High Street

Tapestry sees Q3 net sales hit £1.17bn

Net sales totaled £1.17bn for the third quarter compared to £1.04bn in the prior year, representing a 13% increase

Tapestry, the owner of luxury accessories and lifestyle brands including Coach, Kate Spade, and Stuart Weitzman, has seen its net sales total £1.17bn for the third quarter compared to £1.04bn in the prior year, representing a 13% increase.

It also revealed gross profits of £826m for the third quarter of the 2022 financial year, up from £664m posted in the prior year.

Operating income was £138m on a reported basis, while operating margin was 11.8%, which compares to operating income of £96m and operating margin of 9.2% in the prior year.

For its individual brand results, Coach reported net sales of £877m, up from £787m, and Kate Spade reported £246m, up from £206m.

Joanne Crevoiserat, chief executive officer of Tapestry, said: “Our third quarter results significantly exceeded expectations led by continued strong growth in North America. We drove increased customer demand at Coach, Kate Spade and Stuart Weitzman, reflecting the vibrancy of each of our brands, the power of our platform and our team’s successful execution of our strategic initiatives.”

“Our performance reinforces the meaningful runway ahead across our portfolio. We are harnessing our unique blend of magic and logic – distinctive brands amplified by an agile and data-rich platform.”

She added: “These differentiators enable us to deliver the continuous innovation necessary to build lasting customer relationships in the context of a rapidly evolving landscape. We remain confident in our long-term growth opportunities and steadfast in our commitment to enhance value for our customers and shareholders.”

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