In a series of updates, Tapestry (TPR), made significant market movements. Having set a new 12-month high, the company has announced a $2.0 billion accelerated share repurchase program which contributed to the upturn in its shares. Results showed that it beat Q1 earnings and revenue estimates resulting in exceeding Q1 expectations. The CEO, Joanne Crevoiserat, has stated she plans to wait on any new deals, whilst concurrently boosting outlook due to stronger sales for Coach, one of their primary brands. Several investment bodies, including the Bank of Montreal and Cerity Partners LLC, have boosted and purchased their stakes in the company. The company also beat Q3 sales targets, resulting in a substantial increase in share prices. Tapestry reported a record number in EPS and raised their 2025 outlook as Coach brand continues to show strong growth. Although the merger with Capri Holdings Limited has been terminated, it launched a $2B share buyback program and plans for 100% cash flow return. Its status as a top growth stock for the long term has been asserted, one which is buying back its bonds after ending Capri purchase.
Tapestry TPR News Analytics from Thu, 01 Aug 2024 07:00:00 GMT to Sat, 30 Nov 2024 16:02:56 GMT - Rating 9 - Innovation 5 - Information 8 - Rumor -2
