Tapestry Reports Fiscal 2022 Fourth Quarter and Full Year Results
Company Delivers Record EPS in Fiscal Year 2023
NEW YORK, Aug. 18, 2023 /PRNewswire/ -- Tapestry, Inc. (NYSE: TPR) on Thursday reported fiscal fourth-quarter earnings of 68 cents per share.
The New York-based company said it had net income of $218.3 million, or 68 cents per share, in the quarter ended July 2, compared with $186.3 million, or 57 cents per share, in the year-ago period.
Net sales for the quarter increased 12% to $1.68 billion from $1.50 billion a year earlier.
Key Financial Highlights:
- Reported Fourth Quarter GAAP EPS of $0.75
- Delivered Record EPS in Fiscal Year 2023
- Drove Significant Operating Margin Expansion in the Quarter
- Achieved Record Annual Operating Income and Diluted EPS
- Delivered earnings and revenue surprises of 4.55% and 1.20%, respectively
Looking ahead, Tapestry said it expects fiscal 2024 revenue to grow in the low to mid-single digits and diluted EPS to increase in the high single digits.
The company also announced that it has authorized a new $750 million share repurchase program.
"We are pleased to report strong fourth quarter and full year results, driven by the strength of our brands and our ongoing focus on operational excellence," said Tapestry Chairman and CEO Joanne Crevoiserat.
"We remain confident in our ability to deliver long-term, sustainable growth and value for our shareholders."
Tapestry, Inc. is a New York-based luxury fashion house that owns brands such as Coach, Kate Spade, and Stuart Weitzman.
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