: Tapestry’s stock slides premarket after earnings lag consensus

Tapestry Inc.’s stock TPR slid 2.4% in premarket trade Thursday, after the parent of Coach, Kate Space and Stuart Wetizman posted weaker-than-expected earnings for its fiscal fourth quarter and offered guidance that lagged estimates. The New York-based company, which last week announced plans to acquire Capri Inc. for $8.5 billion, posted net income of $224 million, or 95 cents a share, for the quarter to July 1, up from $189 million, or 75 cents a share, in the year-earlier period. Sales fell to $1.619 billion from $1.625 billion a year ago. The FactSet consensus was for EPS of 97 cents and sales of $1.653 billion. The company is now expecting fiscal 2024 EPS of $4.10 to $4.15 and for revenue to approach $6.9 billion. The FactSet consensus is for EPS of $4.22 and revenue of $6.9 billion. The stock has fallen 10% in the year to date, while the S&P 500 SPX has gained 15%.

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