|Bid||0.00 x 0|
|Ask||0.00 x 0|
|Day's range||18.96 - 18.96|
|52-week range||18.96 - 18.96|
|Beta (3Y monthly)||0.90|
|PE ratio (TTM)||8.58|
|Forward dividend & yield||N/A (N/A)|
|1y target est||N/A|
(Bloomberg) -- Disappointing results at Tapestry Inc.’s Kate Spade line prompted a string of rating downgrades on the stock, with analysts saying a recovery may take several quarters.After sliding 22% Thursday to a 10-year low, Tapestry shares pared some of the losses to rise as much as 3.4% in New York on Friday.Here’s a round up of the analyst commentaries post-earnings.Credit Suisse, Michael Binetti“Kate outlook is now significantly reduced due to: 1) A big fourth-quarter same store sales miss; 2) Deteriorating near-term trends; 3) Elevated inventories which will pressure Kate same store sale and gross margin through fiscal 2020.”“With Tapestry offering few details on the timeline back to profitable Kate growth, we downgrade to Neutral despite the stock already pulling back significantly.”Downgrade to neutral from outperform, price target to $22 from $38.MKM Partners, Roxanne Meyer“Kate Spade’s outlook reflects a deterioration of trends that may take several quarters or more to repair.”“While we see limited downside risk to the stock from here, we don’t see a positive catalyst to give us conviction in material upside.”Downgrade to neutral from buy, price target to $21 from $52.Piper Jaffray, Erinn Murphy“While expectations weren’t lofty into this print, the magnitude of Kate Spade’s comp miss and quarter to date trends were far worse than expected.”“We see pressure on the channels that Tapestry sells into (outlets, mall) and prefer to wait for more consistent positive signs of Kate Spade brand momentum and product balance improving.”Downgrade to neutral from overweight, price target to $23 from $40.Telsey Advisory, Dana Telsey“Comp trends at Kate are deteriorating in the current quarter despite the full introduction of new creative director Nicola Glass’s product in full line stores by the end of June.”“While current valuation can offer some downside protection, we see the lack of clarity around the direction of the Kate brand and a second consecutive year of expected flat earnings growth as weighing on upside potential as we enter a more uncertain macro environment.”Downgrade to market perform from outperform, price target to to $22 from $42.(Updates stock move in second paragraph.)To contact the reporter on this story: Esha Dey in New York at email@example.comTo contact the editors responsible for this story: Brad Olesen at firstname.lastname@example.org, Steven Fromm, Scott SchnipperFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Weakness at the millennial-centric brand, which Tapestry has grappled to turn around since buying it in 2017, also prompted the company to cut its full-year profit growth expectations. The struggle to clear Kate Spade excess inventory blunted the impact of new collections from Nicola Glass, a Gucci and Michael Kors alumnus, hired by Tapestry last year to refresh the brand's designs. Chief Executive Officer Victor Luis blamed a lack of newness in some Kate Spade satchels and heavy discounts from competing brands for the drop.
BEIJING/HONG KONG (Reuters) - Chinese brand ambassadors of fashion labels from Coach to Givenchy have severed ties with the companies over products which they said violated China's sovereignty by identifying Hong Kong and Taiwan as countries. The brands are the latest to get into hot water over political issues in China, which has been more assertive in its territorial claims and how it expects foreign companies doing businesses in China to describe them. Italian luxury label Versace and its artistic director, Donatella Versace, apologised on Sunday after one of its T-shirts, depicting the territories of Hong Kong and Macau as countries, was criticised on Chinese social media.
Capri reported Wednesday that comparable sales for the Michael Kors brand decreased 1 percent in the fourth quarter from a year earlier. Executives said the decline reflected a number of factors, including a drag from its watch business and from efforts to transition its jewelry to a higher price point.
Tapestry Stock Soared on Q3 Earnings and Share Buyback Plan(Continued from Prior Part)Gross margin expansionTapestry’s (TPR) gross margin expanded 20 basis points to 68.8% in the third quarter of fiscal 2019, which ended on March 30. On an
Tapestry Stock Soared on Q3 Earnings and Share Buyback Plan(Continued from Prior Part)Key drivers for Kate SpadeTapestry’s (TPR) net sales of $1.33 billion grew 0.7% on a year-over-year basis in the third quarter of fiscal 2019, which ended on
Tapestry Stock Soared on Q3 Earnings and Share Buyback PlanFiscal Q3 resultsTapestry (TPR) stock rose 8.5% on May 9 after the company announced better-than-expected earnings for the third quarter of fiscal 2019 and a new share repurchase plan. The
Stocks that moved substantially or traded heavily on Thursday: Stamps.com Inc., down $46.49 to $36.90 The online postage provider slashed its full-year profit forecast because of contract changes between ...
Wall Street's main indexes fell on Thursday ahead of critical trade negotiations between the United States and China, though they pared losses significantly after U.S. President Donald Trump said reaching a deal this week was possible. U.S. stocks had fallen more than 1% earlier in the session but recovered much of those losses after Trump said he had received a "beautiful letter" from Chinese President Xi Jinping.
U.S. President Donald Trump vowed not to back down on imposing new tariffs unless Beijing "stops cheating our workers", as two-day talks begin in Washington on Thursday. China has threatened to retaliate if tariffs on $200 billion worth of Chinese goods increase to 25% on Friday, rekindling worries of a worldwide economic slowdown and triggering flight to safety among investors. The technology sector posted the steepest declines, slipping 1.96%, dragged down by a drop in shares of iPhone maker Apple Inc and chipmakers, which get a large portion of their revenue from China.
The New York-based company said it had profit of 40 cents per share. Earnings, adjusted for one-time gains and costs, came to 42 cents per share. The results beat Wall Street expectations. The average ...