Blend of ‘magic and logic’ is working, Tapestry CEO says
Following sales of more than $5.1 billion in the first nine months of the current fiscal year, Tapestry has revised its full-year outlook for the current fiscal year upwards to $6.7 billion.
If it achieves this, total revenues for the year, ending in July, will be close to 20% up on the previous year, but Tapestry, the parent group of Coach, Stuart Weitzman and Kate Spade, said its upwards revision would have been even greater had it not felt obliged to “modify its outlook” because of what it referred to as “incremental covid-related pressure in China”.
Chief executive, Joanne Crevoiserat, said: “Our third quarter results significantly exceeded expectations led by continued strong growth in North America. We are harnessing our unique blend of magic and logic and remain confident in our long-term growth opportunities.”
