Luxury fashion company Tapestry Inc. (NYSE: TPR) has announced financial results for the second quarter of 2023, reporting a decline in sales.
At $2.03 billion, second-quarter net sales were down 5% year-over-year, with all three operating segments registering declines.
Meanwhile, net income increased to $329.9 million or $1.36 per share in the most recent quarter from $317.9 million or $1.15 per share in the prior year period.
“During the key holiday season – where brand magic, compelling product, and operational excellence are required to win with consumers – we outperformed expectations. To this end, we delivered record second-quarter earnings despite a challenging backdrop,” said Tapestry’s CEO Joanne Crevoiserat.
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