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Coach parent Tapestry shares jump premarket after earnings blow past estimates and company raises guidance

Tapestry Inc. shares (TPR) rose 2.3% in premarket trade Thursday, after the company blew past earnings estimates for its fiscal second quarter and raised its full-year guidance. The parent of Coach, Kate Spade and Stuart Weitzman brands posted net income of $317.9 million, or $1.15 a share, for the quarter to Jan. 1, up from $311.0 million, or $1.11 a share, in the year-earlier period. Adjusted per-share earnings came to $1.33, well ahead of the $1.18 FactSet consensus. Sales climbed to $2.14 billion from $1.69 billion, also ahead of the $1.99 billion FactSet consensus. The company is now expecting fiscal 2022 revenue of about $6.75 billion, up from prior guidance of $6.6 billion. It expects EPS of $3.60 to $3.65, up from prior guidance of $3.45 to $3.50. Shares have gained 4% in the last 12 months, while the S&P 500 has gained 17%.

-Ciara Linnane

 

(END) Dow Jones Newswires

02-10-22 0659ET

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