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Tapestry Q3 Earnings Hit By Challenging Consumer, Capri Deal Costs

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Tapestry Q3 2024 net earnings were pushed down by professional and financing costs tied to the contested acquisition of Capri.

Tapestry’s third-quarter net income slipped 25.3 percent to $139.4 million, or 60 cents a share, from $186.7 million, or 78 cents, a year earlier.

Revenues for the three months ended March 30 decreased 1.8 percent to $1.48 billion from $1.51 billion amid what the company described as “a challenging consumer backdrop” in North America. The topline forecast for the year was also trimmed. Tapestry’s digital sales made up more than a quarter of the company’s overall sales and have more than tripled since before the pandemic.

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