Tapestry: Fiscal 1Q Earnings Snapshot
NEW YORK (AP) _ Tapestry Inc. (TPR) on Tuesday reported fiscal first-quarter net income of $20 million.
On a per-share basis, the New York-based company said it had profit of 7 cents. Earnings, adjusted for asset impairment costs and non-recurring costs, were 40 cents per share.
The results surpassed Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of 37 cents per share.
The maker of high-end shoes and handbags posted revenue of $1.36 billion in the period, which missed Street forecasts. Seven analysts surveyed by Zacks expected $1.37 billion.
Tapestry shares have declined 21% since the beginning of the year. The stock has declined 38% in the last 12 months.