Tapestry Just Lowered Full-Year Guidance Despite a Strong Quarter. Is the Stock a Buy?
Tapestry (NYSE: TPR) reported record revenue in the first quarter of fiscal 2023 (ended Oct. 31), achieving earnings ahead of the Wall St. analyst consensus. That's good news, but management also made a tweak to the company's full-year guidance, pulling down both its revenue and earnings outlook. Investors need to consider the changes carefully.
Tapestry -- the retailer behind high-end brands Coach, Kate Spade, and Stuart Weitzman -- reported sales of $1.5 billion, up a modest 2% year over year, in the fiscal first quarter. Earnings of $0.79 per share were basically flat compared to the prior year, which isn't terrible given the inflationary backdrop. So, based on the headline numbers, Tapestry's results seem pretty solid.
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Source Fool.com
