5 Stocks in Limelight After Releasing Their Quarterly Reports

3. Tapestry, Inc. (NYSE:TPR)

Number of Hedge Fund Holders: 41

Shares of Tapestry, Inc. (NYSE:TPR) hit a nearly six-month high on Thursday, 11 November 2021, after delivering solid profit and sales for its fiscal first quarter. The luxury fashion company earned 82 cents per share on an adjusted basis, up from 58 cents per share in the same period of 2020.

In addition, Tapestry, Inc. (NYSE:TPR) posted revenue of $1.48 billion, up 26.3 percent versus the year-ago quarter. The results easily surpassed the consensus forecast of 70 cents per share for earnings and $1.48 billion for revenue.

If we break down the total sales by business units, Coach revenue climbed 27 percent to $1.11 billion, while Kate Spade’s revenue jumped 25 percent to $299.5 million in the quarter. In comparison, Stuart Weitzman’s revenue rose 18 percent versus last year to $66.5 million.

Tapestry, Inc. (NYSE:TPR) also updated its financial outlook for its fiscal year 2022. It expects adjusted earnings in the range of $3.45 – $3.50 per share, versus its previous of $3.30 – $3.35 per share. Moreover, the company now anticipates revenue of around $6.6 billion for the full year, compared to its earlier guidance of $6.4 billion.

Expressing his satisfaction with the results, CEO Joanne Crevoiserat said:

“We delivered another quarter of solid performance, reflecting strong customer engagement and increased demand for our brands. Importantly, 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.”