Tapestry (NYSE:TPR) Issues FY 2024 Earnings Guidance

Tapestry (NYSE:TPR) issued an update on its FY 2024 earnings guidance on Thursday morning. The company provided earnings per share guidance of 4.200-4.250 for the period, compared to the consensus earnings per share estimate of 4.220. The company issued revenue guidance of $6.6 billion-, compared to the consensus revenue estimate of $6.7 billion. Tapestry also updated its FY24 guidance to $4.20-$4.25 EPS.

Tapestry Stock Up 0.4 %

TPR stock traded up $0.14 during trading on Thursday, hitting $39.12. 818,852 shares of the company’s stock traded hands, compared to its average volume of 3,798,218. The company has a quick ratio of 5.68, a current ratio of 6.25 and a debt-to-equity ratio of 2.90. The firm has a market capitalization of $8.97 billion, a P/E ratio of 9.83, a PEG ratio of 0.81 and a beta of 1.61. The business has a fifty day simple moving average of $43.78 and a two-hundred day simple moving average of $38.63. Tapestry has a 1 year low of $25.99 and a 1 year high of $48.80.

Tapestry (NYSE:TPR) last posted its quarterly earnings data on Thursday, May 9th. The luxury accessories retailer reported $0.81 earnings per share for the quarter, topping analysts’ consensus estimates of $0.67 by $0.14. The firm had revenue of $1.48 billion during 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 quarterly revenue was down 2.0% on a year-over-year basis. During the same quarter last year, the firm earned $0.78 EPS. Sell-side analysts anticipate that Tapestry will post 4.23 EPS for the current year.

Tapestry Dividend Announcement

The company 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 $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a yield of 3.58%. Tapestry’s dividend payout ratio is currently 35.35%.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the company. OTR Global reiterated a mixed rating on shares of Tapestry in a research note on Wednesday, April 17th. The Goldman Sachs Group lifted their target price on shares of Tapestry from $41.00 to $47.00 and gave the stock a buy rating in a research note on Friday, February 9th. Telsey Advisory Group reissued an outperform rating and issued a $54.00 target price on shares of Tapestry in a research note on Thursday. Bernstein Bank upped their price target on Tapestry from $46.00 to $48.00 in a research report on Thursday. Finally, Raymond James lifted their price objective on Tapestry from $40.00 to $44.00 and gave the stock an outperform rating in a research report on Tuesday, January 30th. Six analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of Moderate Buy and an average target price of $47.82.

About Tapestry

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.