Net sales

Tapestry sees third quarter net sales hit £1.17bn

Tapestry, owner of luxury accessories and lifestyle brands including Coach, Kate Spade and Stuart Weitzman saw net sales total £1.17 billion for the third quarter, up from £1.04 billion the previous year, an increase of 13%.

It also revealed gross profit of £826m for the third quarter of financial year 2022, up from £664m the previous year.

Operating profit was £138 million on a reported basis, while operating margin was 11.8%, which compares to an operating profit of £96 million and a operating margin of 9.2% the previous year.

For its individual brand results, Coach recorded net sales of £877m, down from £787m, and Kate Spade brought in £246m, down from £206m.

Joanne Crevoiserat, President and CEO of Tapestry, said, “Our third quarter results far exceeded expectations thanks to 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 our team’s successful execution of our strategic initiatives.

“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.

She added, “These differentiators enable us to provide the continuous innovation needed to build lasting relationships with our customers in the context of a rapidly changing landscape. We remain confident in our long-term growth opportunities and determined in our commitment to enhancing value for our customers and shareholders. »