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MarketScreener Homepage  >  Equities  >  Nyse  >  Tapestry Inc    TPR

TAPESTRY INC (TPR)
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Tapestry : Boosts Outlook After Debt Repayment -- Earnings Review

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02/06/2018 | 02:10pm CEST
   By Imani Moise 
 

Shares of Tapestry Inc. jumped 7.1% to $48/17 during premarket trading after the maker of Coach and Kate Spade bags reported earnings for its second quarter. Here's what you need to know:

EARNINGS: Changes in tax policy sent earnings down to 22 cents a share from 71 cents a share. Excluding this impact and other items, earnings rose to $1.07 a share from 75 cents a share. Analysts polled by Thomson Reuters had forecast earnings of 89 cents a share.

REVENUE: Sales jumped 35% to $1.79 billion, topping the consensus of $1.77 billion in sales. Revenue growth was largely driven by the addition of the Kate Spade brand which the company acquired last year.

OUTLOOK: The company raised its 2018 earnings forecast due to lower interest expenses after using extra cash to pay down $1.1 billion in the current quarter in addition the future tax benefits. Tapestry now expects earnings of $2.52 a share to $2.50 a share compared with earlier guidance of up to $2.40 a share.

TAX WATCH: The company recorded a net charge of $213 million in during the quarter related to the repatriation tax and the re-measurement of deferred tax assets. On an adjusted basis, the company expects its 2018 tax rate to be lowered by 5%.

Write to Imani Moise at imani.moise@wsj.com

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Financials ($)
Sales 2018 5 861 M
EBIT 2018 991 M
Net income 2018 346 M
Debt 2018 460 M
Yield 2018 2,84%
P/E ratio 2018 39,81
P/E ratio 2019 16,75
EV / Sales 2018 2,43x
EV / Sales 2019 2,28x
Capitalization 13 795 M
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Mean consensus OUTPERFORM
Number of Analysts 35
Average target price 55,3 $
Spread / Average Target 16%
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Managers
NameTitle
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
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