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

Tapestry (NYSE:TPR - Get Free Report) announced its earnings results on Thursday. The luxury accessories retailer reported $0.81 EPS for the quarter, topping the consensus estimate of $0.67 by $0.14, RTT News reports. The firm had revenue of $1.48 billion for the quarter, compared to the consensus estimate of $1.50 billion. Tapestry had a net margin of 13.80% and a return on equity of 41.75%. The business's quarterly revenue was down 2.0% on a year-over-year basis. During the same period last year, the company posted $0.78 EPS. Tapestry updated its FY24 guidance to $4.20-$4.25 EPS and its FY 2024 guidance to 4.200-4.250 EPS.

Tapestry Stock Performance

Shares of NYSE TPR traded up $1.39 during mid-day trading on Thursday, reaching $40.37. 5,358,845 shares of the company were exchanged, compared to its average volume of 3,852,467. Tapestry has a twelve month low of $25.99 and a twelve month high of $48.80. The stock has a market capitalization of $9.26 billion, a P/E ratio of 9.83, a P/E/G ratio of 0.81 and a beta of 1.61. The company's 50-day simple moving average is $43.78 and its 200-day simple moving average is $38.63. The company has a quick ratio of 5.68, a current ratio of 6.25 and a debt-to-equity ratio of 2.90.

Tapestry Dividend Announcement

The business also recently disclosed 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 3.47%. Tapestry's dividend payout ratio is currently 35.35%.

Analyst Upgrades and Downgrades

Several research firms recently commented on TPR. The Goldman Sachs Group boosted their price objective on shares of Tapestry from $41.00 to $47.00 and gave the company a "buy" rating in a research report on Friday, February 9th. Wells Fargo & Company increased their price objective on Tapestry from $50.00 to $60.00 and gave the stock an "overweight" rating in a report on Friday, February 2nd. StockNews.com raised Tapestry from a "hold" rating to a "buy" rating in a research report on Thursday, April 18th. Telsey Advisory Group reiterated an "outperform" rating and issued a $54.00 price objective on shares of Tapestry in a report on Thursday. Finally, Raymond James increased their target price on shares of Tapestry from $40.00 to $44.00 and gave the stock an "outperform" rating in a report on Tuesday, January 30th. Six equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average 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.