Coach-Owner Tapestry (TPR) Tops Earnings and Guidance Views, Shares Rally on New $1 Billion Buyback Plan

Shares of Tapestry (NYSE: TPR) are up 5% in pre-open Thursday after the Coach-owner reported stronger than expected FQ1 results.

Tapestry reported an FQ1 EPS of $0.82 to beat the analyst estimate of $0.70. Revenue for the quarter came in at $1.48 billion versus the consensus estimate of $1.44 billion.

Moreover, the company approved a new $1 billion share buyback program.

Joanne Crevoiserat, Chief Executive Officer of Tapestry, said: “We delivered another quarter of solid performance, reflecting strong customer engagement and increased demand for our brands. Importantly, revenue trends accelerated compared to pre-pandemic levels driven by North America, as well as continued growth in Digital and China - two key drivers of long-term opportunity."

On the outlook front, Tapestry is calling for FY22 EPS of $3.45 to $3.50, higher than the consensus of $3.36. Revenue is expected at $6.6 billion, versus the consensus of $6.42 billion.

Tapestry shares are already up 30% YTD.

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