Tapestry, a US-based house of modern luxury accessories and lifestyle brands, has posted 7.0 per cent sales decline to $1.69 billion in its second quarter (Q2) FY21 ended on December 26, 2020, compared to the sales of $1.82 billion in the same period prior fiscal. However, net income for the quarter increased to $311.0 million (Q2 FY20: $298.8 million).
“Our results significantly outpaced expectations driven by the successful execution of our Acceleration Program. Our sharpened focus on the consumer fuelled new customer acquisition across all brands with notable sales gains in digital and China,” Joanne Crevoiserat, chief executive officer of Tapestry, said in a press release.
Gross profit for Q2 FY21 came down to $1.17 billion ($1.20 billion). Selling, general and administrative expenses were $784.3 million ($846.6 million). However, Tapestry’s operating income for the period grew to $389.4 million ($363.1 million).
Company in its release stated that it registered triple-digit e-commerce growth during te quarter compared to Q2 FY20, with digital representing approximately one-third of global sales, including nearly half of revenue in North America. Also, over 30 per cent year-over-year revenue growth was reported in Mainland China.
Sales of Coach segment during the quarter fell 4 per cent to $1.22 billion ($1.26 billion). While, sales of Kate Spade dropped 13 per cent to $375.6 million ($430.4 million) and Stuart Weitzman sales slipped 27 per cent to $84.5 million ($115.7 million).
Fibre2Fashion News Desk (JL)
Tapestry, a US-based house of modern luxury accessories and lifestyle brands, has posted 7.0 per cent sales decline to $1.69 billion in its second quarter (Q2) FY21 ended on December 26, 2020, compared to the sales of $1.82 billion in the same period prior fiscal. However, net income for the quarter increased to $311.0 million (Q2 FY20: $298.8 million).