Tapestry, Inc. recently announced their earnings for the third quarter, which saw a decrease from the earnings of the same period in the previous year. However, these earnings exceeded the predictions of Wall Street.
The company reported earnings of $139.4 million, or $0.60 per share, in comparison to the $186.7 million, or $0.78 per share, of last year's third quarter.
When adjusting for specific items, the earnings of Tapestry, Inc. was revealed as $190.1 million or $0.81 per share for the period. These figures surpassed the average projections by analysts, who had forecasted earnings of $0.67 per share. These projections from analysts typically do not take any special items into account.
Revenue for the company during this quarter experienced a 2.0% decrease, falling to $1.48 billion from last year's $1.51 billion.
A snapshot of Tapestry, Inc.'s earnings, based on Generally Accepted Accounting Principles (GAAP), discloses the following:
- Earnings for the third quarter were $139.4 million, down from $186.7 million in the previous year.
- Earnings Per Share (EPS) for the third quarter was $0.60, down from $0.78 in the previous year.
- Revenue for the third quarter was $1.48 billion, down from $1.51 billion in the previous year.
In terms of the company's annual projections, Tapestry is predicting an EPS range of $4.20 to $4.25 and a total revenue of $6.6 billion.
