Tapestry beats earnings estimates despite 'difficult' North American market

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Tapestry beats earnings estimates despite 'difficult' North American market

) rose in early U.S. trading on Thursday after the luxury retailer reported better-than-anticipated earnings in its fiscal first quarter despite lowering its revenue growth forecast.posted income per share of $0.93 on a non-GAAP basis in the three months ended on Sept. 30, an 18% increase compared to the prior year and topping expectations of $0.90. Diluted earnings per share came in at $0.84.

Crevoiserat noted that the company remains"confident" in its ability to"achieve organic top and bottom-line gains, supported by our data-driven, direct-to-consumer operating model that enables speed and agility." Tapestry flagged that it now projects revenue growth in its 2024 fiscal year of between 2% to 3% annually to approximately $6.7 billion, excluding foreign exchange-related headwinds. The firm, which previously guided for an uptick of 3% to 4%, has warned that full-year profit and sales could be hit by elevated inflation denting demand from consumers for high-end goods.

 

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