Tapestry Inc.’s stock
TPR,
fell 1.7% premarket Thursday, after the parent of the Coach, Kate Spade and Stuart Weitzman brands missed revenue estimates for its fiscal first quarter and offered guidance that lagged consensus. The company had net income of $195 million, or 84 cents a share, in the quarter to Sept. 30, after income of $195 million, or 79 cents a share, in the year-earlier period. Adjusted per-share earnings came to 93 cents, ahead of the 90 cent FactSet consensus. Sales came to $1.51 billion, slightly above the year-earlier period, and below the $1.54 billion FactSet consensus. The company is now expecting full-year EPS of $4.10 to $4.15, while FactSet is expecting $4.12. It expects revenue of about $6.7 billion, below the $6.9 billion FactSet consensus. The company which is in the midst of buying rival Capri Holdings Ltd, parent to Michael Kors, said the deal is making progress toward close. The stock has fallen 28% in the year to date, while the S&P 500
SPX,
has gained 14%.
