shares were falling in premarket trading after posting worse-than-expected earnings for its fiscal fourth quarter and offering weak guidance.
(ticker: TPR), the parent company of Coach, Kate Spade and Stuart Weitzman, posted fourth-quarter earnings of 95 cents a share, rising from the year-ago quarter but lower than the 97 cents Wall Street had forecast.
Revenue was $1.62 billion, while analysts had expected $1.65 billion. Coach contributed $1.25 billion, while Kate Spade brought in $309.5 million, and Stuart Weitzman $62.6 million. Net sales for Coach rose from a year ago, while Kate Spade and Stuart Weitzman fell.
“Building on our strong foundation, we are focused on the future,” said CEO Joanne Crevoiserat in the earnings release. “We remain steadfast in our commitment to deliver revenue and profit gains across our current portfolio where our runway is significant.”
Earlier this month, Tapestry announced it would be acquiring
(CPRI), which owns fashion brands Versace, Michael Kors, and Jimmy Choo, for $8.5 billion.
For fiscal 2024, Tapestry offered non-GAAP guidance for revenue approaching $6.9 billion, roughly in line with Wall Street’s estimates, and an earnings range of $4.10 to $4.15 a share, lower than analysts’ calls for $4.22. The outlook doesn’t include revenue or earnings contribution from the proposed acquisition of Capri, which is expected to close in calendar 2024, the company added.
Shares of Tapestry were falling 1.2% to $33.91 in premarket trading.
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