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tickers: TPR
source: Benzinga
tickers affected by this
| ticker | polarity | why? |
|---|---|---|
| TPR | positively | The positive second-quarter results, strong performance in the Coach brand, higher EPS outlook for FY24, and improved financial metrics like gross margin and operating income indicate a promising future for TPR. These factors are likely to drive investor confidence and lead to a positive impact on TPR’s share price. |
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summary
Tapestry Shares Soar On Strength In Coach Brand, FY24 EPS Outlook Raised
Tapestry, Inc. (TPR) saw its shares trading higher on Thursday following the release of its second-quarter results. The company reported quarterly revenue of $2.085 billion, marking a 3% growth compared to the prior year and surpassing street expectations of $2.05 billion.
Adjusting its earnings per share to $1.63, Tapestry exceeded analyst consensus of $1.46. The performance across its brands varied, with Coach brand sales climbing 6%, Kate Spade declining by 6%, and Stuart Weitzman dropping by 4% during the quarter.
The company’s gross profit reached $1.49 billion, up from $1.39 billion in the previous year, with a quarterly gross margin of 71.6%. This increase was supported by a 170 basis point improvement from lower freight expenses and operational enhancements.
Tapestry’s non-GAAP operating income surged to $476 million, surpassing the $418 million reported a year ago, resulting in an operating margin of 22.8% for the second quarter, up from 20.6% in the same period last year.
At the close of the quarter, Tapestry held $7.46 billion in cash and equivalents, alongside total borrowings of $7.74 billion. The company declared a quarterly cash dividend of 35 cents per common share, payable on March 25, 2024, to shareholders on record as of March 8, 2024.
Looking forward, Tapestry raised its 2024 adjusted earnings per share guidance from $4.10-$4.15 to $4.20-$4.25, outperforming the estimate of $4.12. It maintained its 2024 sales guidance at $6.70 billion compared to the $6.73 billion estimate.
As a result of these positive developments, Tapestry shares surged by 8.66% to $43.85 at the last check on Thursday.
Photo via Wikimedia Commons
