Tapestry reports flat third quarter
14/05/2024
Gross profit totalled $1.11 billion, compared to prior year gross profit of $1.1 billion.
Tapestry CEO Joanne Crevoiserat said: “Our third quarter earnings results outperformed expectations, reflecting our unwavering commitment to disciplined brand building and operational excellence.
“Moving forward, we are confident in our vision for the future and the significant runway to drive sustainable growth and shareholder value.”
It said highlights in the three-month period included adding 1.2 million customers in North America and achieving international revenue growth of 3%.
In August 2023, Tapestry announced an agreement to acquire Capri Holdings Limited. Tapestry said this is expected to “expand the company’s reach and diversification … and unlock opportunity for significant cost synergies of over $200 million within three years of closing”.
However, the Federal Trade Commission (FTC) last month filed a lawsuit in an attempt to block the proposed acquisition. Tapestry said it is “confident in the merits and pro-competitive, pro-consumer nature of this transaction” and “looks forward to presenting strong legal arguments in court”.
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