Tapestry Reports Better Than Expected Results in Q1, Driven by International Growth

Tapestry, Inc. — the parent company of Coach, Stuart Weitzman and Kate Spade — delivered better than expected results, led by international growth, in the first quarter of 2023. The New York-based fashion company reported net sales of $1.51 billion, up 2% from $1.48 billion in the prior year. The sales growth was primarily driven by the company’s international business, which rose over 5%, delivering 11% growth versus prior year. In Europe, sales increased 24%, fueled by higher international tourist traffic, notably from the Middle East and within Europe, as well as continued growth with local customers. For Greater China, sales declined 11% due to COVID related headwinds. The APAC region rose 9% versus prior year despite COVID-related headwinds in Greater China. Sales in North America rose slightly over last year, with low single-digit gains in the region’s direct business. By brand, revenues at Coach were flat compared to the same time last year at $1.12 billion. On the company earnings call on Thursday, CEO Joanne Crevoiserat highlighted its core leather goods offering as what drove the heritage brand’s business this quarter. In footwear, strong revenue gains were fueled by new styles, including the Leah Loafer and the Lucy Sandal, as well as

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