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.”