Tapestry dips after trimming its revenue outlook amid challenges in North America

seekingalpha05-09

Tapestry (NYSE:TPR) reported revenue fell 2.0% year-over-year in FQ3 to $1.48B. Excluding a currency headwind of approximately 160 basis points, revenue was approximately even with the prior year. ...

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Excluding a currency headwind of approximately 160 basis points, revenue was approximately even with the prior year. ...</p>\n\n<a href=\"https://seekingalpha.com/news/4103590-tapestry-dips-after-trimming-its-revenue-outlook-amid-challenges-in-north-america\">Source Link</a>\n\n</div>\n","source":"seekingalpha","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Tapestry dips after trimming its revenue outlook amid challenges in North America</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTapestry dips after trimming its revenue outlook amid challenges in North America\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-05-09 19:56 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/news/4103590-tapestry-dips-after-trimming-its-revenue-outlook-amid-challenges-in-north-america><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Tapestry (NYSE:TPR) reported revenue fell 2.0% year-over-year in FQ3 to $1.48B. Excluding a currency headwind of approximately 160 basis points, revenue was approximately even with the prior year. ...</p>\n\n<a href=\"https://seekingalpha.com/news/4103590-tapestry-dips-after-trimming-its-revenue-outlook-amid-challenges-in-north-america\">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":"BK4202","symbol_name":"服装、服饰与奢侈品","start_time":0,"source_url":"https://seekingalpha.com/news/4103590-tapestry-dips-after-trimming-its-revenue-outlook-amid-challenges-in-north-america","article_id":"2434709928","we_media_id":null,"thumbnails":["https://static.seekingalpha.com/cdn/s3/uploads/getty_images/917844420/image_917844420.jpg"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2434709928","pubTimestamp":1715255810,"sourceInfo":{"source_id":"seekingalpha","name":"Seeking Alpha"},"weMediaInfo":null,"summary":"Tapestry (NYSE:TPR) reported revenue fell 2.0% year-over-year in FQ3 to $1.48B. 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Excluding a currency headwind of approximately 160 basis points, revenue was approximately even with the prior year. Revenue from the Coach segment was flat at $1.15B, while the Kate Spade segment saw a decline of 6% to $281M and the Stuart Weitzman segment recorded a drop of 18% to $56M. Tapestry (TPR) saw international revenue growth of 3% at constant currency during the quarter, which included gains in Europe (+19%), Other Asia (+15%), and Japan (+2%); as expected, sales in Greater China declined 2% compared to the prior year. Sales in North America fell 3% amid what was described as a challenging consumer backdrop. Tapestry's (TPR) gross margin rate improved to 74.7% of sales from 72.8% a year ago. Lower freight expense, FX tailwinds, and some operational improvements all helped to pad the margin line during the quarter. On a non-GAAP basis, operating income was $239M vs. $226M a year ago, while operating margin was 16.1% vs. 15.0% a year ago. On the balance sheet, Tapestry (TPR) ended the quarter with a cash position of $7.42B and total borrowings outstanding of $7.70B. The apparel giant's inventory position was $824M vs. $934M a year ago. Cash flow from operating activities for the quarter was an inflow of $98M, compared to an inflow of $112M in the prior year. Looking ahead, Tapestry (TPR) expects full-year revenue of over $6.6B, vs. a prior view for over $6.7B and $6.74B consensus. The New York-based company also sees EPS of $4.20 to $4.25 vs. $4.22 consensus. In terms of the FTC lawsuit to block the planned merger with Capri Holdings (CPRI), Tapestry (TPR) said it is confident in the merits and pro-competitive, pro-consumer nature of the transaction and looks forward to presenting its strong legal arguments in court, Tapestry (TPR) plans to work expeditiously to close the transaction in the calendar year. 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