Tapestry reported a modest rise in revenue for the year ending 29 June 2024, reaching $6.67 billion (£5.17 billion).
- The increase was primarily driven by “record” sales from Coach, which saw a 3% boost over the year.
- Despite challenges, Kate Spade experienced a 6% decline, while Stuart Weitzman faced a 14% drop in revenue.
- Overall gross profit increased by 3.8%, reaching $4.89 billion (£3.79 billion), supported by operational efficiencies and improved foreign exchange rates.
- The company foresees a continued growth trajectory, projecting a 1% revenue rise for the coming year.
Tapestry’s fiscal year ending on 29 June 2024, saw a 1% rise in revenue, totalling $6.67 billion (£5.17 billion). This growth was primarily attributed to record sales at Coach, the company’s flagship brand, which experienced a 3% increase.
In contrast, Kate Spade and Stuart Weitzman did not perform as well. Kate Spade’s revenue fell by 6%, while Stuart Weitzman experienced a more significant decline of 14%. These figures highlight the varied performance across Tapestry’s portfolio.
The group’s gross profit amounted to $4.89 billion (£3.79 billion), marking a 3.8% improvement from the previous year’s $4.71 billion (£3.65 billion). This increase in gross profit was supported by a 73.3% gross margin, benefiting from lower freight costs, operational streamlining, and favourable foreign exchange rates.
On an international scale, Tapestry’s constant currency sales grew by 6%. This included notable increases in Europe at 14%, Other Asia by 9%, 5% in Japan, and 3% in Greater China.
Tapestry is optimistic about continued growth, projecting a revenue of approximately $6.7 billion (£5.19 billion) for the upcoming year, equating to a 1% increase year on year, based on constant currency.
Tapestry remains strategically poised for sustained growth despite varied brand performance.
