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4-Traders Homepage  >  Equities  >  Nyse  >  Tapestry Inc    TPR

TAPESTRY INC (TPR)
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Tapestry Inc : Free Post Earnings Research Report: Tapestry’s Net Sales Surged 30%; Adjusted EPS Climbed 17%

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05/29/2018 | 01:28pm CEST

Stock Monitor: Deckers Outdoor Post Earnings Reporting

LONDON, UK / ACCESSWIRE / May 29, 2018 / If you want access to our free earnings report on Tapestry, Inc. (NYSE: TPR), all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=TPR. The Company reported its third quarter fiscal 2018 operating and financial results on May 01, 2018. The maker of high-end shoes and handbags surpassed earnings estimates for the seventeenth successive quarter. Register today and get access to over 1,000 Free Research Reports by joining our site below:

www.active-investors.com/registration-sg

Active-Investors.com is currently working on the research report for Deckers Outdoor Corporation (NYSE: DECK), which also belongs to the Consumer Goods sector as the Company Tapestry. Do not miss out and become a member today for free to access this upcoming report at:

www.active-investors.com/registration-sg/?symbol=DECK

Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Tapestry most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:

www.active-investors.com/registration-sg/?symbol=TPR

Earnings Highlights and Summary

For the third quarter of the fiscal year 2018, Tapestry's net sales totaled $1.32 billion compared to $995 million in the prior year's same quarter, reflecting an increase of 33% on a reported basis. The Company's revenue numbers beat analysts' estimates of $1.30 billion.

During Q3 FY18, Tapestry's gross profit totaled $909 million, resulting in a gross margin of 68.7%, compared to $705.7 million and 70.9%, respectively, in Q3 FY17. On a non-GAAP basis, the Company's gross profit totaled $913 million in the reported quarter, while its gross margin was 69.0% versus 70.9% in the prior year's comparable quarter.

For Q3 FY18, Tapestry's operating income was $159 million, resulting in an operating margin of 12.0%, compared to $151.1 million and 15.2%, respectively, in Q3 FY17. On a non-GAAP basis, the Company's operating income was $184 million in the reported period, up 14% on a y-o-y basis; while its operating margin was 13.9% versus 16.3% in the year ago corresponding period.

Tapestry's net income was $140 million, or $0.48 per diluted share, in Q3 FY18 compared to $122 million, or $0.43 per diluted share, in Q3 FY17. On a non-GAAP basis, the Company's net income totaled $158 million, or $0.54 per diluted share, in the reported quarter compared to $130 million, or $0.46 per diluted share, in the prior year's same period. The Company's earnings surpassed Wall Street's estimates of $0.50 per share.

Segment Results

During Q3 FY18, Tapestry's Coach segment's net sales jumped 6% to $969 million compared to $915 million in Q3 FY17. The segment's global comparable store sales rose 3%, including a benefit of approximately 100 basis points (bps), which was driven by an increase in global ecommerce. For Q3 FY18, the segment's operating income was $241 million on a reported basis, while its operating margin was 24.9%. On a non-GAAP basis, the segment's operating income was $242 million and its operating margin was 25.0% in the reported quarter versus an operating margin of 24.4% in the prior year's comparable quarter, both on a reported and a non-GAAP basis.

Tapestry's Kate Spade segment's net sales totaled $269 million in Q3 FY18, reflecting in part, the strategic pullback in wholesale disposition and online flash sales. The segment's global comparable store sales fell 9%, including the negative impact of approximately 800 bps from a decline in global ecommerce. In the reported quarter, the segment's operating income was $4 million, representing an operating margin of 1.4%. On a non-GAAP basis, the segment's operating income totaled $14 million, while operating margin was 5.1% in Q3 FY18.

Tapestry's Stuart Weitzman segment's net sales totaled $84 million in Q3 FY18 compared to $80 million in Q3 FY17, reflecting an increase of 5%. The segment's operating income was a loss of $12 million on a reported basis, while its operating margin was negative 13.9% versus positive 3.2% in the prior year's corresponding quarter. On a non-GAAP basis, the segment's operating income was a loss of $5 million, or negative 5.8% of sales, in Q3 FY18 versus 5.3% in Q3 FY17.

Outlook

For the full fiscal year 2018, Tapestry continues to expect revenues to rise 30% to $5.8 billion - $5.9 billion versus FY17, with a low-single digit organic growth, and the acquisition of Kate Spade adding over $1.2 billion.

In addition, the Company is now projecting an operating income growth of at least 22% on a y-o-y basis, driven by a mid-single-digit organic growth, the acquisition of Kate Spade, and estimated synergies of approximately $45 million. Overall, Tapestry is projecting earnings per diluted share to be in the band of $2.57 - $2.60 for FY18, reflecting an increase of about 19% to 21% on a y-o-y basis.

Dividend Declaration

On May 17, 2018, Tapestry announced that its Board of Directors has declared a quarterly cash dividend of $0.3375 per common share. The dividend is payable on July 02, 2018, to shareholders of record as of the close of business on June 08, 2018.

Stock Performance Snapshot

May 25, 2018 - At Friday's closing bell, Tapestry's stock slightly declined 0.63%, ending the trading session at $44.29.

Volume traded for the day: 2.01 million shares.

Stock performance in the previous six-month period ? up 7.95%; and year-to-date ? up 0.14%

After last Friday's close, Tapestry's market cap was at $12.83 billion.

Price to Earnings (P/E) ratio was at 24.10.

The stock has a dividend yield of 3.05%.

The stock is part of the Consumer Goods sector, categorized under the Textile - Apparel Footwear & Accessories industry.

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Financials ($)
Sales 2018 5 862 M
EBIT 2018 992 M
Net income 2018 347 M
Debt 2018 454 M
Yield 2018 2,81%
P/E ratio 2018 39,70
P/E ratio 2019 16,60
EV / Sales 2018 2,39x
EV / Sales 2019 2,24x
Capitalization 13 539 M
Chart TAPESTRY INC
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Tapestry Inc Technical Analysis Chart | TPR | US8760301072 | 4-Traders
Technical analysis trends TAPESTRY INC
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TrendsBullishNeutralNeutral
Income Statement Evolution
Consensus
Sell
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Mean consensus OUTPERFORM
Number of Analysts 34
Average target price 55,7 $
Spread / Average Target 16%
EPS Revisions
Managers
NameTitle
Victor Luís Chief Executive Officer & Director
Todd Kahn President, Secretary & Chief Accounting Officer
Olajide James Zeitlin Non-Executive Chairman
Andrea Shaw Resnick CFO, Global Head-IR & Corporate Communications
Ivan M. Menezes Independent Non-Executive Director
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