the third quarter of 2021, while its earnings per diluted share (EPS) were $0.46, compared to $0.32 at the end of the year. period of the previous year.

The company’s gross profit for the third quarter reached $1.01 billion based on stated and not generally accepted accounting principles (GAAP), while its gross margin was 69.9%.

Tapestry’s portfolio includes several luxury and lifestyle accessory brands, including Coach, Kate Spade and Stuart Weitzman.

Coach brand sales increased 11% to $1.07 billion from a year ago, while Kate Spade and Stuart Weitzman posted growth of 19% and 11% respectively in the quarter.

Joanne Crevoiserat, CEO of Tapestry, said, “Our third quarter results far exceeded expectations, driven by continued strong growth in North America.

“We increased customer demand at Coach, Kate Spade and Stuart Weitzman, reflecting the momentum of each of our brands, the power of our platform and the successful execution of our strategic initiatives by our team.

“Our performance reinforces the significant lead ahead in our portfolio. We harness our unique blend of magic and logic – distinctive marks amplified by an agile, data-rich platform.

“These differentiators allow us to provide the continuous innovation needed to build lasting relationships with our customers in the context of a rapidly changing landscape.”

For the full year, Tapestry expects revenue of approximately $6.7 billion and year-over-year EPS growth of nearly 20% to $3.45.