// Tapestry’s fourth quarter net sales amount to £1.18bn
// Net income for the quarter was £146m
// Gross profit for the quarter totalled £855m
Coach parent company Tapestry has seen its fourth quarter net sales reach $1.62 billion (£1.18 billion), marking a 126 per cent increase.
On a 13-week basis, the company’s net sales increased 113 per cent versus prior year and rose one per cent as compared to pre-pandemic levels.
Net income for the quarter was $200 million (£146 million) on a reported basis, with earnings per diluted share of 69 cents compared to a net loss of $294 million (£214 million).
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“We achieved a record annual operating margin as Tapestry, outperforming our expectations across Coach, Kate Spade and Stuart Weitzman, while investing for our future,” Tapestry chief executive, Joanne Crevoiserat said.
“The year was capped by a successful fourth quarter, highlighted by revenue exceeding pre-pandemic levels led by digital and China – two areas of significant opportunity.”
Gross profit for the quarter totaled $1.17 billion (£855 million) on a reported basis, while gross margin was 72.2 per cent compared to prior year reported gross profit of $499 million (£364 million) and gross margin of 69.8 per cent.
For the full year, Tapestry’s net sales amounted to $5.75 billion (£4.20 billion), representing a 16 per cent increase.
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