Tapestry FY24 Outlook: Revenue $6.90B Vs. $6.93B Estimate, EPS $4.10-$4.15 Vs. $4.23 Estimate
Portfolio Pulse from Benzinga Newsdesk
Tapestry has raised its FY2023 adjusted EPS guidance from $3.85-$3.90 to $4.10-$4.15, beating the estimated $3.90. The company also increased its FY2023 sales guidance from $6.70B to $6.90B, matching the estimate. For FY2024, Tapestry expects revenues of $6.9 billion, a 3-4% increase from the previous year, and an EPS of $4.10 to $4.15. The company has suspended its share repurchase program ahead of the planned acquisition of Capri Holdings Limited.
August 17, 2023 | 10:50 am
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POSITIVE IMPACT
Tapestry's raised guidance for FY2023 and FY2024, along with the suspension of its share repurchase program, could potentially impact its stock positively in the short term.
Tapestry's raised guidance indicates strong performance, which is typically well-received by the market. The suspension of the share repurchase program could be seen as a strategic move for the upcoming acquisition, potentially creating a positive sentiment among investors.
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