Tapestry Misses Q4 Earnings Estimates, Provides Below-Consensus FY24 Outlook
Portfolio Pulse from Lekha Gupta
Tapestry Inc (NYSE:TPR) reported Q4 FY23 sales of $1.62 billion, missing the analyst consensus of $1.65 billion. EPS of $0.95 also missed the consensus of $0.97. However, gross profit rose to $1.17 billion from $1.12 billion a year ago. The company also provided a below-consensus outlook for FY24. Last week, Tapestry announced the acquisition of Capri Holdings (NYSE:CPRI) for $8.5 billion, expected to be completed in 2024.
August 17, 2023 | 12:43 pm
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NEGATIVE IMPACT
Tapestry Inc missed Q4 FY23 sales and EPS estimates and provided a below-consensus outlook for FY24. The company's shares are trading lower premarket.
Tapestry's missed earnings and sales estimates, along with a below-consensus outlook for FY24, are likely to negatively impact investor sentiment and put downward pressure on the stock in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEUTRAL IMPACT
Tapestry Inc announced the acquisition of Capri Holdings for $8.5 billion, expected to be completed in 2024.
The acquisition of Capri Holdings by Tapestry is a significant event, but as it is expected to be completed in 2024, the immediate impact on Capri Holdings' stock is uncertain.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50