Analysts expect Tapestry, Inc. (NYSE:TPR – Get Rating) to post $1.64 billion in sales for the current quarter, Zacks Investment Research reports. Four analysts have provided estimates for Tapestry’s earnings. The lowest sales estimate is $1.63 billion and the highest is $1.65 billion. Tapestry posted sales of $1.62 billion in the same quarter last year, which suggests a positive year-over-year growth rate of 1.2%. The business is expected to announce its next earnings report on Monday, January 1st.
On average, analysts expect that Tapestry will report full year sales of $6.70 billion for the current year, with estimates ranging from $6.69 billion to $6.71 billion. For the next fiscal year, analysts forecast that the company will post sales of $7.00 billion, with estimates ranging from $6.96 billion to $7.03 billion. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side research analysts that cover Tapestry.
Tapestry (NYSE:TPR – Get Rating) last posted its quarterly earnings data on Thursday, May 12th. The luxury accessories retailer reported $0.51 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.40 by $0.11. Tapestry had a return on equity of 32.07% and a net margin of 12.99%. The firm had revenue of $1.44 billion for the quarter, compared to the consensus estimate of $1.43 billion. During the same quarter in the previous year, the business earned $0.51 EPS. The company’s quarterly revenue was up 13.1% compared to the same quarter last year.
NYSE:TPR opened at $34.34 on Friday. The stock has a 50-day simple moving average of $33.68 and a 200-day simple moving average of $37.85. The stock has a market cap of $8.65 billion, a P/E ratio of 11.08, a P/E/G ratio of 0.72 and a beta of 1.39. Tapestry has a 1 year low of $26.39 and a 1 year high of $47.05. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.95 and a current ratio of 1.48.
The company also recently announced a quarterly dividend, which will be paid on Monday, June 27th. Shareholders of record on Friday, June 3rd will be given a $0.25 dividend. The ex-dividend date of this dividend is Thursday, June 2nd. This represents a $1.00 dividend on an annualized basis and a yield of 2.91%. Tapestry’s dividend payout ratio (DPR) is 32.26%.
Tapestry declared that its board has initiated a stock buyback plan on Thursday, May 12th that authorizes the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization authorizes the luxury accessories retailer to reacquire up to 18% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board believes its shares are undervalued.
In related news, CEO Joanne C. Crevoiserat purchased 5,700 shares of the company’s stock in a transaction on Friday, March 11th. The shares were bought at an average price of $34.60 per share, with a total value of $197,220.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 1.40% of the stock is currently owned by corporate insiders.
Several institutional investors have recently bought and sold shares of the company. Franklin Resources Inc. boosted its holdings in Tapestry by 166.9% during the third quarter. Franklin Resources Inc. now owns 7,108,830 shares of the luxury accessories retailer’s stock valued at $263,170,000 after acquiring an additional 4,445,584 shares during the period. Norges Bank acquired a new position in Tapestry in the fourth quarter worth about $102,083,000. Two Sigma Investments LP raised its position in Tapestry by 771.5% in the third quarter. Two Sigma Investments LP now owns 2,070,708 shares of the luxury accessories retailer’s stock worth $76,658,000 after purchasing an additional 1,833,105 shares in the last quarter. Millennium Management LLC raised its position in Tapestry by 13,214.8% in the fourth quarter. Millennium Management LLC now owns 1,542,917 shares of the luxury accessories retailer’s stock worth $62,642,000 after purchasing an additional 1,531,329 shares in the last quarter. Finally, Two Sigma Advisers LP raised its position in Tapestry by 427.9% in the third quarter. Two Sigma Advisers LP now owns 1,668,080 shares of the luxury accessories retailer’s stock worth $61,752,000 after purchasing an additional 1,352,080 shares in the last quarter. Institutional investors and hedge funds own 89.75% of the company’s stock.
Tapestry Company Profile (Get Rating)
Tapestry, Inc provides luxury accessories and branded lifestyle products in the United States, Japan, Greater China, and internationally. The company operates through three segments: Coach, Kate Spade, and Stuart Weitzman. The company offers women's accessories, including handbags, such as wallets, money pieces, wristlets, and cosmetic cases; novelty accessories comprising address books, time management and travel accessories, sketchbooks, and portfolios; and key rings and charms.
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