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Tapestry Q3 Earnings Top Estimates; Cuts FY22 Outlook

By Shivani Kumaresan
  • Tapestry Inc (NYSE:TPR) reported third-quarter FY22 sales growth of 13% year-on-year, to $1.44 billion, beating the consensus of $1.42 billion.
  • Adjusted EPS of $0.51 beat the analyst consensus of $0.41.
  • Gross profit rose 10.2% Y/Y to $1.01 billion, with the margin contracting 170 basis points to 69.9%.
  • The operating margin expanded 260 basis points to 11.8%, and operating income for the quarter increased 44.4% to $169 million.
  • Tapestry held $1.1 billion in cash and equivalents as of April 2, 2022. Net cash provided by operating activities for the nine months totaled $616.4 million.
  • The company expects to return $1.9 billion to shareholders in FY22, increasing the prior outlook of over $1.5 billion. In addition, there is $1.5 billion available under the newly announced authorization, which it expects to begin utilizing in FY23.
  • The company's quarterly cash dividend of $0.25 per share is payable on June 27, 2022, to shareholders of record on June 3, 2022.
  • Outlook: Tapestry sees FY22 EPS of about $3.45 (prior view $3.60 - $3.65) versus the consensus of $3.62.
  • The company expects FY22 sales to be ~$6.7 billion (prior view $6.75 billion) versus the consensus of $6.75 billion.
  • Price Action: TPR shares are trading higher by 2.00% at $27.05 in premarket on the last check Thursday.
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Dive Deeper:
YETI Q1 Earnings Top Estimates; Raises FY22 EPS Outlook
YETI Holdings Inc (NYSE:YETI) reported first-quarter FY22 sales growth of 19% year-on-year, to $293.6 million, beating the consensus of $290.33 million. Net sales…
Why Performance Food Group Shares Are Sliding Today
Performance Food Group Co (NYSE:PFGC) reported third-quarter FY22 sales growth of 81.6% year-on-year to $13.08 billion, marginally missing the consensus of $13.09 billion.…
Wolverine Worldwide Q1 Earnings Beat Street View; Reiterates FY22 Forecast
Wolverine World Wide Inc (NYSE:WWW) reported first-quarter FY22 sales growth of 20.4% year-on-year to $614.8 million, beating the consensus of $603.12 million. Revenue…
Olaplex Clocks 58% Top-Line Growth In Q1; Affirms FY22 Forecast
Olaplex Holdings Inc (NASDAQ:OLPX) reported first-quarter FY22 sales growth of 57.6% year-on-year to $186.2 million, beating the consensus of $172.46 million. The gross…
One subscription that gives you access to news from hundreds of sites
Krispy Kreme Shares Gain On Solid Q1 Performance
Krispy Kreme Inc (NASDAQ:DNUT) reported first-quarter FY21 sales growth of 15.8% year-on-year to $372.5 million, beating the consensus of $367.9 million. Organic revenue…
Why Duolingo Shares Are Surging Today
Duolingo Inc (NASDAQ:DUOL) reported first-quarter FY22 sales growth of 47% year-on-year to $81.22 million, beating the consensus of $77.44 million. Total bookings increased…
Get all your news in one place