Tapestry increases sales by 15% and exceeds pre-pandemic levels in fiscal year 2022

Tapestry increases sales by 15% and exceeds pre-pandemic levels in fiscal year 2022

Tapestry closes another year higher. The American group that owns Coach and Kate Spade Ended fiscal year 2022 (ended July 2) with 15% sales growth compared to the previous year.

Specifically, the revenues of the textile company in that period amounted to 6684.5 million dollars, 11% above what was recorded in the last fiscal year before the outbreak of the epidemic.

The company’s profits in the fiscal year 2022 amounted to $856.3 million, an increase of 2.6% over the previous year. Compared to before the Covid-19 outbreak, the growth was 33.1%.

For the next fiscal year, Tapestry estimates that its turnover will rise between 3% and 4%., about $6.9 billion. This forecast is based on a “gradual improvement in the situation in mainland China,” as well as the fact that “inflationary pressures and consumer confidence are not getting worse,” Tapestry says.

In the fourth quarter of 2022 alone, the group recorded sales of $1,620 million, with a near-zero development compared to the same period of the 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 this period, Tapestry increased its sales especially in North America, Japan and Europe, but decreased by 30% in China “due to the disruptions related to the epidemic”, the American group justifies.

In 2021, Tapestry launched the plan accelerator programIt is a three-year growth strategy With the aim of cutting costs and improving margins to recover after the impact of the pandemic in fiscal year 2020.

Within the framework of this plan, which includes increasing the penetration of the Internet, Tapestry texture crosses $2 billion in digital sales It added 7.7 million new consumers in North America in the year.

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