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Tapestry (TPR) Beats Q2 Earnings and Revenue Estimates

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Tapestry, Inc. (TPR - Free Report) came out with second-quarter fiscal 2018 results, wherein adjusted earnings of $1.07 per share surpassed the Zacks Consensus Estimate of 86 cents and also jumped 42.7% year-over-year.

Earnings Estimate Revision: The Zacks Consensus Estimate for fiscal 2018 has witnessed upward revisions over the past 30 days. Moreover, Tapestry’s performance in the trailing four quarters gives a positive picture. The company has posted positive earnings surprises in all the four quarters.

In the trailing four quarters, excluding the quarter under review, the company outperformed the Zacks Consensus Estimate by an average of 6.5%.

Revenues: Tapestry generated net sales of $1,785 million that beat the Zacks Consensus Estimate of $1,768 million and also surged 35.1% year over year.

Tapestry, Inc. Price, Consensus and EPS Surprise

Guidance: Management continues to expect fiscal 2018 revenue to increase approximately 30% year over year to $5.8–$5.9 billion, with low-single digit organic growth and Kate Spade acquisition adding more than $1.2 billion in revenue. However, the company now envisions earnings in the range of $2.52-$2.60 per share up from the earlier guided range of $2.35-$2.40, reflecting an increase of approximately 17–21%, comprising mid-to-high-single digit accretion from the Kate Spade buyout.

Zacks Rank: Currently, Tapestry carries a Zacks Rank #3 (Hold) which is subject to change following the earnings announcement.

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Check back later for our full write up on Tapestry’s earnings report!

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