Tapestry up after Q4 results beat

TPR Co

15/08/2024 14:59

(Updates)
    ** Shares of Coach parent Tapestry  TPR.N  up ~3% at $39.07
    ** Co beats Wall Street expectations for fourth-quarter
revenue, helped by robust demand for its popular Tabby handbags
    ** Posts revenue of $1.59 billion vs estimates of $1.57
billion - LSEG data
    ** TPR reports Q4 profit of 92 cents compared with
expectations of 88 cents
    ** Co expects fiscal 2025 revenue and profit largely in line
with estimates
        ** Co says continues to expect $8.5 bln acquisition of
Michael Kors parent Capri  CPRI.N  to close in calendar year
2024
  
        ** Tapestry executives add on conf call there is
"significant work to do" to invigorate Capri's business after
CPRI's revenue dropped for the seventh straight quarter last
week
  
        ** Capri shares up 4.1% at $31.36
  
    ** As of last close, TPR up 3.1%, while CPRI down 40% YTD

 (Reporting by Granth Vanaik in Bengaluru)
 ((Granth.Vanaik@thomsonreuters.com; Twitter: https://twitter.com/Vanaik_Granth;))