Tapestry has reported its first quarter results for the 2023 financial year, with record revenues despite slow growth, reports ILM.

The company achieved net sales of US$1.51 billion in the period, up by 2% year-on-year. Excluding a currency impact due to the appreciation of the US$, Tapestry notes that revenue increased by more than 5%.

Net income for the first quarter of 2023 came in at US$195 million, a drop from a net income of US$227 million in the first quarter of 2022.

Tapestry noted a few key achievements for the quarter in its financial statement, including a sales increase of 11% at constant currency in international markets, including significant gains in other Asia, Japan and Europe, offsetting an 11% decline in Greater China.

Meanwhile, the company achieved a low single-digit increase in direct-to-consumer sales at constant currency, led by a high single-digit gain in store revenue as consumers continued to return to in-person shopping. Digital revenue increased by 35% and has more than tripled pre-pandemic 2019 levels.

Looking forward, Tapestry expects revenue of around US$6.5-6.6 billion in the full 2023 financial year, which represents a slight decline year-on-year.

Joanne Crevoiserat, CEO of Tapestry, said: “Our results exceeded expectations despite the more challenging backdrop, demonstrating the strength of our iconic brands, the agility of our operating model, and the consistent execution of our global teams.

“Moving forward, although the environment is uncertain, our foundation is strong and the clarity of our vision is unchanged. We will continue to be disciplined in advancing our strategic objectives through an unwavering focus on the consumer and a commitment to innovation.”