Tapestry (TPR) Releases Earnings Results, Beats Expectations By $0.03 EPS

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Tapestry (NYSE:TPR) posted its earnings results on Tuesday. The luxury accessories retailer reported $0.48 EPS for the quarter, beating the Zacks’ consensus estimate of $0.45 by $0.03, MarketWatch Earnings reports. Tapestry had a return on equity of 24.76% and a net margin of 6.76%. The firm had revenue of $1.38 billion for the quarter, compared to analysts’ expectations of $1.35 billion. During the same period last year, the firm earned $0.42 EPS. The company’s quarterly revenue was up 7.2% on a year-over-year basis. Tapestry updated its FY 2019 guidance to $2.75-2.80 EPS and its FY19 guidance to $2.75-2.80 EPS.

Tapestry stock traded down $0.06 during midday trading on Tuesday, reaching $40.74. The company had a trading volume of 159,593 shares, compared to its average volume of 3,467,889. The firm has a market capitalization of $11.94 billion, a PE ratio of 15.44, a P/E/G ratio of 1.27 and a beta of 0.43. Tapestry has a 12-month low of $39.60 and a 12-month high of $55.50. The company has a current ratio of 2.59, a quick ratio of 1.87 and a debt-to-equity ratio of 0.49.

The business also recently declared a quarterly dividend, which was paid on Monday, October 1st. Investors of record on Friday, September 7th were paid a $0.3375 dividend. This represents a $1.35 dividend on an annualized basis and a yield of 3.31%. The ex-dividend date of this dividend was Thursday, September 6th. Tapestry’s dividend payout ratio is presently 51.33%.

In other Tapestry news, Director Ivan Menezes sold 2,068 shares of the firm’s stock in a transaction that occurred on Friday, August 31st. The shares were sold at an average price of $50.70, for a total value of $104,847.60. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Ian Bickley sold 48,071 shares of the firm’s stock in a transaction that occurred on Monday, August 20th. The stock was sold at an average price of $52.13, for a total transaction of $2,505,941.23. The disclosure for this sale can be found here. Insiders sold a total of 50,602 shares of company stock worth $2,633,939 over the last ninety days. 0.70% of the stock is currently owned by corporate insiders.

A number of equities research analysts have recently commented on TPR shares. Goldman Sachs Group set a $61.00 target price on Tapestry and gave the company a “buy” rating in a research report on Wednesday, August 15th. Canaccord Genuity dropped their target price on Tapestry to $55.00 and set a “buy” rating on the stock in a research report on Monday, August 13th. Needham & Company LLC upgraded Tapestry from a “hold” rating to a “buy” rating and set a $50.00 target price on the stock in a research report on Tuesday, October 16th. They noted that the move was a valuation call. KeyCorp raised their target price on Tapestry from $59.00 to $62.00 and gave the company an “overweight” rating in a research report on Wednesday, August 15th. Finally, Zacks Investment Research upgraded Tapestry from a “sell” rating to a “hold” rating in a research report on Friday, August 17th. Ten equities research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the stock. The company presently has an average rating of “Buy” and an average price target of $56.16.

Tapestry Company Profile

Tapestry, Inc provides luxury accessories and lifestyle brands in the United States, Japan, China, Hong Kong, Macau, East Asia, Europe, Canada, Taiwan, South Korea, Malaysia, and Singapore. It operates through three segments: Coach, Kate Spade, and Stuart Weitzman. The company offers handbags, wallets, money pieces, wristlets and cosmetic cases, key rings, and charms, as well as address books, time management accessories, travel accessories, sketchbooks, and portfolios for women; and business cases, computer bags, messenger-style bags, backpacks, totes, wallets, card cases, travel organizers, belts, footwear, watches, sunglasses, novelty accessories, and ready-to-wear for men.

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Earnings History for Tapestry (NYSE:TPR)

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