Tapestry Q1 revenues increase 7 percent, updates outlook

American luxury and lifestyle company Tapestry said on Tuesday its Q1 revenue for 2018 rose by 7 percent, while net income for the quarter was 122 million US Dollars on a reported basis, with earnings per diluted share of 0.42 US Dollar compared to a reported net loss of 18 million US Dollars with loss per diluted share of 0.06 US Dollar in the prior year period.

The company’s sales in Q1 2018 were 1.38 billion US Dollars, up from 1.29 billion US Dollars a year earlier. The company continues to expect revenues for fiscal 2019 to increase at a mid-single-digit rate from fiscal 2018 to 6.1-6.2 billion US dollars and now projects earnings per diluted share in the range of 2.75 US Dollars-2.80 US Dollars, up from the previous guidance range of 2.70 US Dollars-2.80 US Dollars.

Tapestry Inc was founded in 1941 by Lillian Cahn and is based in New York, United States. Tapestry is a house of luxury lifestyle brands including names such as Coach, Kate Spade New York, and Stuart Weitzman under its portfolio.

Offering luxury accessories and clothing, the New York-listed company has about 5,000 employees worldwide and operates more than 300 stores.

For more recent news on the business, collections and executive changes of Tapestry Inc, click here.

Picture credit:Business Wire