The two fashion giants recently revealed their financial results for the final quarter of 2023. While Tapestry reported encouraging figures for the second quarter and second half of the year to December 30, 2023, Capri Holdings reported a declining performance for its third quarter and nine months to date. Despite these challenges, the management of both companies remain optimistic about the future, with a planned merger between Capri Holdings and Tapestry in 2024.
Fashion giants Tapestry, Inc. and Capri Holdings Limited released their financial results for the last quarter on Thursday February 8.
After a lackluster fiscal year 2022-2023, Tapestry announced encouraging figures for the second quarter and half-year ended December 30, 2023. In the second quarter, the luxury fashion company owning the Coach, Kate Spade and Stuart Weitzman brands reported sales of 2,084.5 million USD, up from 2,025.4 million USD in 2022. Net income reached USD 322.3 million, slightly down on last year’s USD 329.9 million. Earnings per share from continuing operations rose from USD 1.38 to USD 1.41 for basic earnings, and from USD 1.36 to USD 1.39 for diluted earnings.
Sales for the half-year also rose, from USD 3,531.9 million to USD 3,597.7 million. However, net income fell slightly from USD 525.2 million to USD 517.3 million. Earnings per share from continuing operations rose to USD 2.26 for basic earnings and USD 2.23 for diluted earnings. This compares with USD 2.19 and USD 2.14 respectively last year.
Lower performance at Capri Holdings
Capri Holdings Limited also announced its results for the third quarter and nine months ended December 30, 2023. After a slowing second quarter, the company, which owns the Jimmy Choo, Versace and Michael Kors brands, reported sales of 1,427 million USD, down from 1,512 million USD in 2022. Net income fell to 105 million USD, versus 225 million USD in 2022. Earnings per share from continuing operations also fell, from USD 1.74 to USD 0.89 for basic earnings, and from USD 1.72 to USD 0.88 for diluted earnings.
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Read also>AMERICAN GROUP TAPESTRY ACQUIRES CAPRI, OWNER OF MICHAEL KORS
Featured photo : © Capri Holdings
