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Tapestry Inc TPR, the New York-based house of lifestyle brands consisting of Coach, Kate Spade, and Stuart Weitzman, reported a second-quarter FY23 sales decline of 5% year-on-year to $2.025 billion, marginally missing the analyst consensus of $2.03 billion.
Adjusted EPS of $1.33 beat the analyst consensus of $1.27.
Gross profit fell 4.7% Y/Y to $1.39 billion, with the margin expanding 50 basis points to 68.6%.
Operating margin contracted 100 basis points to 20.6%, and operating income for the quarter decreased 9.7% to $418 million.
Tapestry held $846 million in cash and equivalents as of Dec. 31, 2022.
Inventory at the end of Q2 rose 30.1% to $976 million. The company said it remains on track to end the fiscal year with inventory up single digits versus the prior year.
Tapestry is on track to repurchase $700 million in common stock in the current fiscal year. During the first six months of FY23, Tapestry spent $300 million to repurchase 8.4 million shares.
TPR continues to anticipate paying an annual dividend of $1.20 per share, representing a 20% increase compared to prior year, totaling approximately $300 million.
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