Tapestry Q2 Profit Slips, Yet Beats Estimates, Raises FY25 Outlook; Stock Up

Tapestry

48.89 CHF -1.38%

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Kaufen / Verkaufen

(RTTNews) - Accessories and lifestyle brands provider Tapestry, Inc. (TPR) Thursday announced a decline in second quarter profit, compared to the prior year. In the pre-market hours, shares are at $83.89, up 14.05 percent.

The quarterly earnings were $310 million or $1.38 per share, down from $322 million or $1.39 per share last year. On an adjusted basis, earnings were $450 million or $2.00 per share. The company had recorded loss of extinguishment of debt of $120.1 million, while there was no comparative records last year.

Analysts, on average, had expected the company to earn $1.78 per share. Analysts' estimates typically exclude special items.

Revenue for the quarter was $2.195 billion, representing 5 percent growth from the prior year revenue of $2.085 billion.

Looking ahead to the fiscal 2025, the company raised its outlook and now expets Revenue of over $6.85 billion, representing growth of approximately 3% versus prior year. Previous expectation was for growth of 1-2 percent. The company said it remains on track to return over $2 billion to shareholders in Fiscal Year 2025.

The Board declared a quarterly cash dividend of $0.35 per share payable on March 24, 2025 to shareholders on record March 6, 2025. In Fiscal 2025, Tapestry expects to maintain its annual dividend rate of $1.40 per common share.