Gross profit for the quarter increased by 7.5% to US$1.49 billion with a gross margin of 71.6%, while net income totalled US$322.3 million, up by 2.3%.

The net sales result for the first half of the year as a whole was US$3.6 billion, up by 1.9% year-on-year. Gross profit was up 6% to US$2.59 billion while net income totalled US$517.3 million, down 1.5%.

In the second quarter, Tapestry highlighted international revenue growth of 12% at constant currency, with increases of 19% in Greater China, 6% in Japan, 9% in Other Asia and 11% in Europe.

Coach achieved net sales growth of 6% year-on-year in the second quarter to US$1.54 billion, while first half sales were up by 5% to US$2.7 billion. Kate Spade had second quarter sales of US$460.4 million, down 6%, while first half sales were also down 6% to US$763.6 million. Finally, Stuart Weitzmann had a decline of 4% in the second quarter to US$82.2 million and 11% in the first half to US$134.8 million.

Tapestry announced in August 2023 that it had acquired fashion group Capri Holdings. This transaction is ongoing, subject to regulatory approvals, but the company is confident in its ability to complete the acquisition in the 2024 fiscal year.

Looking forward, the group expects revenue of US$6.7 billion in the full 2024 fiscal year, an outlook which includes no impacts or earnings from the acquisition of Capri Holdings.

Tapestry CEO Joanne Crevoiserat said: “Our second quarter results exceeded expectations, highlighting the power of brand building and disciplined execution. During the key holiday season, our passionate teams delivered for our customers, fuelling brand magic through innovative product, engaging storytelling, and operational excellence. Importantly, we drove record revenue and EPS, while advancing our strategic agenda. Based on these results, we are raising our EPS outlook for the fiscal year.”