Tapestry (NYSE:TPR) Posts Earnings Results, Beats Expectations By $0.36 EPS

Tapestry (NYSE:TPR) announced its quarterly earnings results on Thursday. The luxury accessories retailer reported $0.58 EPS for the quarter, beating the Zacks’ consensus estimate of $0.22 by $0.36, MarketWatch Earnings reports. Tapestry had a positive return on equity of 9.65% and a negative net margin of 13.14%. The firm had revenue of $1.17 billion for the quarter, compared to analyst estimates of $1.06 billion. During the same period last year, the firm posted $0.40 earnings per share. The business’s revenue for the quarter was down 13.8% on a year-over-year basis.

NYSE:TPR opened at $22.73 on Friday. Tapestry has a one year low of $10.18 and a one year high of $30.40. The company has a debt-to-equity ratio of 0.70, a quick ratio of 1.04 and a current ratio of 1.47. The firm has a market cap of $6.30 billion, a price-to-earnings ratio of -9.63, a PEG ratio of 1.16 and a beta of 1.32. The firm’s fifty day moving average is $18.03 and its two-hundred day moving average is $15.17.

A number of analysts have recently commented on TPR shares. UBS Group lifted their price target on Tapestry from $14.00 to $15.00 and gave the company a “neutral” rating in a research note on Monday, August 10th. Piper Sandler upgraded Tapestry from a “neutral” rating to an “overweight” rating and raised their price objective for the stock from $20.00 to $26.00 in a research report on Monday, September 21st. Zacks Investment Research upgraded Tapestry from a “hold” rating to a “buy” rating and set a $17.00 price objective for the company in a research report on Tuesday, August 18th. Evercore ISI upgraded Tapestry from an “in-line” rating to an “outperform” rating and set a $25.00 price objective for the company in a research report on Friday, August 14th. Finally, Exane BNP Paribas assumed coverage on Tapestry in a research report on Thursday, September 10th. They set an “outperform” rating and a $24.00 price objective for the company. Eleven research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus target price of $22.09.

In other news, Director John P. Bilbrey bought 12,980 shares of the stock in a transaction dated Wednesday, August 19th. The shares were acquired at an average cost of $15.27 per share, with a total value of $198,204.60. Following the purchase, the director now directly owns 33,756 shares in the company, valued at approximately $515,454.12. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. 1.40% of the stock is currently owned by corporate insiders.

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.

Further Reading: Bond

Earnings History for Tapestry (NYSE:TPR)

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