Narrow-Moat Tapestry's First-Quarter Results on Track; Kate Spade Sustainability Is Still a Concern
Narrow-moat Tapestry’s first-quarter results showed continued progress on its Kate Spade integration. More specifically, sales grew 7% (outpacing our 2% full-year estimate) while gross margin expanded 170 basis points to 67.8% (in line with our 67.9% full-year forecast). This differential resulted entirely from the outperformance in Kate Spade (about 20% of sales) that grew 21% versus our assumption of flat. However, we posit most of these gains were a result of the firm’s efforts to consolidate...Tapestry is a lifestyle company. The company's primary product offerings, manufactured by third-party suppliers, include women's and men's bags, small leather goods, footwear, ready-to-wear including outerwear, watches, weekend and travel accessories, scarves, eyewear, fragrance, jewelry and other lifestyle products. The company has three reportable segments: Coach, which includes sales of Coach brand products to customers through Coach operated stores; Kate Spade, which includes sales primarily of Kate Spade New York brand products to customers through Kate Spade operated stores; and Stuart Weitzman, which includes sales of Stuart Weitzman brand products primarily through Stuart Weitzman operated stores.
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