Tapestry Inc, which made headlines last week after acquiring Capri Holdings, has reported flatlined sales totalling £5.23 billion...
What happened
Tapestry Inc, which made headlines last week after acquiring Capri Holdings, has reported flatlined sales totalling £5.23 billion ($6.66 billion) for the fiscal year ending 1 June, compared to $5.25 billion ($6.68 billion) the prior year.
Why it matters
The American fashion giant, which boasts a portfolio including Coach, Kate Spade and Stuart Weitzman, saw sales increase by 3% on a currency neutral basis compared to the year before.
Gross profit totalled £3.7 billion ($4.71 billion), while gross margin was 70.8%. Meanwhile, operating income stood at $1.17 billion and operating margin was 17.6%.
Net income was £735 million ($936 million), with earnings per diluted share of £3.05 ($3.88) compared to a net income of £672 million ($856 million) and earnings per diluted share of £2.49 ($3.17) in the prior year.
This news brief is based on reporting published by TheIndustry.fashion on 2023-08-18. The original report is linked below.
TheIndustry.fashion
https://www.theindustry.fashion/tapestry-inc-reveals-flatlining-revenues-in-fiscal-2023/This independent news brief is based on the public source identified above. It is an original summary or translation, not a reproduction of the source article. Rights in source text, research, trademarks and images remain with their respective owners; images are used under the licence or permission identified in the credit. Rights holders may contact rights@goodproductasia.com with evidence of ownership. Verified concerns will be corrected, replaced or removed promptly. This report is not investment, legal, medical or purchasing advice.
