- Tapestry Inc (NYSE:TPR), the New York-based house of lifestyle brands comprising Coach, Kate Spade, and Stuart Weitzman, reported a third-quarter FY23 sales growth of 5% Y/Y to $1.51 billion, beating the analyst consensus of $1.44 billion.
- EPS of $0.78 beat the analyst consensus of $0.59.
- Gross profit rose to $1.10 billion from $1.01 billion a year ago, with margins increasing 290 basis points to 72.8%.
- Operating margin expanded 320 basis points to 15.0%, and operating income for the quarter stood at $226 million.
- Tapestry held $652 million in cash and equivalents as of Apr 1, 2023. Inventory at the end of Q3 stood at $934 million. The company said it is now on track to end the fiscal year with inventory almost the same as in the prior year.
- Repurchase: Tapestry is on track to repurchase around $700 million in common stock in the current fiscal year. During the nine months of FY23, Tapestry spent $500 million to repurchase 13.1 million shares.
- Dividend: TPR continues to anticipate paying an annual dividend of $1.20 per share, representing a 20% increase compared to the prior year, totaling about $300 million.
- Outlook: Tapestry raised its FY23 EPS outlook to $3.85-$3.90 (from $3.70-$3.75 earlier) versus the consensus of $3.71.
- The company expects FY23 sales of $6.7 billion (prior view $6.6 billion) versus the consensus of $6.64 billion.
- Price Action: TPR shares are trading higher by 7.13% at $39.79 on the last check Thursday.
- Photo Via Company
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