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Tapestry posts record yearly revenue

Sep 5, 2022 United States
Tapestry posts record yearly revenue
Despite reporting a weak fourth quarter, the owner of Coach, Kate Spade and Stuart Weitzman posted a record revenue of 6.7 billion US dollars over fiscal 2022, exceeding pre-pandemic levels
"We drove standout results this fiscal year and delivered accelerated revenue and profit growth across our portfolio – a direct reflection of the vibrancy of our brands and our team’s successful execution of the Acceleration Program. Through an unwavering focus on the consumer, supported by our transformed and diversified business model, we increased AUR, reached 2 billion USD in global Digital sales and acquired 7.7 million new customers in North America alone in FY22", commented Joanne Crevoiserat, Chief Executive Officer of Tapestry.


Fourth Quarter Results

In the fourth quarter of fiscal 2022*, the company's revenue totalled 1.62 billion US dollars, which represents a year-over-year increase of approximately 1%. Tapestry highlighted that the double-digit sales growth across America, Japan, Other Asia and Europe helped offset a low-30% revenue decline in Greater China due to COVID-19-related disruption.

Coach's net sales in this period reached 1.21 billion US dollars and Kate Spade posted net sales of 344.1 million US dollars, on a comparable basis to net sales of 1.19 billion US dollars and 341.6 million US dollars in the same quarter of the prior year, respectively. Stuart Weitzman's net sales declined to 71.8 million US dollars this quarter from 84.9 million US dollars in the same period of fiscal 2021.

Net income for the quarter ended on the 2nd of July declined to 189 million US dollars, with earnings per diluted share of 0.75 US dollars, from net income of 200 million US dollars and earnings per diluted share of 0.69 US dollars in the similar period of last year.


Full Year Results

Tapestry's net sales grew by 16% in the full year 2022, reaching 6.68 billion US dollars, as compared to net sales of 5.75 billion US dollars in the prior year. On a comparable basis to fiscal 2019, revenue was up by 11%.

Last fiscal year, Coach's net sales totalled 4.92 billion US dollars and Kate Spade's net sales amounted to 1.45 billion US dollars, which reflects an increase of 16% and 20%, respectively, over net sales of 4.25 billion US dollars and 1.21 billion US dollars in fiscal 2021. Stuart Weitzman's net sales rose by 12%, amounting to 317.7 million US dollars, as compared to net sales of 283.2 million US dollars in the prior year.

The company's net income for the full year 2022 totalled 856 million US dollars, with earnings per diluted share of 3.17 US dollars, on a comparable basis to net income of 834 million US dollars and earnings per diluted share of 2.95 US dollars in fiscal 2021.

Fiscal 2023 Outlook

"Looking forward, we see significant runway for long-term growth as we harness our powerful combination of iconic brands amplified by a data-rich platform that enhances our ability to build lasting customer relationships. Although the external environment is challenging, we are well-positioned given the durability of our category, the strength of our brands and the proven ability of our teams to respond effectively to change", added Joanne Crevoiserat, Chief Executive Officer of Tapestry

For fiscal 2023, Tapestry is expecting revenue in the area of 6.9 billion US dollars, which shall reflect an increase of 3 to 4% on a reported basis and between 6% to 7% on a constant currency basis. Earnings per diluted share are expected in the range of 3.80 US dollars and 3.90 US dollars, representing double-digit growth as compared to fiscal 2022.

*Fiscal 2022 ran through the 2nd of July 2022.


Image Credits: designscene.net

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