coach-parent-tapestry-beats-earnings-expectations,-reinstates-dividend

Coach parent Tapestry beats earnings expectations, reinstates dividend

Tapestry Inc.
TPR,
-1.36%

reported fiscal fourth-quarter net income of $199.8 million, or 69 cents per share, after a loss of $293.8 million, or $1.06 per share, last year. Adjusted EPS of 74 cents beat the FactSet consensus for 70 cents. Sales of $1.615 billion was up from $714.8 million and also ahead of the FactSet consensus for $1.554 billion. Digital sales were up 35%, with the company adding 900,000 new customers for the year. And sales in China rose grew 60%. Chief Executive Joanne Crevoiserat highlighted digital and China as growth opportunities in a statement. Tapestry’s portfolio of brands includes Coach, Kate Spade and Stuart Weitzman. Tapestry reinstated its dividend, declaring a 25-cent quarterly cash dividend payable on September 27 to shareholders of record as of close of business on September 7. For fiscal 2022, Tapestry is guiding for sales of $6.4 billion and EPS of $3.30 to $3.35. The FactSet consensus is for sales of $6.056 billion and EPS of $3.18. Tapestry shares slipped 0.8% in Thursday premarket trading, but have run up 33.4% for the year to date. The S&P 500 index
SPX,
-1.07%

is up 17.2% for 2021 so far.