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-0.00192466318394282 -0.006048941435249 0.000274951883420347 -0.00329942260104494 -0.0599395105856475 -0.0599395105856475 -0.0731372009898269 -0.072587297222986
Stock impact report

Tapestry shares surge after $1 billion buyback plan, profit beat [Reuters]

Tapestry, Inc. (TPR) 
Last tapestry, inc. earnings: 4/30 06:45 am Check Earnings Report
US:NYSE Investor Relations: tapestry.com/investors
Company Research 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 Show less Read more
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