Tapestry Q1 FY21 net income grows to $232 mn

Fashion

10 Nov `20

2 min read

Tapestry, a US-based house of modern luxury accessories and lifestyle brands, has reported 14 per cent sales decline to $1.17 billion in its first quarter (Q1) FY21 that ended on September 26, 2020, compared to the sales of $1.36 billion in the same period prior year. However, net income for the quarter jumped to $232 million (Q1 FY20: $20 million).

Tapestry, a US-based house of modern luxury accessories and lifestyle brands, has reported 14 per cent sales decline to $1.17 billion in its first quarter (Q1) FY21 that ended on September 26, 2020, compared to the sales of $1.36 billion in the same period prior year. However, net income for the quarter jumped to $232 million (Q1 FY20: $20 million).#

“We are very pleased with our first quarter results, which exceeded expectations and demonstrated the bold actions we are implementing as part of our acceleration programme. We delivered strong profit growth across our portfolio of brands in the face of an unprecedented and challenging backdrop. We drove a meaningful sequential improvement in topline trends, supported by strength 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 reported 14 per cent sales decline to $1.17 billion in its first quarter (Q1) FY21 that ended on September 26, 2020, compared to the sales of $1.36 billion in the same period prior year. However, net income for the quarter jumped to $232 million (Q1 FY20: $20 million).#

Gross profit for Q1 FY21 came down to $830.2 million ($914.5 million). Selling, general and administrative expenses were $628.0 million ($826.9 million). Company’s operating income for the period grew to $202.2 million ($51.6 million).

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