Stock Slides 2.4%
Tapestry Inc.’s stock (TPR, -3.00%) slid 2.4% in premarket trade Thursday following disappointing earnings results for the company’s fiscal fourth quarter. As the parent company of Coach, Kate Spade, and Stuart Weitzman, Tapestry Inc. reported net income of $224 million, or 95 cents a share, for the quarter ending on July 1. This represents an increase from $189 million, or 75 cents a share, in the same period last year.
Sales Fall Slightly
Despite the increase in net income, sales for the quarter fell slightly to $1.619 billion from $1.625 billion in the previous year. This performance failed to meet analysts’ expectations, with the FactSet consensus projecting earnings per share (EPS) of 97 cents and sales of $1.653 billion.
Future Outlook
Furthermore, Tapestry Inc. provided guidance for fiscal 2024, stating their expectation of EPS between $4.10 and $4.15, with revenue approaching $6.9 billion. However, the FactSet consensus foresees higher EPS of $4.22 and the same revenue estimate.
Stock Performance
Year-to-date, Tapestry Inc.’s stock has experienced a 10% decrease, contrary to the S&P 500’s gain of 15% during the same period.
Tapestry Inc.’s shares are traded under the ticker symbol TPR (-3.00%).
