CORRECTION: 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 provided its fiscal year 2024 outlook, expecting revenue of $6.9 billion, which is slightly lower than the $6.93 billion estimate. The company also expects EPS of $4.10-$4.15, lower than the $4.23 estimate. The company has suspended its share repurchase program ahead of the planned acquisition of Capri Holdings Limited.
August 17, 2023 | 10:52 am
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Tapestry's FY24 outlook is lower than expected, which could negatively impact the stock. The suspension of the share repurchase program could also put downward pressure on the stock.
Tapestry's lower than expected FY24 outlook could disappoint investors and lead to a sell-off in the stock. Additionally, the suspension of the share repurchase program removes a source of demand for the stock, which could also put downward pressure on the stock price.
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