Why Shares of Tapestry Plummeted Today
Shares of Tapestry (NYSE: TPR) plunged on Thursday after the luxury goods company reported its fiscal fourth-quarter results. Tapestry's results were mixed relative to analyst expectations, and its guidance called for revenue and earnings declines to start off fiscal 2020. The stock was down about 21.4% at 11:45 a.m. EST.
Tapestry reported fourth-quarter revenue of $1.51 billion, up 2% year over year and $20 million below the average analyst estimate. Adjusted for currency, revenue increased by 4%. The Coach brand generated $1.1 billion of revenue, flat from the prior-year period; the Kate Spade brand grew revenue by 6% to $332 million; and the Stuart Weitzman brand grew revenue by 17% to $85 million.
Image source: Tapestry.
Source Fool.com
