Tapestry Inc. (NYSE: TPR), a leading luxury fashion company, on Thursday, reported a decrease in net sales and an increase in adjusted earnings for the third quarter of 2024.
- Q3 net income dropped to $139 million or $0.60 per share from $187 million or $0.78 per share in the third quarter of 2023
- Adjusted net income was $190 million or $0.81 per share in the March quarter, compared to $187 million or $0.78 per share last year
- Net sales were $1.48 billion in Q3, compared to $1.51 billion in the prior year period, a decline of 2% on a reported basis
- Excluding a currency headwind of approximately 160 basis points, sales were approximately even with the prior year
- Gross profit totaled $1.11 billion, while gross margin was 74.7%, vs. $1.10 billion and 72.8% respectively last year
- Operating income was $204 million while the operating margin was 13.8%; adjusted operating income and operating margin were $239 million 16.1% respectively
- Inventory totaled $824 million in Q3, which is below the prior year’s ending inventory of $934 million
- Cash flow from operating activities for Q3 was an inflow of $98 million, vs. an inflow of $112 million in the prior year
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