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

Tapestry (NYSE:TPR) released its earnings results on Thursday. The luxury accessories retailer reported $0.81 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.67 by $0.14, RTT News reports. Tapestry had a return on equity of 41.75% and a net margin of 13.80%. The firm had revenue of $1.48 billion during the quarter, compared to analyst estimates of $1.50 billion. During the same period last year, the business posted $0.78 earnings per share. Tapestry’s revenue was down 2.0% compared to the same quarter last year. 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 $1.22 during trading on Thursday, hitting $40.20. The company had a trading volume of 2,904,996 shares, compared to its average volume of 3,823,924. The firm has a 50-day moving average price of $43.78 and a 200-day moving average price of $38.63. 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 cap of $9.22 billion, a PE ratio of 9.83, a price-to-earnings-growth ratio of 0.81 and a beta of 1.61. Tapestry has a 1-year low of $25.99 and a 1-year high of $48.80.

Tapestry Announces Dividend

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

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. Jefferies Financial Group lowered shares of Tapestry from a “buy” rating to a “hold” rating and set a $50.00 target price on the stock. in a research note on Thursday, February 29th. Telsey Advisory Group restated an “outperform” rating and issued a $54.00 price objective on shares of Tapestry in a report on Thursday. Evercore ISI upgraded shares of Tapestry from an “in-line” rating to an “outperform” rating and boosted their target price for the stock from $30.00 to $50.00 in a research note on Monday, February 5th. StockNews.com upgraded Tapestry from a “hold” rating to a “buy” rating in a research note on Thursday, April 18th. Finally, Bernstein Bank upped their price objective on Tapestry from $46.00 to $48.00 in a research report on Thursday. Six analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat, Tapestry presently has an average rating of “Moderate Buy” and an average price target 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.