New York-based fashion house Tapestry Inc. (formerly known as Coach Inc.) that owns fashion brands like Coach, Kate Spade and Stuart Weitzman has reported a double-digit increase in sales and earnings per share in the third-quarter ended March 31, 2018.
Net sales during the reporting quarter surged by 33 per cent on the reported basis to US $ 1.32 billion from US $ 995 million in the corresponding period last year. Total sales on the constant currency basis increased by 30 per cent.
The modern luxury accessories and lifestyle retailer’s gross profit stood at US $ 909 million on reported basis. On the non-GAAP basis, gross profit settled at US $ 913 million.
Gross margin during the reporting quarter remained 69.0 per cent as compared to 70.9 per cent in the same quarter last year.
Net income for the third quarter of the year totalled US $ 140 million on a reported basis as compared to reported net income of US $ 122 million. Net income on a non-GAAP basis stood at US $ 130 million.
Brand-wise, Kate Spade division reported a steep decline of more than 9 per cent in same-store sales in the reporting quarter. Stuart Weitzman also reported weak sales during the reporting quarter.
However, the company said, “Third quarter result was consistent with our expectations. We leveraged these sales gains, tightly controlling costs, and delivered operating income growth ahead of the top line increase.”
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