Luxury retailer Tapestry (NYSE:TPR) shot up in trading after reporting strong second-quarter results and an upbeat outlook. The company behind brands like Coach, Kate Spade, and Stuart Weitzman reported adjusted earnings of $1.63 per share in its second quarter, exceeding consensus estimates of $1.47 per share.
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The company posted Q2 revenues of $2.1 billion, indicating a growth of 3% year-over-year and above Street estimates of $2.05 billion.
Tapestry’s Board of Directors declared a quarterly cash dividend of $0.35 per share payable on March 25 to shareholders of record on March 8.
Looking forward, the retailer has projected revenue of around $6.7 billion in FY24, an increase of 2% year-over-year on a constant currency basis. In FY24, earnings are likely to be between $4.20 and $4.25 per diluted share, higher than its prior forecast in the range of $4.10 to $4.15 per share.
Is TPR a Good Stock?
Analysts remain bullish about TPR stock with a Strong Buy consensus rating based on 12 Buys and three Holds. TPR stock has gained by more than 4% over the past year, and the average TPR price target of $45.07 implies an upside potential of 4.7% at current levels.
