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Tapestry, Inc. has submitted its 10-Q filing for the quarterly period ended September 28, 2024.
The filing includes financial statements for the quarter, showing net sales of $1,507.5 million, a slight decrease from $1,513.2 million in the same quarter the previous year. The decrease is attributed to currency fluctuations and a decline in sales for the Kate Spade (TPR+0.03%) brand.
Gross profit for the quarter was $1,134.9 million, up from $1,097.7 million in the previous year, with gross margin increasing to 75.3% from 72.5%. The improvement in gross margin is attributed to net pricing improvements and lower freight costs.
Selling, general, and administrative expenses increased to $882.9 million from $844.5 million, primarily due to higher marketing spend and increased compensation costs.
Operating income for the quarter was $252.0 million, slightly down from $253.2 million in the previous year. Excluding items affecting comparability, operating income was $285.4 million.
Net income for the quarter was $186.6 million, down from $195.0 million in the previous year. Excluding items affecting comparability, net income was $241.6 million.
Net income per diluted share was $0.79, compared to $0.84 in the previous year. Excluding items affecting comparability, net income per diluted share was $1.02.
The filing also details the financial impact of the proposed acquisition of Capri Holdings Limited (CPRI+1.79%), including associated acquisition costs and regulatory challenges.
Tapestry maintains a strong liquidity position with cash and cash equivalents of $6,462.9 million and short-term investments of $842.3 million as of September 28, 2024.
The company continues to focus on its 2025 growth strategy, emphasizing customer relationships, product innovation, omni-channel experiences, and global growth.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Tapestry Inc. quarterly 10-Q report dated November 7, 2024. To report an error, please email earnings@qz.com.