Tapestry shares surge after $1 billion buyback plan, profit beat [Reuters]
Tapestry, Inc. (TPR)
Last tapestry, inc. earnings: 4/30 06:45 am
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Source: Reuters
Tapestry shares surge after $1 billion buyback plan, profit beat - Reuters 3 Min Read (Reuters) - Tapestry Inc on Thursday unveiled its biggest buyback plan in nearly seven years and beat Wall Street estimates for third-quarter profit as it sold more Coach and Kate Spade handbags, sending its shares up 17 percent. The company is planning to buy back $1 billion in stock, representing about 11 percent of its shares outstanding, a move aimed at placating investors after weak holiday quarter sales and recent underperformance at the Kate Spade brand. “Not having a buyback authorization has been a point of frustration among investors and we expect this to be well received,” Bernstein analyst Jamie Merriman said. The stock closed at $30.75 on Wednesday, near its 52-week low of $30.05 after a 9 percent decline this year. Tapestry has struggled to boost sales at millennial-focused Kate Spade, which it bought in 2017, as the lack of new designs put off shoppers and heavy discounting dented marg
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News
- The FTC Lays Out Its Case Against Tapestry's $8.5B Buyout of Capri [Yahoo! Finance]Yahoo! Finance
- The handbag wars have begun after the US sued to block the merger of Coach and Michael Kors [Business Insider]Business Insider
- FTC Sues to Block Tapestry Inc.'s Acquisition of Capri Holdings [Yahoo! Finance]Yahoo! Finance
- Capri Holdings Limited Issues Statement on FTC Action Seeking to Block Proposed Transaction with Tapestry, Inc. [Yahoo! Finance]Yahoo! Finance
- Tapestry, Inc. Responds to the FTC’s LawsuitBusiness Wire
TPR
Earnings
- 2/8/24 - Miss
TPR
Sec Filings
- 4/22/24 - Form 8-K
- 4/15/24 - Form 4
- 4/15/24 - Form 8-K
- TPR's page on the SEC website