Tapestry Revenue Declines as Consumers Remain Under Pressure

Dow Jones05-09

By Denny Jacob

Tapestry's sales declined in its third quarter, highlighting continued financial pressure on North American consumers in particular who are considering broadly higher costs against their potential purchase for accessible luxury satchels.

The owner of luxury brands, such as Kate Spade and Coach, logged net income of $139.4 million, or 60 cents a share, for the period ended March 30, down from $186.7 million, or 78 cents a share, a year earlier. Adjusted earnings were 81 cents a share, above analysts' estimates of 68 cents a share.

Revenue declined to $1.48 billion from $1.51 billion. Analysts polled by FactSet expected $1.5 billion.

The revenue performance included a decline in direct-to-consumer sales, which was offset by growth in wholesale. Tapestry noted that it realized a 3% decline in North America compared to the prior year amid a challenging consumer backdrop.

Tapestry's results come shortly after the Federal Trade Commission in April sued to block its $8.5 billion acquisition of rival Capri Holdings. Tapestry struck a deal in August to buy Capri, which owns Michael Kors.

For fiscal 2024, Tapestry lowered its adjusted revenue outlook to more than $6.6 billion from prior guidance of around $6.7 billion.

Write to Denny Jacob at denny.jacob@wsj.com

(END) Dow Jones Newswires

May 09, 2024 07:21 ET (11:21 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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