TPR Earnings: Highlights of Tapestry’s Q1 2024 financial results

Tapestry Inc. (NYSE: TPR), a leading luxury fashion company, on Thursday reported an increase in adjusted earnings for the first quarter of 2024 when sales remained almost unchanged year-over-year.

Adjusted net income was $0.93 per share in the September quarter, higher than the $0.79/share profit reported in the corresponding period of 2023. Unadjusted net income came in at $195 million or $0.84 per share in Q1, vs. $195.3 million or $0.79 per share in the prior-year period.

The company generated $1.51 billion in net sales during the three-month period, which is broadly unchanged from the prior-year quarter. It achieved International revenue growth of 7% at constant currency, fueled by gains in Japan and Greater China.

Joanne Crevoiserat, Tapestry’s CEO, said, “We achieved record first-quarter revenue and EPS as we continued to successfully advance our strategic growth agenda against a dynamic external backdrop. Our strong and consistent results demonstrate the power of brand building and customer centricity, underpinned by the creativity of our talented global teams and disciplined execution.”

Prior Performance