Tapestry Q4 Results Miss Estimates; Sees FY24 Adj. Earnings, Net Sales Above Market - Update

(RTTNews) - Tapestry, Inc. (TPR), a house of accessories and lifestyle brands, Thursday issued fiscal 2024 outlook, expecting higher earnings and revenues than last year.

For the new year, adjusted earnings per share would be $4.10 to $4.15, representing approximately 6 percent to 7 percent growth compared to the prior year.

Net sales are expected to be around $6.9 billion, an increase of approximately 3 percent to 4 percent from the prior year on both a reported and constant currency basis.

On average, analysts polled by Thomson Reuters expect earnings of $3.90 per share on revenues of $6.7 billion for the year. Analysts' estimates typically exclude special items.

In fiscal 2023, net income was $3.88 per share on net sales of $6.66 billion.

In the fourth quarter, earnings increased from last year in line with the Street estimates.

The company's bottom line totaled $224.1 million or $0.95 per share, compared to $188.8 million or $0.75 per share last year.

Revenue held steady at $1.62 billion.

Analysts projected earnings of $0.97 per share on revenues of $1.65 billion for the quarter.

In pre-market activity on the NYSE, Tapestry shares were trading at $33.44, down 2.59 percent.

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