Owner of the Stuart Weitzman, Kate Spade, and Coach brands, Tapestry, recorded a net income of US $ 217 million. The fourth quarter saw a 2 per cent reported reduction in the company’s net sales of US $ 1.59 billion.

Commenting on the trading results, Joanne Crevoiserat, chief executive officer of Tapestry said, “Our fourth quarter results exceeded expectations, capping a successful year. Through an unwavering focus on powering innovation and consumer connections, we meaningfully advanced our strategic agenda in fiscal year 2024, delivering strong financial results against a dynamic backdrop.”

Compared to the previous year’s US $ 6.66 billion, net sales for the entire year came to US $ 6.67 billion. Revenue rose 1 per cent after a currency headwind of about 110 basis points was taken out.

The year’s gross profit was US $ 4.89 billion, with a gross margin of 73.3 per cent. On a reported basis, operating income was US $ 1.14 billion, while operating margin was 17.1 per cent. Operating income was 1.25 billion dollars on a non-GAAP basis, while operating margin was 18.7 per cent. The business made US $ 816 million in net income. Net income was US $ 1 billion on a non-GAAP basis.

Tapestry anticipates reporting revenue in the range of US $ 6.7 billion for the fiscal year 2025, which would be an increase over the previous year on a reported basis. In comparison to the previous year, revenue is predicted to rise by about 1 per cent on a constant currency basis.