Tapestry Shares Soar On Strength In Coach Brand, FY24 EPS Outlook Raised
Portfolio Pulse from Nabaparna Bhattacharya
Tapestry, Inc. (NYSE:TPR) shares surged following its Q2 earnings report, surpassing expectations with revenue of $2.085 billion and adjusted EPS of $1.63. The company saw a 6% increase in Coach brand sales, while Kate Spade and Stuart Weitzman experienced declines. Tapestry raised its FY24 EPS outlook from $4.10-$4.15 to $4.20-$4.25 and plans to return $325 million to shareholders through dividends, marking a 17% increase from the previous year.
February 08, 2024 | 5:20 pm
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Tapestry's Q2 earnings exceeded expectations with significant growth in revenue and EPS, leading to an 8.66% increase in stock price. The company also raised its FY24 EPS outlook and announced a 17% increase in its annual dividend rate.
Tapestry's strong Q2 performance and positive future guidance, coupled with an increase in dividends, signal strong financial health and growth prospects. This has led to a positive investor sentiment, reflected in the stock's significant price increase.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100