Fashion group Tapestry delivered strong results for the third quarter of fiscal 2025, which prompted the company to raise its full-year outlook.
Net sales for the quarter reached US$1.58 billion, marking a 7% increase compared to the same period last year, or 8% on a constant currency basis.
The Coach brand had sales growth of 13% on a reported basis for the quarter, reaching US$1.29 billion. Meanwhile, Kate Spade had a decline of 13% to US$244.9 million and Stuart Weitzman was down 18% to US$46.2 million.
In North America, revenue grew 9% to US$951.7 million, while in Greater China the result was up 3% to US$278.9 million. Japan had a decline of 8% to US$138.2 million, and Other Asia saw an improvement of 11% to US$93.9 million. Europe grew by 32% in the quarter to US$92.9 million and Other dropped 9% to US$29 million.
Gross profit rose to US$1.21 billion, with gross margin improving to 76.1% from 74.7% the previous year, supported by operational improvements. Net income rose to US$203 million on a GAAP basis, with earnings per diluted share of US$0.95.
Following this, Tapestry has raised its outlook for the full fiscal year. The company now expects revenue of approximately US$6.95 billion, representing 4% growth versus the prior year, ahead of its earlier forecast of 3%.
CEO Joanne Crevoiserat said: “We accelerated top and bottom-line growth and raised our outlook for the fiscal year, demonstrating the power of brand building and our connections with consumers around the world.
“While the external backdrop is complex, our vision remains clear. We maintain a bias for action and will harness our competitive advantages to adapt and win in any environment. We are confident in our future and the meaningful opportunity to deliver durable growth and shareholder value.”
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