NEW YORK (AP) _ Tapestry Inc. (TPR) on Thursday reported fiscal first-quarter profit of $231.7 million.
The New York-based company said it had net income of 83 cents per share. Earnings, adjusted for non-recurring gains, were 58 cents per share.
The results topped Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of 22 cents per share.
The maker of high-end shoes and handbags posted revenue of $1.17 billion in the period, also exceeding Street forecasts. Seven analysts surveyed by Zacks expected $1.07 billion.
Tapestry shares have dropped 21% since the beginning of the year. The stock has decreased 18% in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on TPR at https://www.zacks.com/ap/TPR
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