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Tapestry Rallies on Earnings, Revenue Beat, Boosted by Digital Sales

By Sam Boughedda AiVIF.com -- Luxury fashion holding company Tapestry Inc (NYSE:TPR) rallied 14% Thursday after it posted earnings that beat analyst expectations. The company...
Tapestry Rallies  on Earnings, Revenue Beat, Boosted by Digital Sales © Reuters

By Sam Boughedda

AiVIF.com -- Luxury fashion holding company Tapestry Inc (NYSE:TPR) rallied 14% Thursday after it posted earnings that beat analyst expectations. 

The company reported revenue of $1.44 billion, representing a 13% increase. Analysts polled by AiVIF.com expected revenue of $1.42 billion.

Adjusted earnings came in at $0.51 per share, 10 cents above analyst expectations. 

Tapestry said that revenue growth was driven by digital sales, which rose over 20% versus last year. In addition, global sales were ahead of expectations, with revenue growth of 22% in North America, offsetting a mid-teens decline in Mainland China due to pressures from the resurgence of Covid and related lockdowns. 

“Our third quarter results significantly exceeded expectations led by continued strong growth in North America. We drove increased customer demand at Coach , Kate Spade and Stuart Weitzman, reflecting the vibrancy of each of our brands, the power of our platform and our team’s successful execution of our strategic initiatives," said Joanne Crevoiserat, Chief Executive Officer of Tapestry.

Tapestry cut its outlook for the fiscal year, partly due to the impact of China's Covid-related shutdowns. They see revenue of approximately $6.7 billion, with earnings per share around $3.45.

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18-05-2022 13:04:02 (UTC+7)

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 EUR/USD1.0536Neutral
 GBP/USD1.2477↑ Sell
 USD/JPY129.07↑ Sell
 AUD/USD0.7032↑ Buy
 USD/CAD1.2813↑ Sell
 EUR/JPY135.99↑ Sell
 EUR/CHF1.0473↑ Sell
 Gold1,811.11↑ Buy
 Silver21.630↑ Buy
 Copper4.2380↑ Buy
 Crude Oil WTI110.98Neutral
 Brent Oil112.78Neutral
 Natural Gas8.270↑ Sell
 US Coffee C228.63Neutral
 Euro Stoxx 503,741.51↑ Buy
 S&P 5004,088.85↑ Buy
 DAX14,185.94↑ Buy
 FTSE 1007,518.35↑ Buy
 Hang Seng20,687.00↑ Buy
 Small Cap 20001,840.30Neutral
 IBEX 358,475.70↑ Buy
 BASF50.690↑ Buy
 Bayer64.12↑ Buy
 Allianz202.25↑ Buy
 Adidas183.30↑ Buy
 Lufthansa6.827Buy
 Siemens AG116.50↑ Buy
 Deutsche Bank AG9.538↑ Buy
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,825/ 6,925
(0/ 0) # 1,848
SJC HCM6,825/ 6,925
(0/ 0) # 1,846
SJC Hanoi6,825/ 6,927
(0/ 0) # 1,848
SJC Danang6,825/ 6,927
(0/ 0) # 1,848
SJC Nhatrang6,825/ 6,927
(0/ 0) # 1,848
SJC Cantho6,825/ 6,927
(0/ 0) # 1,848
Cập nhật 18-05-2022 13:04:05
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Cập nhật lúc 12:59:46 18/05/2022
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