Categories: world

Coach parent Tapestry swings to a profit, expecting expectations

Tapestry Inc. TPR, -1.07% reported earnings for the first quarter of $ 122.3 million, or 42 cents per share, after…

Tapestry Inc.

TPR, -1.07%

reported earnings for the first quarter of $ 122.3 million, or 42 cents per share, after a loss of $ 17.7 million or 6 cents per share last year . Adjusted EPS was 48 cents. Sales amounted to $ 1.38 billion, from $ 1.29 billion last year. The FactSet consensus was for EPS of 45 cents and sales of $ 1.35 billion. “The result is driven by continued growth at Coach, where global comparable retail sales increased by 4%,” said Chief Executive Victor Luis in a statement. Stuart Weitzman “continued to be adversely affected by development and delivery delays that pushed sales and margins.” Global same-store sales increased by 4%, which exceeded the FactSet guidance for 3.6% growth. Tapestry maintained its sales target for 201

9 from $ 6.1 billion to $ 6.2 billion, but increased its EPS guidance to $ 2.75 to $ 2.80 from $ 2.70 to $ 2.80 earlier. Tapestry shares have rolled 7.8% for the year so far while the S & P 500 index

SPX, -0.66%

has fallen 1.2% during the period.

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