Coach parent Tapestry tops forecast on profit

Tapestry Inc. shares rose 4.6% in premarket trade Tuesday, after the owner of Coach, Kate Space and Stuart Weitzman brands beat profit estimates for its fiscal first quarter. The company said it had net income of $20 million, or 7 cents a share, in the quarter, down from $122 millin, or 42 cents a share, in the year-earlier period. Adjusted per-share earnings came to 40 cents, ahead of the 36 cents FactSet consensus. Sales fell to $1.36 billion from $1.38 billion, just below the $1.37 billion FactSet consensus. Sales at Coach rose 1% to $966 million, Kate Spade sales fell 6% to $306 million and Stuart Weitzman sales fell 9% to $87 million. The company is expecting fiscal 2020 sales to rise in the low single digits, while EPS is expected to be roughly flat versus fiscal 2019. Shares have fallen 21% in 2019, while the S&P 500 has gained 23%.

Receive News & Ratings Via Email - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings with MarketBeat.com's FREE daily email newsletter.

#div-gpt-ad584-0 > div > iframe { width: 100% !important; min-width: 300px; max-width: 800px; }

Leave a Reply

Your email address will not be published. Required fields are marked *

*