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Tuesday, August 14, 2018

=Tapestry (TPR) reported earnings on Tue 14 Aug 2018 (b/o)

Tapestry beats by $0.03, reports revs in-line; guides FY19 EPS below consensus, revs above consensus 
  • Reports Q4 (Jun) earnings of $0.60 per share, excluding non-recurring items, $0.03 better than the Capital IQ Consensus of $0.57; revenues rose 30.9% year/year to $1.48 bln vs the $1.47 bln Capital IQ Consensus.
  • Coach: Global comparable store sales rose 2% in aggregate, including e-commerce, as well as for bricks and mortar stores.
    Kate Spade: Global comparable store sales declined 3%, including the negative impact of approximately half a point from a decline in global e-commerce due to the reduction in online flash sales.
  • "The successful integration of Kate Spade onto the Tapestry platform continued, as we achieved the anticipated synergies for the year. Kate Spade fourth quarter results exceeded our expectations from both a top- and bottom-line perspective with both sales and operating margin increasing from reported prior year results. In its first year within Tapestry, Kate Spade delivered double digit earnings per share accretion, despite the strategic pullback in online flash and wholesale disposition...Finally at Stuart Weitzman, as anticipated, fourth quarter results continued to be negatively impacted by development and delivery delays which pressured sales and margins. For the year, sales were essentially unchanged, reflecting the second half challenges. During the quarter, we continued to implement the production and planning processes necessary to drive the business forward and remain confident in the long term opportunities for the brand."
  • Co issues mixed guidance for FY19, sees EPS of $2.70-2.80 vs. $2.82 Capital IQ Consensus Estimate; sees FY19 revs of $6.1-6.2 bln vs. $6.08 bln Capital IQ Consensus Estimate.

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