“Our fourth quarter results exceeded expectations, capping a successful year. This is a testament to our passionate global teams whose creativity and exceptional execution continue to fuel our brands and business. Importantly, 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. From this position of strength, we have a bold vision for the future and a steadfast commitment to drive growth and shareholder value for years to come”, commented Joanne Crevoiserat, Chief Executive Officer of Tapestry.

Fourth Quarter Net Sales

In the fourth quarter of the last fiscal year, the company’s net sales decreased by 2% on a reported basis to 1.59 billion US dollars, remaining stable on a constant currency basis, as compared to the previous year.

In this period, Coach’s net sales were flat at 1.25 billion US dollars (an increase of 2% on a constant currency basis), Kate Spade’s net sales totalled 290.1 million US dollars, down by 6%, or 5% on a constant currency basis, and Stuart Weitzman’s net sales totalled 50.6 million US dollars, down by 19% on both a reported and constant currency basis, on a comparable basis to the fourth quarter of fiscal 2023.

Full Year Results

In the year that ended on the 29^th of June, the company’s net sales were stable at 6.67 billion US dollars, as compared to 6.66 billion US dollars in the previous year; excluding a currency headwind of approximately 110 basis points, revenue increased by 1% year-on-year.

In fiscal year 2024, Coach’s net sales grew by 3% (or 4% on a constant currency basis) to 5.1 billion US dollars, on a comparable basis to the prior fiscal year. Kate Spade’s full year net sales fell by 6% (or 5% on a constant currency basis) to 1.33 billion US dollars and Stuart Weitzman’s net sales fell by 14% (or 13% on a constant currency basis) to 241.5 million US dollars, on a comparable basis to the prior year.

Tapestry’s full year gross profit increased to 4.99 billion US dollars and gross margin to 73.3%, as compared to 4.71 billion US dollars and gross margin of 70.9% in the fiscal year 2023.

In the twelve months ended in June, the company’s net income totalled 816 million US dollars, with earnings per diluted share of 3.50 US dollars, on a comparable basis to a net income of 936 million US dollars, with earnings per diluted share of 3.88 US dollars, recorded in the previous year.

Fiscal 2025 Outlook

For fiscal 2025, Tapestry expects to achieve a revenue of 6.7 billion, representing growth compared to the prior year on a reported basis and an increase of approximately 1% on a constant currency basis as compared to the prior. Full year earnings per diluted share are expected in the range of 4.45 to 4.50 US dollars, representing mid-single-digit growth, as compared to the prior year.