Tapestry, a US-based house of modern luxury accessories and lifestyle brands, has reported 14 per cent sales decline to $1.17 billion in its first quarter (Q1) FY21 that ended on September 26, 2020, compared to the sales of $1.36 billion in the same period prior year. However, net income for the quarter jumped to $232 million (Q1 FY20: $20 million).
“We are very pleased with our first quarter results, which exceeded expectations and demonstrated the bold actions we are implementing as part of our acceleration programme. We delivered strong profit growth across our portfolio of brands in the face of an unprecedented and challenging backdrop. We drove a meaningful sequential improvement in topline trends, supported by strength in digital and China,” Joanne Crevoiserat, chief executive officer of Tapestry, said in a press release.
Gross profit for Q1 FY21 came down to $830.2 million ($914.5 million). Selling, general and administrative expenses were $628.0 million ($826.9 million). Company’s operating income for the period grew to $202.2 million ($51.6 million).
Sales of Coach segment fell 9 per cent to $875.4 million ($965.9 million). While, sales of Kate Spade dropped 21 per cent to $240.4 million ($305.5 million). Stuart Weitzman sales plunged 35 per cent to $56.4 million ($86.5 million).
“Guided by an unwavering focus on the consumer and supported by new ways of working, we are positioning the company to successfully navigate the dynamic environment and drive long-term, sustainable growth,” Crevoiserat said.
Fibre2Fashion News Desk (JL)
Tapestry, a US-based house of modern luxury accessories and lifestyle brands, has reported 14 per cent sales decline to $1.17 billion in its first quarter (Q1) FY21 that ended on September 26, 2020, compared to the sales of $1.36 billion in the same period prior year. However, net income for the quarter jumped to $232 million (Q1 FY20: $20 million).