Tapestry (NYSE:TPR) earnings for the luxury fashion company’s fiscal first quarter of 2020 have TPR stock flying high on Tuesday. That comes from its adjusted per-share earnings of 40 cents. This beats out Wall Street’s estimate of 37 cents for the quarter. Revenue of $1.36 billion is just below analysts’ estimates of $1.37 billion but isn’t dragging TPR stock down today.
Let’s take a more in-depth look at the most recent Tapestry earnings report.
- Adjusted earnings per share are down 16.67% from 48 cents in the fiscal first quarter of 2019.
- Revenue is sitting 1.45% lower YoY from $1.38 billion.
- Operating income of $51.60 million is a 68.21% decrease from $162.30 million in the same period of the year prior.
- The Tapestry earnings report also includes a net income of $20 million.
- This is an 83.65% drop from the company’s net income of $122.30 million in fiscal Q1 2019.
Jide Zeitlin, Chairman and CEO of Tapestry, says this about the fiscal Q1 TPR stock earnings.
“Fiscal first quarter revenue was consistent with our expectations. Our business internationally was stronger than in North America where we managed continued industry headwinds. Further, adjusted operating income and earnings per diluted share were better than forecast, including favorable expense timing.”
The Tapestry earnings report also includes its outlook for the fiscal full year of 2020. The company is expecting adjusted EPS to be roughly the same as the $2.63 reported in fiscal 2019. For comparison, Wall Street is expecting $2.55 for the current fiscal year.
TPR stock was up 1.79% as of Tuesday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.