Tapestry Inc. Have Reported Increased Revenue this Quarter!
Post by Tuba Qureshi | Oct 31, 2018
The Leading New York Based Modern Luxury Accessories & Lifestyle Brands House, Tapestry, Inc. Has Come Reported Consistent Improvement In Its Profit Sale This Quarter!
“Our solid third quarter performance was consistent with our expectations, as we achieved double-digit increases in sales and earnings per share. Results were driven by continued growth at Coach, where comparable store sales rose, led by outperformance in North America, and reflected our strong offering, including the successful global re-launch of Signature in retail. We leveraged these sales gains, tightly controlling costs, and delivered operating income growth ahead of the top line increase.” says the Chief Executive Officer of Tapestry, Inc., Victor Luis.
The reports were confirmed when the company tweeted “With strong and seasoned brand teams in place, Tapestry is well positioned to continue its journey as a global house of brands and to focus on opportunities to drive long-term and sustainable growth”.
While the gross profit of the company is increased from $763 million to US$935 million ($1.31 billion), the gross margin on the other hand, has increased from 59.2 % to 67.7 %. These unimagined results were driven with the help of continued growth at Coach as the gross profit of it was estimated to US$680 million ($959.87 million), from US$632 million ($892.12 million) in the previous year and the gross margin is increased to 70.8 %.
Tapestry Inc chief executive Victor Luis said that, while Stuart Weitzman results were negatively impacted by development and delivery delays, the brand remains on track to achieve profitable sales growth across the holiday quarter.
By 2019, the company is expecting revenues to increase to a single-digit rate of US$6.1-$6.2 billion ($8.61-$8.75 billion). Hopefully, the company achieves as expected.
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