TPR Tapestry Inc

   By Dave Sebastian 
 

Tapestry Inc. (TPR) reported lower first-quarter profit as the company booked fewer sales and more expenses, though it beat analysts' expectations for adjusted earnings.

Net income was $20 million, or seven cents a share, compared with $122.3 million, or 42 cents a share, in the same period last year. Analysts polled by FactSet were expecting 37 cents a share.

Adjusted earnings were 40 cents a share, ahead of analysts' estimates of 36 cents a share. The company posted 48 cents a share in adjusted earnings a year earlier.

For the quarter ended Sept. 28, sales were $1.36 billion, compared with $1.38 billion in the same period last year. Analysts polled by FactSet were expecting $1.37 billion.

Selling, general and administrative expenses rose to $862.9 million from $772.8 million a year ago.

The company, which owns the Coach and Kate Spade brands, ousted its chief executive, Victor Luis, in September, a little more than two years after a merger that was supposed to create a U.S. fashion powerhouse. Board Chairman Jide Zeitlin succeeded Mr. Luis.

Write to Dave Sebastian at dave.sebastian@wsj.com

(END) Dow Jones Newswires

November 05, 2019 07:31 ET (12:31 GMT)

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