Yesterday, Tapestry Group, whose brands include Coach, raised its annual earnings forecast. Capri Holdings, on the other hand, announced disappointing third quarter results.
Yesterday, Tapestry Group revealed its annual earnings outlook for the full 2022-2023 fiscal year, which ends in late June, after exceeding expectations for the holiday season.
The Coach and Kate Spade owner now expects earnings per share of $3.70 to $3.75 for that fiscal year, up from a previous range of $3.60 to $3.70.
Sales for the 2022-2023 fiscal year are estimated at $6.6 billion, up from the previous forecast of $6.5 billion to $6.6 billion: “The company exceeded expectations during the key holiday season and delivered record earnings in the second quarter (ended Dec. 31, ed.) despite a challenging environment,” according to CEO Joanne Crevoiserat.
In North America, the company acquired nearly 2.6 million new customers in the second quarter ended December 31, who are part of the Y and Z generations. They transacted at higher average prices than the rest of the existing customer base.
“We also saw higher average spend across our customer base, which includes an increase in units per transaction, reflecting the growing appeal of our lifestyle offering,” she added.
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