Tapestry Q2 FY21 sales fall 7% to $1.69 bn

Fashion

09 Feb `21

2 min read

Tapestry, a US-based house of modern luxury accessories and lifestyle brands, has posted 7.0 per cent sales decline to $1.69 billion in its second quarter (Q2) FY21 ended on December 26, 2020, compared to the sales of $1.82 billion in the same period prior fiscal. However, net income for the quarter increased to $311.0 million (Q2 FY20: $298.8 million).

Tapestry, a US-based house of modern luxury accessories and lifestyle brands, has posted 7.0 per cent sales decline to $1.69 billion in its second quarter (Q2) FY21 ended on December 26, 2020, compared to the sales of $1.82 billion in the same period prior fiscal. However, net income for the quarter increased to $311.0 million (Q2 FY20: $298.8 million).#

“Our results significantly outpaced expectations driven by the successful execution of our Acceleration Program. Our sharpened focus on the consumer fuelled new customer acquisition across all brands with notable sales gains in digital and China,” Joanne Crevoiserat, chief executive officer of Tapestry, said in a press release.

Tapestry, a US-based house of modern luxury accessories and lifestyle brands, has posted 7.0 per cent sales decline to $1.69 billion in its second quarter (Q2) FY21 ended on December 26, 2020, compared to the sales of $1.82 billion in the same period prior fiscal. However, net income for the quarter increased to $311.0 million (Q2 FY20: $298.8 million).#

Gross profit for Q2 FY21 came down to $1.17 billion ($1.20 billion). Selling, general and administrative expenses were $784.3 million ($846.6 million). However, Tapestry’s operating income for the period grew to $389.4 million ($363.1 million).

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