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

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Tapestry : Kate Spade and Stuart Weitzman Are Struggling a Bit Under Tapestry, Inc.

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05/01/2018 | 07:39pm CEST

And at Coach, look out for another Selena Gomez collaboration.

Photo: @katespadeny/Instagram

Just in case you haven't gotten used to the name Tapestry, Inc. yet and need a refresher, it's the company formerly known as Coach, Inc., which underwent a rebrand last fall to better reflect that it had become a conglomerate of brands: Coach, Stuart Weitzman and, most recently, Kate Spade. And on Tuesday, a third-quarter earnings report revealed some struggles.

At Kate Spade, same-store sales were down 9 percent. The company blamed its intentional pullback from wholesale and flash sales, as well as a decline in global e-commerce. The pullback is part of a strategy similar to the one executed at Coach. By both reducing promotional activity and pulling out of department stores where promotional activity tends to be rampant, it hopes to remedy any brand dilution that might have taken place and train shoppers to pay full price for the brand.

At Stuart Weitzman, there have been "execution issues including production delays and lower sell-through of key carryover styles, which pressured sales and margins," according to a statement from Tapestry CEO Victor Luis.

The name is not the only major change the company's made over the past year. After successfully orchestrating Coach's turnaround, the company has turned its attention toward the other brands. In February, Stuart Weitzman made its New York Fashion Week debut with a new creative director, Giovanni Morelli, and just last month, the footwear brand brought on a new CEO, Eraldo Poletto, from Ferragamo.

Over at Kate Spade, longtime creative director Deborah Lloyd left the company in November following the acquisition; she was replaced by Nicola Glass, and in March, Tapestry brought on Anna Bakst as CEO.

Clearly, those brands are still finding their footing, and it seems to have made investors nervous. According to Bloomberg, Tapestry shares plummeted 13 percent Tuesday morning.

Meanwhile, at Coach, comparable sales rose 3 percent. As a company, Tapestry's net sales rose 33 percent, which is largely thanks to the Kate Spade acquisition — meaning it includes sales from a company that hadn't yet been acquired this time last year. Tapestry said it expects fiscal 2018 revenue to be up about 30 percent, with Kate Spade adding more than $1.2 billion in sales.

As for what else is next, Luis once again praised Coach collaborator and model Selena Gomez, whose collection for the brand will be expanded for fall and will include ready-to-wear. But Luis is hopeful about the other brands, too. "At Kate Spade, while our near-term priority remains integration and executing the strategic initiatives in place, we look forward to fueling growth in the years ahead through Nicola's fresh, new creative direction and Anna's extensive category experience," he said in his statement. "Similarly, we believe in Stuart Weitzman's potential, as we evolve the product assortment, infusing it with Giovanni's modern design aesthetic, while strengthening the brand's infrastructure under Eraldo's leadership."

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(c) 2018 Breaking Media, Inc. All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

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Financials ($)
Sales 2018 5 861 M
EBIT 2018 991 M
Net income 2018 347 M
Debt 2018 455 M
Yield 2018 2,84%
P/E ratio 2018 39,56
P/E ratio 2019 16,43
EV / Sales 2018 2,40x
EV / Sales 2019 2,25x
Capitalization 13 640 M
Duration : Period :
Tapestry Inc Technical Analysis Chart | TPR | US8760301072 | 4-Traders
Technical analysis trends TAPESTRY INC
Short TermMid-TermLong Term
Income Statement Evolution
Mean consensus OUTPERFORM
Number of Analysts 35
Average target price 55,8 $
Spread / Average Target 18%
EPS Revisions
Victor Luís Chief Executive Officer & Director
Todd Kahn President, Secretary, CAO & General Counsel
Olajide James Zeitlin Chairman
Kevin G. Wills Chief Financial Officer
Michael Braine Chief Information Officer
Sector and Competitors
1st jan.Capitalization (M$)
TAPESTRY INC7.14%13 640
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ROSS STORES6.09%32 529
TIFFANY & CO.29.21%16 687