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February 11, 2022

Tapestry hikes FY outlook on record holiday sales

Tapestry, Inc has increased its guidance for the full year on the back of record holiday revenue, fuelled by its Kate Spade and Coach brands.

By Beth Wright

New York-based Tapestry reported net sales of US$2.14bn for its fiscal second quarter ended 1 January, compared to $1.69bn in the prior year, representing a 27% increase. Sales rose 18% compared to pre-pandemic levels.

At brand level, Coach sales increased 24% to $1.53bn from $1.23bn a year earlier, while those at Kate Spade grew 33% to $500.4m. Stuart Weitzman sales were up 37% to $115.8m.

Net income for the quarter, meanwhile, was $318m on a reported basis, compared to $311m  in the prior year period. On a non-GAAP basis, net income for the quarter was $368m, compared to $323m last time. 

“We delivered record sales this holiday quarter, highlighted by an inflection at Kate Spade, ongoing momentum at Coach, and a return to pre-pandemic revenue levels at Stuart Weitzman,” said CEO Joanne Crevoiserat. “The combination of bold initiatives, compelling product, and effective execution enabled us to win with consumers across our brands. Based on these results, we are raising our revenue, operating income, and EPS guidance for the fiscal year.”

Tapestry now expects revenue of about $6.75bn for Fiscal 2022, an increase from the prior outlook of $6.6bn. This represents growth of nearly 20% versus the prior year on a 52-week, comparable basis, which would mark a record level of sales for the company.

The group recently published its latest sustainability report in which it shared progress towards its goal to achieve 95% traceability and mapping of its raw materials.

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