Luxury fashion company Tapestry Inc. (NYSE: TPR) has announced financial results for the fourth quarter of 2023, reporting sales that remained unchanged from last year.
At $1.62 billion, June-quarter net sales were unchanged year-over-year, with lower sales at Kate Spade and Stuart Weitzman offsetting a modest growth in the core Coach division.
Meanwhile, net income increased in double digits to $224.1 million or $0.95 per share in the most recent quarter from $188.8 million or $0.75 per share in the prior year period.
“By bringing together six iconic brands with a heritage in design and craftsmanship, and leveraging our modern consumer engagement platform, we will drive greater innovation, consumer connectivity, and cultural relevance, creating superior value for our consumers, employees, communities, and shareholders around the world,” said Tapestry’s CEO Joanne Crevoiserat.