US fashion brand Tapestry posts Q3 FY21 sales of $1.27 bn

Tapestry, a US-based house of modern luxury accessories and lifestyle brands, has posted 19 per cent sales increase to $1.27 billion in its third quarter (Q3) FY21 ended on March 27, 2021, compared to the sales of $1.07 billion in the same period prior fiscal. The company’s net income for the quarter rose to $91.7 million (Q3 FY20: loss $677.1 million).

 

“Our third quarter results significantly outpaced expectations, underscoring the power of the acceleration programme and enthusiasm for our brands. Through a sharpened focus on the consumer, we fuelled new customer acquisition at Coach, Kate Spade, and Stuart Weitzman and delivered robust sales growth led by digital and China,” Joanne Crevoiserat, chief executive officer of Tapestry, said in a press release.

 

Gross profit during Q3 FY21 was $911.9 million ($616.2 million), while selling, general and administrative expenses were $795.2 million ($1.3 billion). Tapestry’s operating income for the period grew to $116.7 million (operating loss: $685.5 million).

 

Sales of Coach segment were up 25 per cent to $964 million ($772 million). Whereas sales of Kate Spade remained stagnant at $252 million ($250 million), and Stuart Weitzman sales grew 12 per cent to $57 million ($51 million).

 

“Building on this momentum, we are increasingly optimistic about our ability to generate sustainable top and bottom-line growth. Looking forward, while the environment remains volatile, we see encouraging signs of recovery as vaccination efforts progress, resulting in increased consumer confidence, strong demand for our categories, and improving in-store traffic trends,” Crevoiserat said. “In this context, we remain focused on driving brand relevance and customer engagement through product innovation and compelling marketing, supported by data-driven insights and a digital-first mindset.”