Tapestry closes another year higher. The American group that owns Coach and Kate Spade has finished the fiscal year 2022 (ended on July 2) with a growth in its sales of 15% compared to the previous year.
Specifically, Tapestry revenues in the period stood at 6,684.5 million dollars, 11% above what was registered in the last fiscal year before the outbreak of the pandemic.
The company’s profit in the 2022 financial year was 856.3 million dollars, 2.6% more than in the previous year. Compared to before the outbreak of Covid-19, growth was 33.1%.
For the next financial year, Tapestry estimates that its turnover will increase between 3% and 4%, up to regarding 6.9 billion dollars. These forecasts count on “a gradual improvement in the situation in mainland China”, in addition to the fact that “inflationary pressures and consumer confidence do not worsen”, says Tapestry.
Tapestry has maintained its sales with a zero evolution in the fourth quarter of the year, with 1,620 million euros
In the fourth quarter of 2022 alone, the group recorded sales of 1,620 million dollars, with a practically zero evolution compared to the same period of fiscal year 2021 and an increase of 7% compared to pre-pandemic levels. The company’s profit for the quarter was $189 million, down 5.5% year-over-year.
In the period, Tapestry increased its sales especially in North America, Japan and Europe, but it plummeted 30% in China “due to disruptions related to the pandemic”, justifies the US group.
In 2021, Tapestry launched the plan Acceleration Programa three-year growth strategy with the aim of reducing costs and improving margins to recover following the impact of the pandemic in the 2020 financial year.
Within the framework of this plan, which involves increasing online penetration, Tapestry has crossed the $2 billion threshold in digital sales and has added 7.7 million new consumers in North America in the year.
