Tapestry Falls After Mixed Q4 Earnings
Tapestry (NYSE: TPR) reported fourth-quarter earnings of 61 cents per share, which met the analyst consensus estimate. This is a 1.67%increase over earnings of 60 cents per share from the same period last year.
The company reported quarterly sales of $1.514 billion, which missed the analyst consensus estimate of $1.53 billion by 1.05%. This is a 2.02% increase over sales of $1.484 billion the same period last year.
"Fiscal 2019 was a year of meaningful evolution for Tapestry. We experienced ongoing strength in our business internationally, while navigating a volatile backdrop in North America,” said Victor Luis, CEO of Tapestry. “Importantly, we made significant progress on our strategic initiatives, most notably building the foundation of our distinctive multi-brand platform. We generated the anticipated synergies from the successful integration of Kate Spade into our portfolio, which funded, in part, material investments in systems as well as our international development through distributor acquisitions and new store openings in key regions."
Tapestry shares were trading lower by 4.2% at $23.94 in Thursday’s pre-market session. The stock has a 52-week high of $54.35 and a 52-week low of $24.75.
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