Coach Parent Tapestry Trims FY24 Topline Forecast - What Are The Headwinds Behind?
Portfolio Pulse from Shivani Kumaresan
Tapestry Inc (NYSE:TPR) reported Q1 FY24 sales growth of 0.4% YoY to $1.51 billion, missing the analyst consensus estimate of $1.53 billion. Adjusted EPS of $0.93 beat the analyst consensus of $0.90. The company held $638.8 million in cash and equivalents as of September 30, 2023. Tapestry's Board of Directors declared a quarterly cash dividend of $0.35. The company maintained its FY24 EPS forecast of $4.10-$4.15 but trimmed its FY24 sales forecast to $6.7 billion from $6.9 billion due to expected currency headwinds and a more moderate operational outlook for Asia and North America.
November 09, 2023 | 3:24 pm
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Tapestry Inc reported lower than expected sales but higher than expected EPS for Q1 FY24. The company also trimmed its FY24 sales forecast due to expected headwinds.
Tapestry's lower than expected sales could negatively impact the stock price. However, the higher than expected EPS and the declaration of a dividend could have a positive impact. The trimming of the FY24 sales forecast due to expected headwinds could create uncertainty among investors, potentially impacting the stock price.
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IMPORTANCE 80
RELEVANCE 100