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Tapestry 3Q Sales Return to Pre-Pandemic Levels

Net sales for the fiscal quarter grew 19 percent

Published

3 years ago

May 7, 2021

Tapestry 3Q Sales Return to Pre-Pandemic Levels

Tapestry (New York), owner of retail brands Coach and Kate Spade, reported that its third-quarter fiscal sales have returned to pre-pandemic levels, according to CNBC.

These latest results have “significantly outpaced expectations,” said CEO Joanne Crevoiserat, attributing growth to online business and returning demand for its products in Asia. Overall revenue, however, has not yet reached 2019 levels.

Tapestry’s net income for the quarter was $91.7 million against a new loss of $677.1 million. Net sales rose 19 percent to $1.27 billion, besting analysts’ estimates. Digital sales, up triple digits, represents 30 percent of total revenue.

Related Topics:Coach Kate Spade Latest News Top Sales Tapestry

Jennifer Acevedo

Jennifer Acevedo is the editor-in-chief and associate publisher of VMSD magazine.

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