- Shares of Tapestry (NYSE:TPR) are down 12.4% after the retailer's full-year forecast misses estimates by a narrow margin.
- Tapestry expects full-year revenue of $5.8B to $5.9B vs. $5.86B consensus and full-year EPS of $2.57 to $2.60 vs. $2.59 consensus.
- During Q3, comparable sales at Kate Spade fell 9% Y/Y to miss the consensus estimate for a 6.9% drop for the brand.
- The company also felt some weakness during the quarter with the Stuart Weitzman business. "At Stuart Weitzman, results were negatively impacted by execution issues including production delays and lower sell-through of key carryover styles, which pressured sales and margins," says CEO Victor Luis. "While we believe that some of these issues will continue through the Fall/Winter season, we remain confident in our long-term strategic and creative direction under the leadership of newly appointed CEO & Brand President, Eraldo Poletto and Creative Director, Giovanni Morelli, 'he notes.
- Previously: Tapestry beats by $0.04, beats on revenue (May 1)
- Now read: Dreamy talk on Starbucks (NASDAQ:SBUX) options
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