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Tapestry (NYSE: TPR) 4Q19 Results: Coach and Stuart Weitzman Drive Results as Kate Spade Disappoints but Offers Upside

Executive Summary

  • Tapestry reported adjusted 4Q19 EPS of $0.61, up 1.7% from the prior year period, and meeting the $0.61 consensus estimate. Total revenues grew 2% (4% currency neutral) to $1.51 billion, shy of the $1.53 billion consensus estimate.
  • Adjusted gross margin contracted 70 bps to 67.2%, driven by Kate Spade.
  • The company’s guidance for FY20 is for a low-single-digit increase in revenues, and EPS approximately equal to FY19’s adjusted EPS of $2.57. The company will not be looking to pursue strategic acquisitions as its focus will be on organic growth in FY20.

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