Why Tapestry Stock Fell 33.2% in August
Shares of Tapestry (NYSE: TPR) declined 33.2 in August, according to data from S&P Global Market Intelligence, after the luxury handbag and shoe specialist followed reasonably solid quarterly results with underwhelming forward guidance.
To be sure, most of Tapestry's plunge last month came on Aug. 15, when the parent company of the Coach, Kate Spade, and Stuart Weitzman brands told investors its fiscal fourth-quarter 2019 sales grew 2% year over year (or 4% at constant currency) to $1.51 billion, translating to adjusted net income of $174 million, or $0.61 per share (up a penny per share from the same year-ago period). Both figures were essentially in line with analysts' estimates at the time.https://www.tapestry.com/investors/
IMAGE SOURCE: TAPESTRY
Source Fool.com
