Home Coach outlet profit Coach owner posts turnover of over £ 1billion

Coach owner posts turnover of over £ 1billion

Tapestry sales increase 126%

// Tapestry’s fourth quarter net sales of £ 1.18 billion
// Net profit for the quarter was £ 146million
// Gross profit for the quarter was £ 855million

Coach Tapestry’s parent company saw fourth-quarter net sales reach $ 1.62 billion (£ 1.18 billion), an increase of 126%.

On a 13-week basis, the company’s net sales increased 113% from the previous year and 1% from pre-pandemic levels.

Net income for the quarter was $ 200million (£ 146million) on a reported basis, with diluted earnings per share of 69 cents compared to a net loss of $ 294million (£ 214million) ).

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“We achieved a record annual operating margin as Tapestry, exceeding our expectations for Coach, Kate Spade and Stuart Weitzman, while investing in our future,” said Joanne Crevoiserat, Managing Director of Tapestry.

“The year has been capped off with a successful fourth quarter, highlighted by revenues exceeding pre-pandemic levels led by digital and China – two areas of significant opportunity.”

Gross margin for the quarter totaled $ 1.17 billion (£ 855 million) on a reported basis, while gross margin was 72.2% compared to gross margin of $ 499 million (364 million million pounds sterling) and a gross margin of 69.8%.

For the year as a whole, Tapestry’s net sales were $ 5.75 billion (£ 4.20 billion), an increase of 16%.

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