Tapestry (NYSE:TPR) Releases Earnings Results

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

Tapestry Trading Up 3.6 %

NYSE TPR opened at $40.37 on Friday. Tapestry has a one year low of $25.99 and a one year high of $48.80. The company has a debt-to-equity ratio of 2.90, a current ratio of 6.25 and a quick ratio of 5.68. The firm has a market cap of $9.26 billion, a P/E ratio of 10.19, a P/E/G ratio of 0.81 and a beta of 1.61. The stock’s 50-day moving average is $43.64 and its 200-day moving average is $38.64.

Tapestry Dividend Announcement

The firm also recently declared 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 (DPR) is currently 35.35%.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the company. Raymond James increased their price objective on Tapestry from $40.00 to $44.00 and gave the company an “outperform” rating in a research report on Tuesday, January 30th. The Goldman Sachs Group upped their target price 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. Telsey Advisory Group reaffirmed an “outperform” rating and issued a $54.00 target price on shares of Tapestry in a research note on Thursday. StockNews.com raised shares of Tapestry from a “hold” rating to a “buy” rating in a research note on Thursday, April 18th. Finally, Bernstein Bank raised their price objective on shares of Tapestry from $46.00 to $48.00 in a research note on Thursday. Six research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price 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.