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
- Why These 4 Retail Apparel & Shoes Stocks Are Worth Investing in Now [Yahoo! Finance]Yahoo! Finance
- Tapestry, Inc. Announces Agreements for $2.0 Billion Accelerated Share Repurchase Program [Yahoo! Finance]Yahoo! Finance
- Tapestry, Inc. Announces Agreements for $2.0 Billion Accelerated Share Repurchase ProgramBusiness Wire
- Tapestry, Inc. (NYSE: TPR) was upgraded by analysts at Daiwa America to a "hold" rating.MarketBeat
- Tapestry, Inc. (NYSE: TPR) had its "equal weight" rating re-affirmed by analysts at Barclays PLC. They now have a $57.00 price target on the stock.MarketBeat
TPR
Earnings
- 11/7/24 - Beat
TPR
Sec Filings
- 11/22/24 - Form 144
- 11/22/24 - Form 144
- 11/22/24 - Form 144
- TPR's page on the SEC website