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TPR

Tapestry

$53.42

6 (12.65%)

11:14
08/14/18
08/14
11:14
08/14/18
11:14

Tapestry rises after quarterly results as Coach grows, Kate Spade decline slows

Shares of Tapestry (TPR) are on the rise after the company, formerly known as Coach, beat consensus estimates for the fourth quarter, driven by strong performance of its Kate Spade as the death of the namesake founder in June stoked nostalgia for the brand. Commenting on the quarterly results, Loop Capital analyst Laura Champine recommended continuing to buy shares as she expects the long-term cost synergies from the Kate Spade deal to be "substantial." QUARTERLY RESULTS: This morning, Tapestry reported fourth quarter adjusted earnings per share of 60c and revenue of $1.48B, both above consensus estimates of 57c and $1.47B, respectively. The company also said it sees FY19 earnings per share between $2.70-$2.80, revenue of $6.1B-$6.2B, and tax rate of about 21%-22%. Additionally, the retailer reported fourth quarter Coach same-store sales up 2%, while Kate Spade were down 3%. Net sales for Coach totaled $1.1B for the fourth fiscal quarter as compared to $1.05B in the prior year, an increase of 5% on a reported basis and 3% on a constant currency basis, the company noted, adding that net sales for Kate Spade totaled $312M, reflecting, in part, the strategic pullback in wholesale disposition and online flash sales, partially offset by the consolidation of the joint ventures for Mainland China, Hong Kong, Macau and Taiwan. Tapestry is projecting FY19 operating income growth rate to exceed the revenue growth rate, reflecting the organic growth of the business, the realization of incremental synergies from the Kate Spade acquisition as well as the impact of distributor consolidations and buybacks and systems investments. As previously announced, the company expects that cost savings resulting from synergies related to the Kate Spade acquisition will total $100M-$115M in FY19. Net interest expense is expected to be approximately $50M for the year. During its earnings conference call, Tapestry added that it will continue to expand monogramming service for Coach Create and will be rolling out a redesign of Coach.com. Further, the company pointed out that it is confident that FY19 will be a year of double-digit revenue growth for Kate Spade, and sees the brand approaching $2B in sales over time. LOOP CAPITAL SAYS BUY TAPESTRY ON SYNERGIES: In a post-earnings note, Loop Capital's Champine reiterated a Buy rating on Tapestry with a $59 price target, saying she was "pleased" with in-line June quarter sales at Coach and upside at Kate Spade. The analyst told investors that she would continue buying shares of Tapestry as she expects the long-term cost synergies from the Kate Spade deal to be "substantial." Tapestry is "uniquely positioned" to make the most of the Kate Spade acquisition, Champine contended. The analyst highlighted that Coach's sourcing supply chain is "best in class," and as Kate's sourcing contracts roll off over the next two years, she expects improved terms with vendors to lead to gross margin expansion. PRICE ACTION: In morning trading, shares of Tapestry have jumped almost 12% to $53.09.

  • 14

    Aug

  • 12

    Sep

TPR Tapestry
$53.42

6 (12.65%)

08/14/18
LOOP
08/14/18
NO CHANGE
Target $59
LOOP
Buy
Loop Capital would continue buying shares of Tapestry
Loop Capital analyst Laura Champine reiterates a Buy rating on Tapestry with a $59 price target following this morning's Q4 results. The analyst is "pleased" with in-line June quarter sales at Coach and upside at Kate Spade. The analyst expects the long-term cost synergies from the Kate Spade deal "to be substantial" and would continue buying shares of Tapestry. The stock in morning trading is up 10.5%, or $4.98, to $52.44.
07/31/18
UBSW
07/31/18
NO CHANGE
Target $59
UBSW
Buy
Tapestry price target lowered to $59 from $62 at UBS
UBS analyst Jay Sole said one of the main tenets of his buy thesis on Tapestry was that a product shift mix will lead to more full price selling. He recent research has led him to begin to doubt that will occur so he lowered his estimates and price target to reflect it. Sole said he still sees a favorable risk/reward for Tapestry and reiterated his Buy rating while lowering his target to $59 from $62.
07/09/18
WELS
07/09/18
NO CHANGE
Target $56
WELS
Outperform
Tapestry fundamental story intact, guidance likely near-term issue, says Wells Fargo
Wells Fargo analyst Ike Boruchow remains bullish on the Tapestry story and reiterates the name as one of his top idea as he has gained greater confidence in both the Kate Spade turnaround efforts, as well as the trajectory of Coach brand. That said, the analyst does see some headwinds to next full year that the Street does not appear to be modeling, leading him to cut his FY19 EPS as he believes guidance is likely a near-term issue. Boruchow reiterates an Outperform rating and $56 price target on the shares.
06/25/18
GSCO
06/25/18
INITIATION
GSCO
Sell
PVH Corp. initiated with a Sell at Goldman Sachs
Goldman Sachs analyst Alexandra Walvis initiated PVH Corp (PVH) with a Sell, telling investors in a research note that while the company has benefited from a strong acceleration in growth in Tommy Hilfiger and Calvin Klein, she believes momentum is peaking as a number of tailwinds fade. This morning, Walvis also initiated shares of Tapestry (TPR) with a Conviction Buy and Tiffany (TIF) and VFC (VFC) with a Buy.

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