New York-based fashion house Tapestry Inc. (formerly known as Coach Inc.) has reported that its first-quarter (ended September 30, 2017) financial result is in line with the company’s expectations.
The 76-year-old retailer’s net sales surged 24 per cent to US $ 1.29 billion in the reporting quarter as compared to US $ 1.04 billion in the same quarter last year.
On a constant currency basis, total sales increased by 25 per cent. The company owns fashion brands like Coach, Kate Spade and Stuart Weitzman.
The modern luxury accessories and lifestyle retailer’s gross profit stood at US $ 764 million on a reported basis. On the non-GAAP basis, gross profit totalled US $ 853 million.
The gross margin for the quarter was 59.3 per cent (on a reported basis) compared to 68.9 per cent in the first quarter of 2016.
Net income for the first quarter of the year totalled US $ 120 million on a non-GAAP basis.
Victor Luis, Chief Executive Officer of Tapestry Inc., said “We have returned to growth thus far in the second quarter and are well positioned for holiday. Importantly, we remain on track to achieve the annual guidance we set out for Tapestry in August.”
The company now expects its full-year revenue to be around US $ 5.9 billion.
