Tapestry, Inc. stock research
FY2024 Q4
Tapestry (TPR) Gross Margin — Quarter Ended Jun 29, 2024
Revenue and gross profit were broadly stable compared to the prior quarter and the same quarter last year. Cost of revenue decreased versus last year, which contributed to a stronger gross margin.
Gross margin takeaway
Quarter ended Jun 29, 2024 · FY2024 Q4
Revenue and gross profit were broadly stable compared to the prior quarter and the same quarter last year. Cost of revenue decreased versus last year, which contributed to a stronger gross margin.
- Gross margin improved year over year, supported by a lower cost of revenue relative to revenue. The margin was also slightly higher than the immediately preceding quarter.
- Compared to the prior quarter, revenue and gross profit were slightly higher while gross margin showed a minor improvement. Versus the same quarter last year, revenue was comparable, gross profit was comparable, and gross margin was higher due to a lower cost of revenue.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
74.9%
Gross profit
$1.2B
Revenue
$1.6B
Cost of revenue
$399.9M
Quarter-over-quarter change
+0.2 pts
Year-over-year change
+2.5 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 |
|---|---|---|---|---|
| Sep 30, 2023 | $1.5B | $1.1B | $415.5M | 72.5% |
| Dec 30, 2023 | $2.1B | $1.5B | $591.3M | 71.6% |
| Mar 30, 2024 | $1.5B | $1.1B | $375.0M | 74.7% |
| Jun 29, 2024 | $1.6B | $1.2B | $399.9M | 74.9% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Mar 30, 2024
+0.2 pts
Year-over-year change
Jul 1, 2023
+2.5 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
Gross margin improved year over year, supported by a lower cost of revenue relative to revenue. The margin was also slightly higher than the immediately preceding quarter.
Compared to the prior quarter, revenue and gross profit were slightly higher while gross margin showed a minor improvement. Versus the same quarter last year, revenue was comparable, gross profit was comparable, and gross margin was higher due to a lower cost of revenue.
Monitor the trajectory of cost of revenue, as its year-over-year decline was the key factor behind gross margin expansion.