Tapestry: Fiscal 1Q Earnings Snapshot

Tapestry Inc. (TPR) on Tuesday reported fiscal first-quarter net income of $122.3 million, after reporting a loss in the same period a year earlier.

The New York-based company said it had profit of 42 cents per share. Earnings, adjusted for costs related to mergers and acquisitions and non-recurring costs, came to 48 cents per share.

The results exceeded Wall Street expectations. The average estimate of 12 analysts surveyed by Zacks Investment Research was for earnings of 44 cents per share.

The maker of high-end shoes and handbags posted revenue of $1.38 billion in the period, also beating Street forecasts. Nine analysts surveyed by Zacks expected $1.35 billion.

Tapestry expects full-year earnings to be $2.75 to $2.80 per share, with revenue in the range of $6.1 billion to $6.2 billion.

Tapestry shares have declined almost 8 percent since the beginning of the year. The stock has increased slightly more than 1 percent in the last 12 months.

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This story was generated by Automated Insights using data from Zacks Investment Research. Access a Zacks stock report on TPR at https://www.zacks.com/ap/TPR