Coach, Kate Spade parent's stock drops after revenue comes up short, to offset a profit beat

Dow Jones05-09

MW Coach, Kate Spade parent's stock drops after revenue comes up short, to offset a profit beat

Shares of Tapestry Inc. (TPR) dropped 2.2% toward a four-month low in premarket trading Thursday, after the fashion company reported fiscal third-quarter revenue that fell a bit short, as the Coach brand's in line sales was offset by misses by Kate Spade and Stuart Weitzman. Net income for the quarter to March 30 fell to $139.4 million, or 60 cents a share, from $186.7 million, or 78 cents a share, in the same period a year ago. Excluding nonrecurring items, such as acquisition costs, adjusted earnings per share of 81 cents beat the FactSet consensus of 68 cents. But sales slipped 1.8% to $1.48 billion to miss the FactSet consensus of $1.50 billion. Coach sales inched up 0.1% to $1.15 billion to match the FactSet consensus of $1.15 billion, while Kate Spade sales fell 5.6% to $280.7 million to miss expectations of $284 million. Stuart Weitzman sales slumped 17.9% to $56.1 million, well below expectations of $64.9 million. For the full fiscal year, the company kept its outlook for EPS unchanged at $4.20 to $4.25, but trimmed its revenue outlook to "over" $6.6 billion from "approximately" $6.7 billion. The stock has gained 5.9% year to date through Wednesday, while the S&P 500 has advanced 8.8%.

-Tomi Kilgore

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May 09, 2024 07:00 ET (11:00 GMT)

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Net income for the quarter to March 30 fell to $139.4 million, or 60 cents a share, from $186.7 million, or 78 cents a share, in the same period a year ago. Excluding nonrecurring items, such as acquisition costs, adjusted earnings per share of 81 cents beat the FactSet consensus of 68 cents. But sales slipped 1.8% to $1.48 billion to miss the FactSet consensus of $1.50 billion. Coach sales inched up 0.1% to $1.15 billion to match the FactSet consensus of $1.15 billion, while Kate Spade sales fell 5.6% to $280.7 million to miss expectations of $284 million. Stuart Weitzman sales slumped 17.9% to $56.1 million, well below expectations of $64.9 million. For the full fiscal year, the company kept its outlook for EPS unchanged at $4.20 to $4.25, but trimmed its revenue outlook to \"over\" $6.6 billion from \"approximately\" $6.7 billion. 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(TPR) dropped 2.2% toward a four-month low in premarket trading Thursday,...</p>\n\n<a href=\"https://dowjonesnews.com/newdjn/logon.aspx?AL=N\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"TPR","symbol_name":"Tapestry Inc.","start_time":0,"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","article_id":"2434098639","we_media_id":"106","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2434098639","pubTimestamp":1715252400,"sourceInfo":null,"weMediaInfo":{"media_name":"Dow Jones","introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"summary":"This content was created by MarketWatch, which is operated by Dow Jones & Co. 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