Tapestry (NYSE:TPR) Announces Quarterly Earnings Results, Beats Expectations By $0.14 EPS

Tapestry (NYSE:TPR) issued its earnings results on Thursday. The luxury accessories retailer reported $0.81 earnings per share for the quarter, topping analysts’ consensus estimates of $0.67 by $0.14, RTT News reports. Tapestry had a net margin of 13.80% and a return on equity of 41.75%. The company had revenue of $1.48 billion for the quarter, compared to analysts’ expectations of $1.50 billion. During the same period in the prior year, the company earned $0.78 earnings per share. The firm’s revenue was down 2.0% compared to the same quarter last year. Tapestry updated its FY24 guidance to $4.20-$4.25 EPS and its FY 2024 guidance to 4.200-4.250 EPS.

Tapestry Trading Up 3.2 %

Shares of TPR traded up $1.25 during midday trading on Thursday, hitting $40.23. The stock had a trading volume of 3,047,681 shares, compared to its average volume of 3,825,163. Tapestry has a fifty-two week low of $25.99 and a fifty-two week high of $48.80. The business has a 50-day simple moving average of $43.78 and a two-hundred day simple moving average of $38.63. The firm has a market cap of $9.23 billion, a P/E ratio of 9.83, a price-to-earnings-growth ratio of 0.81 and a beta of 1.61. The company has a current ratio of 6.25, a quick ratio of 5.68 and a debt-to-equity ratio of 2.90.

Tapestry Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, June 24th. Shareholders of record on Friday, June 7th will be issued a $0.35 dividend. This represents a $1.40 annualized dividend and a dividend yield of 3.48%. Tapestry’s payout ratio is 35.35%.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on TPR. Jefferies Financial Group lowered Tapestry from a “buy” rating to a “hold” rating and set a $50.00 price objective for the company. in a research report on Thursday, February 29th. OTR Global reaffirmed a “mixed” rating on shares of Tapestry in a report on Wednesday, April 17th. StockNews.com raised shares of Tapestry from a “hold” rating to a “buy” rating in a report on Thursday, April 18th. The Goldman Sachs Group increased their price objective on shares of Tapestry from $41.00 to $47.00 and gave the stock a “buy” rating in a report on Friday, February 9th. Finally, Evercore ISI raised shares of Tapestry from an “in-line” rating to an “outperform” rating and increased their price objective for the stock from $30.00 to $50.00 in a report on Monday, February 5th. Six investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat.com, Tapestry presently has an average rating of “Moderate Buy” and a consensus price target of $47.82.

Tapestry Company Profile

Tapestry, Inc provides luxury accessories and branded lifestyle products in the United States, Japan, Greater China, and internationally. The company operates in three segments: Coach, Kate Spade, and Stuart Weitzman. It offers women's handbags; and women's accessories, such as small leather goods which includes mini and micro handbags, money pieces, wristlets, pouches, and cosmetic cases, as well as novelty accessories including address books, time management and travel accessories, sketchbooks, and portfolios; and belts, key rings, and charms.