Tapestry: Q1 EPS up 18%

(CercleFinance.com) - Tapestry today reports non-GAAP EPS that is up 18% y-o-y at $0.
93 for Q1 2023-24, with an adjusted operating margin improving by 1.1 point to 18%.

Sales for the parent company of the Coach, Kate Spade and Stuart Weitzman brands totalled $1.51bn, up around 2%, despite a negative currency effect of 1.3 point due to the appreciation of the dollar.

Tapestry is maintaining its forecast for annual EPS of $4.10 to $4.15, as it believes that a stronger improvement in margins should fully offset a lower growth forecast for its revenues, which are expected to be around $6.7bn.


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