, owner of ,, and brands reported net income of 217 million dollars, with earnings per diluted share of 92 cents. Analysts surveyed by Bloomberg expected the company to report earnings per share of 88 cents. The company’s net sales of 1.59 billion dollars, declined by 2 percent on a reported basis for the fourth quarter.
Commenting on the trading results, Joanne Crevoiserat, chief executive officer of Tapestry said: “Our fourth quarter results exceeded expectations, capping a successful year. Through an unwavering focus on powering innovation and consumer connections, we meaningfully advanced our strategic agenda in fiscal year 2024, delivering strong financial results against a dynamic backdrop.”
Net sales for the full year were 6.67 billion dollars compared to 6.66 billion dollars in the prior year. Excluding a headwind of approximately 110 basis points from currency, revenue increased 1 percent. Gross profit for the year totaled 4.89 billion dollars, while gross margin was 73.3 percent. Operating income was 1.14 billion dollars on a reported basis, while operating margin was 17.1 percent.
The company’s net income was 816 million dollars, with earnings per diluted share of 3.50 dollars. Tapestry’s board of directors approved the return of 321 million dollars to shareholders in fiscal 2024 through dividend payments, for an annual dividend rate of 1.40 dollars per common share, which represented an increase of 17 percent versus prior year and a dividend payout ratio of 39 percent on a reported basis.
Tapestry expects to report fiscal 2025 revenue in the area of 6.7 billion dollars, representing growth compared to the prior year on a reported basis. On a constant currency basis, revenue is expected to increase approximately 1 percent versus prior year. Operating margin is expected to expand in the area of 50 basis points and earnings per diluted share of 4.45 dollars to 4.50 dollars, representing mid-single digit growth compared to the prior year.
In fiscal 2025, Tapestry expects to maintain its annual dividend rate of 1.40 dollars per common share. The company’s board declared a quarterly cash dividend of 35 cents per common share payable on September 23, 2024, to shareholders of record as of the close of business on September 6, 2024.
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