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2021-11-12

Tapestry Jumps as Coach Strength Helps Sales Beat Estimates

(Bloomberg) -- Revenue at Tapestry Inc. beat Wall Street’s expectations in the most recent quarter t

Tapestry Jumps as Coach Strength Helps Sales Beat Estimates

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Analysts surveyed by Bloomberg expected revenue of $1.44 billion.</p></li>\n <li><p>Tapestry also raised its fiscal year 2022 guidance for revenue to $6.6 billion from $6.4 billion, and the board said it intends to buy back $1 billion worth of shares, an increase from its previous target of $500 million.</p></li>\n</ul>\n<p>Key Insights</p>\n<ul>\n <li><p>“Revenue trends accelerated compared to pre-pandemic levels, driven by North America, as well as continued growth in digital and China -- two key drivers of long-term opportunity,” Chief Executive Officer Joanne Crevoiserat said in the statement.</p></li>\n <li><p>Coach, which generates most of Tapestry’s revenue, reported better-than-expected sales of $1.11 billion, a 26% increase from a year earlier. Analysts surveyed by Bloomberg had expected sales of $1.07 billion. The Coach brand had exceeded pre-pandemic revenue in the past couple of quarters, as U.S. shoppers have been opening their wallets for high-end handbags amid an economic recovery and stock-market optimism.</p></li>\n <li><p>“The strategy of Tapestry’s Coach overhaul is a confirmed success,” Bloomberg Intelligence analyst Deborah Aitken said.</p></li>\n <li><p>Tapestry will face some “modest” gross margin pressure in the coming quarters, Chief Financial Officer Scott Roe told analysts on an earnings call, because of the higher cost of expedited air freight to ensure the company has enough products on hand to meet strong holiday demand from shoppers.</p>\n  <ul>\n   <li><p>The increased costs are expected to be the most acute in Tapestry’s fiscal second and third quarters and will then start to moderate as the company shifts back to shipping more products via sea, Roe said.</p></li>\n  </ul></li>\n <li><p>Tapestry’s Kate Spade and Stuart Weitzman brands, by contrast, haven’t surpassed pre-pandemic revenue levels. Tapestry said it had been successful in raising the average price of items at all three of its brands, part of a yearslong effort to move the businesses more upmarket.</p></li>\n</ul>\n<p>Market Reaction</p>\n<ul>\n <li><p>Tapestry shares rose as much as 8% Thursday in New York, the biggest intraday gain in a year. Through Wednesday’s close, the stock has risen 37% this year, above the 24% gain for the S&amp;P 500 index.</p></li>\n</ul>","source":"lsy1612507957220","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Tapestry Jumps as Coach Strength Helps Sales Beat Estimates</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTapestry Jumps as Coach Strength Helps Sales Beat Estimates\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-11-11 23:25 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/tapestry-rises-sales-beat-estimates-121038337.html><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>(Bloomberg) -- Revenue at Tapestry Inc. beat Wall Street’s expectations in the most recent quarter thanks to robust sales at Coach, as the brand’s recovery from the depths of the pandemic helped to ...</p>\n\n<a href=\"https://finance.yahoo.com/news/tapestry-rises-sales-beat-estimates-121038337.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TPR":"Tapestry Inc."},"source_url":"https://finance.yahoo.com/news/tapestry-rises-sales-beat-estimates-121038337.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1101668676","content_text":"(Bloomberg) -- Revenue at Tapestry Inc. beat Wall Street’s expectations in the most recent quarter thanks to robust sales at Coach, as the brand’s recovery from the depths of the pandemic helped to offset a more sluggish rebound at Kate Spade and Stuart Weitzman.\n\nSales increased 25% on a constant-currency basis to $1.48 billion during the fiscal first quarter ended Oct. 2, according to a statement Thursday. Analysts surveyed by Bloomberg expected revenue of $1.44 billion.\nTapestry also raised its fiscal year 2022 guidance for revenue to $6.6 billion from $6.4 billion, and the board said it intends to buy back $1 billion worth of shares, an increase from its previous target of $500 million.\n\nKey Insights\n\n“Revenue trends accelerated compared to pre-pandemic levels, driven by North America, as well as continued growth in digital and China -- two key drivers of long-term opportunity,” Chief Executive Officer Joanne Crevoiserat said in the statement.\nCoach, which generates most of Tapestry’s revenue, reported better-than-expected sales of $1.11 billion, a 26% increase from a year earlier. Analysts surveyed by Bloomberg had expected sales of $1.07 billion. The Coach brand had exceeded pre-pandemic revenue in the past couple of quarters, as U.S. shoppers have been opening their wallets for high-end handbags amid an economic recovery and stock-market optimism.\n“The strategy of Tapestry’s Coach overhaul is a confirmed success,” Bloomberg Intelligence analyst Deborah Aitken said.\nTapestry will face some “modest” gross margin pressure in the coming quarters, Chief Financial Officer Scott Roe told analysts on an earnings call, because of the higher cost of expedited air freight to ensure the company has enough products on hand to meet strong holiday demand from shoppers.\n\nThe increased costs are expected to be the most acute in Tapestry’s fiscal second and third quarters and will then start to moderate as the company shifts back to shipping more products via sea, Roe said.\n\nTapestry’s Kate Spade and Stuart Weitzman brands, by contrast, haven’t surpassed pre-pandemic revenue levels. Tapestry said it had been successful in raising the average price of items at all three of its brands, part of a yearslong effort to move the businesses more upmarket.\n\nMarket Reaction\n\nTapestry shares rose as much as 8% Thursday in New York, the biggest intraday gain in a year. Through Wednesday’s close, the stock has risen 37% this year, above the 24% gain for the S&P 500 index.","news_type":1},"isVote":1,"tweetType":1,"viewCount":1076,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"CN","currentLanguage":"CN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":1,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"hasMoreComment":false,"orderType":2}

Tapestry Jumps as Coach Strength Helps Sales Beat Estimates

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