Solid quarter for Tapestry
11/11/2021
Luxury group Tapestry, the owner of Coach, Kate Spade and Stuart Weitzman, has reported first quarter revenues up 26% compared with last year and 9% higher than 2019.
Revenue in the digital category grew 50% versus prior year and over 275% compared to pre-pandemic levels.
Tapestry CEO Joanne Crevoiserat said: “We delivered another quarter of solid performance, reflecting strong customer engagement and increased demand for our brands. Importantly, revenue trends accelerated compared to pre-pandemic levels driven by North America, as well as continued growth in Digital and China - two key drivers of long-term opportunity.“Tapestry’s standout results highlight our teams’ extraordinary execution and the foundational changes we’ve made to transform into a more consumer-centric, data-driven, and responsive organisation through the pillars of our Acceleration Programme.”
Tapestry has been pursuing an Acceleration Programme for several years, with the aim of creating a “leaner and more agile” organisation. As part of this it closed 59 stores in the 2021 financial year, added to 30 in 2020, and invested in digital.
Ms Crevoiserat added: “Overall, this performance reaffirms our conviction in our ability to fuel continued revenue and profit gains. While supply chain challenges persist due to the global pandemic, we’re remaining agile and taking deliberate actions to meet growing consumer demand. The incremental share repurchase program announced today further underscores our confidence in the strength of our brands and our ability to drive sustainable growth.”
Image: Kate Spade. Credit: BusinessWire
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