Tapestry Inc (NYSE:TPR) Expected to Post Quarterly Sales of $1.37 Billion

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Equities research analysts expect Tapestry Inc (NYSE:TPR) to report sales of $1.37 billion for the current quarter, according to Zacks. Seven analysts have issued estimates for Tapestry’s earnings, with estimates ranging from $1.35 billion to $1.38 billion. Tapestry reported sales of $1.38 billion during the same quarter last year, which would suggest a negative year over year growth rate of 0.7%. The company is expected to report its next quarterly earnings report on Tuesday, October 29th.

On average, analysts expect that Tapestry will report full year sales of $6.14 billion for the current fiscal year, with estimates ranging from $6.09 billion to $6.19 billion. For the next year, analysts expect that the firm will report sales of $6.36 billion, with estimates ranging from $6.27 billion to $6.46 billion. Zacks Investment Research’s sales averages are an average based on a survey of research analysts that cover Tapestry.

Tapestry (NYSE:TPR) last issued its quarterly earnings data on Thursday, August 15th. The luxury accessories retailer reported $0.61 earnings per share for the quarter, hitting the consensus estimate of $0.61. The business had revenue of $1.51 billion during the quarter, compared to analysts’ expectations of $1.53 billion. Tapestry had a net margin of 10.68% and a return on equity of 21.64%. The business’s revenue was up 2.0% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.60 EPS.

Several equities research analysts recently issued reports on TPR shares. Piper Jaffray Companies lowered shares of Tapestry from an “overweight” rating to a “neutral” rating and decreased their price target for the company from $40.00 to $23.00 in a report on Friday, August 16th. CIBC reaffirmed a “market perform” rating on shares of Tapestry in a report on Friday, August 16th. KeyCorp decreased their price target on shares of Tapestry from $42.00 to $30.00 and set an “overweight” rating on the stock in a report on Friday, August 16th. Morgan Stanley decreased their price target on shares of Tapestry from $37.00 to $23.00 and set an “equal weight” rating on the stock in a report on Friday, August 16th. Finally, Wells Fargo & Co lifted their price target on shares of Tapestry from $26.00 to $30.00 and gave the company an “outperform” rating in a report on Friday. One research analyst has rated the stock with a sell rating, fourteen have issued a hold rating and seventeen have given a buy rating to the company. Tapestry has a consensus rating of “Buy” and an average price target of $35.25.

Several institutional investors have recently added to or reduced their stakes in the stock. FMR LLC lifted its position in shares of Tapestry by 100.4% during the 1st quarter. FMR LLC now owns 13,959,794 shares of the luxury accessories retailer’s stock valued at $453,553,000 after acquiring an additional 6,994,567 shares during the period. American Century Companies Inc. raised its holdings in Tapestry by 4.7% during the first quarter. American Century Companies Inc. now owns 6,216,778 shares of the luxury accessories retailer’s stock worth $201,983,000 after buying an additional 280,937 shares during the last quarter. Caisse DE Depot ET Placement DU Quebec raised its holdings in Tapestry by 28.5% during the second quarter. Caisse DE Depot ET Placement DU Quebec now owns 5,326,188 shares of the luxury accessories retailer’s stock worth $169,000,000 after buying an additional 1,182,774 shares during the last quarter. Prudential Financial Inc. raised its holdings in Tapestry by 347.2% during the second quarter. Prudential Financial Inc. now owns 4,946,057 shares of the luxury accessories retailer’s stock worth $156,938,000 after buying an additional 3,840,023 shares during the last quarter. Finally, Geode Capital Management LLC raised its holdings in Tapestry by 19.7% during the fourth quarter. Geode Capital Management LLC now owns 4,398,352 shares of the luxury accessories retailer’s stock worth $148,221,000 after buying an additional 725,349 shares during the last quarter. Institutional investors own 88.52% of the company’s stock.

Shares of NYSE:TPR traded up $0.33 during midday trading on Monday, hitting $25.51. The stock had a trading volume of 5,888,280 shares, compared to its average volume of 4,854,981. The company’s 50-day moving average price is $24.62 and its 200-day moving average price is $29.84. The company has a market capitalization of $7.34 billion, a P/E ratio of 9.93, a price-to-earnings-growth ratio of 1.02 and a beta of 0.98. The company has a quick ratio of 1.94, a current ratio of 2.79 and a debt-to-equity ratio of 0.46. Tapestry has a fifty-two week low of $18.54 and a fifty-two week high of $51.29.

The business also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Friday, September 6th will be given a dividend of $0.338 per share. This represents a $1.35 dividend on an annualized basis and a dividend yield of 5.30%. The ex-dividend date of this dividend is Thursday, September 5th. This is an increase from Tapestry’s previous quarterly dividend of $0.34. Tapestry’s payout ratio is presently 52.53%.

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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