Fourth quarter (Q4) sales at Tapestry, a US-based house of modern luxury accessories and lifestyle brands, climbed 126 per cent to $1.6 billion over the same period of prior year. Coach sales during the quarter ended on July 3, 2021, surged 130 per cent to $1.2 billion. The company’s digital sales were up 35 per cent compared to Q4 FY20.
Fourth quarter (Q4) sales at Tapestry, a US-based house of modern luxury accessories and lifestyle brands, climbed 126 per cent to $1.6 billion over the same period of prior year. Coach sales during the quarter ended on July 3, 2021, surged 130 per cent to $1.2 billion. The company's digital sales were up 35 per cent compared to Q4 FY20. #
“We delivered standout results in fiscal 2021 – a transformational year for Tapestry. Through our Acceleration Program, we sharpened our focus on the consumer, leaned into digital and data and became a more agile organisation,” Joanne Crevoiserat, chief executive officer of Tapestry, said in a press release. “We reached customers in new ways and adapted to a rapidly changing environment, fuelled by the power of our brands and passionate teams.”
Fourth quarter (Q4) sales at Tapestry, a US-based house of modern luxury accessories and lifestyle brands, climbed 126 per cent to $1.6 billion over the same period of prior year. Coach sales during the quarter ended on July 3, 2021, surged 130 per cent to $1.2 billion. The company's digital sales were up 35 per cent compared to Q4 FY20. #
The company reported strong trends in China in the reported quarter and throughout the year, with sales growth of approximately 60 per cent compared to FY20 and over 40 per cent versus pre-pandemic levels. Moreover, the American fashion firm realised continued topline momentum in North America, rising approximately 165 per cent versus FY20 and a high-teens percentage against FY19.
Fourth quarter (Q4) sales at Tapestry, a US-based house of modern luxury accessories and lifestyle brands, climbed 126 per cent to $1.6 billion over the same period of prior year. Coach sales during the quarter ended on July 3, 2021, surged 130 per cent to $1.2 billion. The company's digital sales were up 35 per cent compared to Q4 FY20. #
Gross profit accelerated to $1.1 billion, while net income during Q4 FY21 expanded to $199.8 million against loss of $293.8 million in the same period last fiscal. The company’s operating income grew to $259.7 million.
Fourth quarter (Q4) sales at Tapestry, a US-based house of modern luxury accessories and lifestyle brands, climbed 126 per cent to $1.6 billion over the same period of prior year. Coach sales during the quarter ended on July 3, 2021, surged 130 per cent to $1.2 billion. The company's digital sales were up 35 per cent compared to Q4 FY20. #
Sales from Kate Spade brand increased 108 per cent to $341.6 million, whereas Stuart Weitzman recorded 156 per cent jump to $84.9 million.
Fourth quarter (Q4) sales at Tapestry, a US-based house of modern luxury accessories and lifestyle brands, climbed 126 per cent to $1.6 billion over the same period of prior year. Coach sales during the quarter ended on July 3, 2021, surged 130 per cent to $1.2 billion. The company's digital sales were up 35 per cent compared to Q4 FY20. #
“Building on this momentum and the increasing demand for our categories, we are focused on driving our next phase of growth. We are in a position of strength, supported by our clear strategy, compelling brands and differentiated platform,” Crevoiserat added.
Fourth quarter (Q4) sales at Tapestry, a US-based house of modern luxury accessories and lifestyle brands, climbed 126 per cent to $1.6 billion over the same period of prior year. Coach sales during the quarter ended on July 3, 2021, surged 130 per cent to $1.2 billion. The company's digital sales were up 35 per cent compared to Q4 FY20. #
Moving forward, Tapestry has said that based on current strong underlying business trends, it expects revenues to grow in mid-teens percentage to approximately $6.4 billion during fiscal 2022.
Fibre2Fashion News Desk (JL)
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