Tapestry (NYSE:TPR) Posts Quarterly Earnings Results, Meets Expectations

Tapestry (NYSE:TPR) released its earnings results on Thursday. The luxury accessories retailer reported $0.61 EPS for the quarter, hitting the consensus estimate of $0.61, Briefing.com reports. Tapestry had a return on equity of 22.08% and a net margin of 11.78%. The business had revenue of $1.51 billion during the quarter, compared to analysts’ expectations of $1.53 billion. During the same quarter last year, the firm posted $0.60 earnings per share. The firm’s revenue was up 2.0% on a year-over-year basis.

Tapestry stock traded up $0.32 during mid-day trading on Friday, reaching $19.77. 3,948,067 shares of the company’s stock were exchanged, compared to its average volume of 3,439,634. The business’s fifty day simple moving average is $29.54 and its 200 day simple moving average is $31.77. The firm has a market capitalization of $7.75 billion, a PE ratio of 7.52, a P/E/G ratio of 0.88 and a beta of 0.88. Tapestry has a one year low of $18.54 and a one year high of $52.49. The company has a quick ratio of 1.86, a current ratio of 2.67 and a debt-to-equity ratio of 0.45.

A number of brokerages have commented on TPR. Cowen reissued a “buy” rating and issued a $22.00 price objective (down previously from $34.00) on shares of Tapestry in a research note on Friday. Needham & Company LLC reissued a “buy” rating and issued a $35.00 price objective (down previously from $42.00) on shares of Tapestry in a research note on Friday. UBS Group raised their price objective on Tapestry from $50.00 to $51.00 and gave the company a “buy” rating in a research note on Friday, May 10th. CIBC restated a “market perform” rating on shares of Tapestry in a report on Friday. Finally, Piper Jaffray Companies lowered Tapestry from an “overweight” rating to a “neutral” rating and dropped their target price for the company from $40.00 to $23.00 in a report on Friday. One equities research analyst has rated the stock with a sell rating, thirteen have given a hold rating and seventeen have assigned a buy rating to the company’s stock. The company has an average rating of “Buy” and an average price target of $40.22.



In related news, Director Annabelle Yu Long sold 3,229 shares of Tapestry stock in a transaction on Wednesday, June 12th. The stock was sold at an average price of $28.93, for a total transaction of $93,414.97. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Darrell Cavens purchased 7,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 28th. The shares were acquired at an average price of $30.01 per share, for a total transaction of $210,070.00. The disclosure for this purchase can be found here. Company insiders own 0.70% of the company’s stock.

Institutional investors have recently modified their holdings of the stock. Dimensional Fund Advisors LP increased its position in Tapestry by 20.4% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,985,890 shares of the luxury accessories retailer’s stock worth $67,026,000 after buying an additional 336,879 shares during the last quarter. Geode Capital Management LLC increased its position in Tapestry by 19.7% in 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. Retirement Systems of Alabama increased its position in Tapestry by 22.1% in the first quarter. Retirement Systems of Alabama now owns 579,123 shares of the luxury accessories retailer’s stock worth $18,816,000 after buying an additional 104,793 shares during the last quarter. Sciencast Management LP increased its position in Tapestry by 44.9% in the first quarter. Sciencast Management LP now owns 22,900 shares of the luxury accessories retailer’s stock worth $761,000 after buying an additional 7,100 shares during the last quarter. Finally, Quantitative Systematic Strategies LLC purchased a new stake in Tapestry in the first quarter worth $275,000. Institutional investors and hedge funds own 87.42% of the company’s stock.

About Tapestry

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.

Featured Story: Rule of 72

Earnings History for Tapestry (NYSE:TPR)

Receive News & Ratings for Tapestry Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Tapestry and related companies with MarketBeat.com's FREE daily email newsletter.