Tapestry Inc. Up 2.56% To $32.02 After Earnings Beat

Tapestry Inc (TPR) surpassed earnings projections on 11/10/2022 for Q1 2023.

Wall Street earnings per share (EPS) projections for Tapestry Inc. were at $0.75. The company beat those estimates with an EPS of $0.79. The earnings per share of $0.79 (which represents a -5% EPS surprise) led to the company's profits falling 4% compared to last year when the firm reported an EPS of $0.82. The decline in Tapestry Inc.'s annual growth rate represents how the business is struggling to find form amid recent economic conditions.

Revenues were upbeat at $1.5 billion. That is an increase of 1.76% in revenues from the year-ago report and is 0.47% higher than consensus estimates set at $1.5 billion.

The stock is up 2.56% to $32.02 after the report.

Despite revenues increasing, earnings decreased, signaling a decline in profit margins.

Wall Street Analysts had an average rating of Strong Buy on the stock prior to the report.

Trading in the five days leading up to the report earned Tapestry Inc. a Bullish Sentiment Rank from InvestorsObserver.

Tapestry Inc. has performed a little above average during the past few months. Before the report, Tapestry Inc. received a Long-Term Technical Rank by InvestorsObserver of 52, putting it in the top half of stocks. The firm set a 52-week low on May 11, 2022 at $26.39 and set a 52-week high on November 22, 2021 at $47.05.

Coach, Kate Spade, and Stuart Weitzman are the fashion and accessory brands that comprise Tapestry. The firm's products are sold through about 1,400 company-operated stores, wholesale channels, and e-commerce in North America (67% of fiscal 2022 sales), Europe, Asia (28% of fiscal 2022 sales), and elsewhere. Coach (74% of fiscal 2022 sales) is best known for affordable luxury leather products. Kate Spade (22% of fiscal 2022 sales) is known for colorful patterns and graphics. Women's handbags and accessories produced 69% of Tapestry's sales in fiscal 2022. Stuart Weitzman, Tapestry's smallest brand, generates nearly all its revenue from women's footwear.