Tapestry, Inc. stock research
FY2024 Q2
Tapestry (TPR) Gross Margin — Quarter Ended Dec 30, 2023
Revenue and gross profit both increased compared to the prior quarter and the same quarter last year. Gross margin improved year-over-year but weakened slightly from the prior quarter.
Gross margin takeaway
Quarter ended Dec 30, 2023 · FY2024 Q2
Revenue and gross profit both increased compared to the prior quarter and the same quarter last year. Gross margin improved year-over-year but weakened slightly from the prior quarter.
- Year-over-year, revenue was higher and cost of revenue was lower, resulting in a higher gross margin. Sequentially, revenue and cost of revenue were both higher, with gross margin slightly lower.
- Gross margin was lower than the prior quarter and higher than the same quarter last year.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
71.6%
Gross profit
$1.5B
Revenue
$2.1B
Cost of revenue
$591.3M
Quarter-over-quarter change
-0.9 pts
Year-over-year change
+3.0 pts
Quarterly gross margin trend
A four-quarter view of the revenue and direct-cost bridge behind gross margin.
| Period | Revenue | Gross profit | Cost of revenue | Gross margin |
|---|---|---|---|---|
| Apr 1, 2023 | $1.5B | $1.1B | $411.2M | 72.8% |
| Jul 1, 2023 | $1.6B | $1.2B | $446.8M | 72.4% |
| Sep 30, 2023 | $1.5B | $1.1B | $415.5M | 72.5% |
| Dec 30, 2023 | $2.1B | $1.5B | $591.3M | 71.6% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Sep 30, 2023
-0.9 pts
Year-over-year change
Dec 31, 2022
+3.0 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
Year-over-year, revenue was higher and cost of revenue was lower, resulting in a higher gross margin. Sequentially, revenue and cost of revenue were both higher, with gross margin slightly lower.
Gross margin was lower than the prior quarter and higher than the same quarter last year.
Monitor the relationship between revenue growth and cost of revenue growth in upcoming quarters.