Tapestry (TPR) gave lackluster guidance early Thursday as Kate Spade challenges persist, offsetting an earnings and revenue beat for the fiscal fourth quarter. Intraday, TPR stock plunged below key levels, setting off a sell signal.
The designer handbag, accessories and apparel company's Kate Spade New York brand continued to drag on earnings, outweighing strength in the Coach brand.
For the quarter ended June 27, Tapestry delivered earnings per share of $1.32, ahead of estimates for $1.28. Revenue of $1.88 billion edged past views. Year over year, Tapestry earnings jumped 27% while sales rose 9%.
On a brand level, Kate Spade sales fell 7% in Q4 and were down 11% for the full year. Coach sales grew 14% and 23% over those periods.
Management has struggled to rejuvenate the Kate Spade brand, appointing a new creative director last month.
#kate #year
The designer handbag, accessories and apparel company's Kate Spade New York brand continued to drag on earnings, outweighing strength in the Coach brand.
For the quarter ended June 27, Tapestry delivered earnings per share of $1.32, ahead of estimates for $1.28. Revenue of $1.88 billion edged past views. Year over year, Tapestry earnings jumped 27% while sales rose 9%.
On a brand level, Kate Spade sales fell 7% in Q4 and were down 11% for the full year. Coach sales grew 14% and 23% over those periods.
Management has struggled to rejuvenate the Kate Spade brand, appointing a new creative director last month.
#kate #year
6 days ago
