Tapestry marks anniversary of rebrand with strong results
30/10/2018
The release of these results marks a year since the group rebranded.
Revenue for the Coach brand, which retained its name after the rebrand of its parent company, was $961 million, up 4% year on year. The group said this growth was driven by an increase in global e-commerce sales.
Net sales for the Kate Spade brand, which Tapestry acquired in July 2017, were $325 million, up 21%. The comparable period in 2017 ran from the closing of the acquisition of July 11 to September 30.
High-end shoe brand Stuart Weitzman saw its revenue dip 1% to $95 million. Tapestry attributed this to “development and delivery delays which pressured sales and margins”. It said production levels and shipments have now stabilised.
Victor Luis, CEO of Tapestry, said: “Our first quarter performance and progress on our strategic priorities to date, give us confidence in our ability to achieve the goals we’ve set out for fiscal 2019. We continue to expect to deliver strong revenue and operating income growth, while making investments to support our long-term vision and drive a return to both double-digit operating income and earnings per share growth in fiscal 2020.”
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