Tapestry Q3 2021 Earnings Report
Key Takeaways
Tapestry, Inc. reported fiscal third quarter results significantly ahead of expectations, driven by the Acceleration Program and brand enthusiasm. The company saw robust sales growth led by Digital and China, achieved operating income gains for the third consecutive quarter, and expanded gross margin across brands.
Achieved sequential improvement in year-over-year revenue trends compared to both FY20 and FY19.
Realized continued momentum in Digital, driving triple-digit growth versus prior year, while improving revenue trends in-stores on both a one and two-year basis.
Posted a revenue increase of approximately 175% in Mainland China versus FY20 and 40% growth compared to FY19.
Drove a mid-teens sales increase versus prior year in North America, representing a return to pre-pandemic levels.
Tapestry
Tapestry
Tapestry Revenue by Segment
Forward Guidance
Tapestry expects revenue for the fiscal year to increase at a mid-teens rate compared to the prior year. The company anticipates fiscal year 2021 operating income and earnings per diluted share to increase versus fiscal year 2019.
Revenue & Expenses
Visualization of income flow from segment revenue to net income