The company's flagship Coach brand added 4 million customers last year, many of them Millennials and Gen Z.
As a result, earnings per share in the quarter increased 8 percent and non-GAAP EPS jumped 20 percent from 2021 and 29 percent ahead of the pre-pandemic period in 2019.
In the fiscal year, the company gained 7.7 million new customers in North America, an increase of 10 percent over the prior year and the average spend per customer was higher. Looking ahead to fiscal 2023, Tapestry is projecting sales of $6.9 billion, an increase of 3 to 4 percent and EPS of $3.80 to $3.90, which would represent double-digit growth compared to the prior year.
The men’s assortment as a whole — specifically footwear — “delivered outsized gains” in the period and going forward “these will be important growth vehicles for Coach by increasing brand heat and top-line momentum to drive customer recruitment, purchase frequency and overall basket size.” In addition to bags, the brand posted double-digit growth in rtw, footwear and jewelry in the period, she said, and digital now represents one-third of overall sales, up from 20 percent three years ago.
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