Tapestry Net Rises as Revenue Increases on Kate Spade Deal
01 Mayo 2018 - 6:58AM
Noticias Dow Jones
By Carlo Martuscelli
Tapestry Inc. (TPR) on Tuesday reported a 15% rise in the fiscal
third-quarter net income, as revenue increased following its
acquisition of the Kate Spade brand.
The New York-based luxury fashion company earned a quarterly
profit of $140.3 million, or 48 cents a diluted share, up from
$122.2 million, or 43 cents a share, for the same period last year.
Excluding items, Tapestry reported an adjusted profit of 54 cents a
share for the quarter ended March 31, compared with an adjusted
profit of 46 cents last year and analysts' forecasts of 50
cents.
Analysts expected a profit of $141 million, or 49 cents a share,
according to FactSet.
Sales rose to $1.32 billion from $995.2 million. Analysts'
forecasts called for $1.31 billion, according to FactSet.
Chief Executive Victor Luis said "Kate Spade contributed to our
overall performance, as we made continued progress on our
integration efforts including the realization of synergies and the
execution of strategic initiatives."
For fiscal 2018, Tapestry projects operating income growth of at
least 22% compared with the year before, driven by mid-single-digit
organic growth as well as the Kate Spade purchase and
synergies.
Tapestry also predicts earnings of $2.57 to $2.60 a share, an
increase of about 19% to 21% for the year, as well as revenue
growth of about 30%, to a range of $5.8 billion to $5.9
billion.
Write to Carlo Martuscelli at carlo.martuscelli@dowjones.com
(END) Dow Jones Newswires
May 01, 2018 07:43 ET (11:43 GMT)
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