Record Third Quarter Revenue and Earnings
Tapestry delivered record third quarter earnings per share, which increased 27% compared to the prior year. Total revenue gains were 8% at constant currency, driven by 15% growth at Coach.
Strong Global Growth
International revenue rose 8%, with a 35% increase in Europe and a 5% increase in Greater China. North America revenue increased by 9%.
New Customer Acquisition
In North America, Tapestry acquired over 1.2 million new customers, with two-thirds being Gen Z and Millennials. This demographic transacts at higher average unit retail (AUR) than the rest of the customer base.
Coach Brand Performance
Coach achieved a 15% top line increase, with significant gains in leather goods and handbags, including a nearly 100 basis point increase in margins.
Digital and Omnichannel Growth
Digital grew at a mid-teens rate, representing approximately 30% of revenue. Global brick and mortar sales rose at a mid-single digit rate.