Fashion Giant Tapestry Trims FY24 Revenue Outlook Amid Mixed Bag Of Q3 Earnings
Portfolio Pulse from Shivani Kumaresan
Tapestry Inc (NYSE:TPR) reported a 2% decline in Q3 FY24 sales to $1.482 billion, missing estimates. Adjusted EPS was $0.81, beating expectations. The company trimmed its FY24 revenue outlook to $6.6 billion from $6.7 billion, with EPS guidance maintained at $4.20-$4.25. Gross profit rose 1% Y/Y, but operating income fell 9.7%. Tapestry declared a quarterly dividend of $0.35. Shares dropped 2.57% in premarket trading.
May 09, 2024 | 1:25 pm
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Tapestry Inc reported lower than expected Q3 FY24 sales and trimmed its FY24 revenue outlook, but beat EPS estimates. Declared a quarterly dividend of $0.35. Shares fell 2.57% in premarket.
The missed sales forecast and reduced revenue outlook for FY24 are likely to negatively impact investor sentiment in the short term, leading to a decrease in stock price as indicated by the premarket trading. However, the beat on EPS and the declaration of a dividend may provide some support.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100