Tapestry Is a Different Company Amid Growth Plans, CEO Says

oo Finance2022-09-09

On Friday, Tapestry signaled it is accelerating its turnaround plan with a new three-year growth strategy and financial targets.Ahead of its investor day, the New York-based company behind luxury ...

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At Kate Spade, revenue growth is expected to be in the high-single-digits in order to hit $1.9 billion while expanding operating margin to the mid-teens. At Stuart Weitzman, revenue growth is expected to see a low-double digit growth rate to $450 million while expanding operating margin to high single-digits.In addition, Tapestry anticipates it will deliver earnings per share of more than $5 in fiscal year 2025 and plans to return $3 billion in capital to shareholders via stock repurchases and dividends.Shares of Tapestry were up about 1.5% in pre-market trading on Friday.Crevoiserat, who became CEO of Tapestry in 2020, was confident in the direction of the fashion retail company two years into her role. After sales slumped earlier that year, the company embarked on an ambitious program to cut costs, jumpstart global growth, and lean into e-commerce.\"We made a lot of changes across our organization over the last couple of years,\" Crevoiserat said. \"We weren't playing defense. Actually, we were playing offense and setting our organization to be able to be more agile because the trends that we're seeing and some of the disruption and the changes, those are trends, I think, that are going to be with us for a long time.\"'The consumer is moving fast'Crevoiserat noted that, unlike other retailers, Tapestry is not experiencing a slowdown in consumer spending amid broader macroeconomic concerns. According to Crevoiserat, the luxury fashion house learned from curve balls during the pandemic such as supply chain issues in Vietnam and China due to COVID-19 related restrictions.In the most recent quarter, Tapestry achieved a record $6.7 billion dollars in revenue for fiscal year 2022, up over 15% year over year and 11% higher than pre-pandemic levels. 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