Q1 2025 Tapestry Inc Earnings Call Transcript
Key Points
- Tapestry Inc (TPR) exceeded expectations for the first quarter, showcasing strong brand performance and operational excellence.
- The company achieved a record first-quarter gross margin, with a 280 basis point expansion compared to the prior year.
- Tapestry Inc (TPR) raised its full-year guidance, reflecting confidence in its growth strategies and shareholder value creation.
- The Coach brand delivered standout results with 2% constant currency revenue gains and significant margin expansion.
- The company acquired approximately 1.4 million new customers in North America, with over half being Gen Z and millennials, aligning with its strategy to attract younger consumers.
- North America revenue declined by 1% compared to last year, impacted by a planned decrease in wholesale.
- Greater China sales declined by 5%, although this was at the high end of the guidance range.
- Kate Spade's revenue declined as expected, and the company acknowledged the need for improved execution and brand-building efforts.
- Stuart Weitzman faced continued financial challenges, with softness in Greater China impacting results.
- The pending acquisition of Capri is facing legal challenges, with the US District Court granting the FTC's preliminary injunction, leading to an appeal by Tapestry Inc (TPR).
Well food, the two paper mobile banking back up. Okay. Moving over, please standby, your program is about to begin. You need assistance on today's conference, please press star zero.
Good day and welcome to this Tapestry conference call. Today's call is being recorded. At this time for opening remarks and introductions, I would like to turn the call over to the Global Head of Investor Relations, Christina Colone.
Good morning. Thank you for joining us with me today to discuss our first quarter results as well as our strategies and outlook are Joanne provider at Tapestry's Chief Executive Officer, and Scott Roe, Tapestry's Chief Financial Officer and Chief Operating Officer. Before we begin, we must point out that this conference call will involve Litigation Reform Act. This includes projections for our business in the current or future quarters or fiscal years.
Forward looking statements are not guarantees and our actual results may differ materially from those expressed or implied in the
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