Tapestry (NYSE:TPR) Posts Earnings Results, Beats Expectations By $0.14 EPS

Tapestry (NYSE:TPR) posted its earnings results on Thursday. The luxury accessories retailer reported $0.81 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.67 by $0.14, RTT News reports. The firm had revenue of $1.48 billion for the quarter, compared to analysts’ expectations of $1.50 billion. Tapestry had a return on equity of 41.75% and a net margin of 13.80%. The business’s revenue was down 2.0% compared to the same quarter last year. During the same period in the previous year, the firm 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 Stock Performance

TPR stock traded up $1.25 during midday trading on Thursday, reaching $40.23. 3,047,681 shares of the company’s stock traded hands, compared to its average volume of 3,825,163. The stock’s 50-day moving average is $43.78 and its 200 day moving average is $38.63. The stock has a market cap of $9.23 billion, a P/E ratio of 9.83, a PEG ratio of 0.81 and a beta of 1.61. Tapestry has a 52-week low of $25.99 and a 52-week high of $48.80. The company has a current ratio of 6.25, a quick ratio of 5.68 and a debt-to-equity ratio of 2.90.

Tapestry Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 24th. Investors of record on Friday, June 7th will be given a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 3.48%. Tapestry’s dividend payout ratio (DPR) is 35.35%.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on TPR. Telsey Advisory Group reaffirmed an “outperform” rating and set a $54.00 target price on shares of Tapestry in a research note on Thursday. Bernstein Bank increased their target price on Tapestry from $46.00 to $48.00 in a research report on Thursday. Raymond James lifted their price target 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 price target on Tapestry from $41.00 to $47.00 and gave the stock a “buy” rating in a research note on Friday, February 9th. Finally, StockNews.com upgraded shares of Tapestry from a “hold” rating to a “buy” rating in a report on Thursday, April 18th. Six research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat.com, Tapestry has an average rating of “Moderate Buy” and a consensus price target 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.