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Tapestry Q1 Profit Tops Estimates

Tapestry, Inc. (TPR) reported first quarter non-GAAP earnings per share of $0.58 compared to $0.40, prior year. On average, 23 analysts polled by Thomson Reuters expected the company to report profit per share of $0.23, for the quarter. Analysts' estimates typically exclude special items.

First quarter net sales totaled $1.17 billion compared to $1.36 billion in the prior year, a 14% decline. Analysts expected revenue of $1.07 billion, for the quarter.

Tapestry is not providing detailed guidance for fiscal 2021. The company continues to expect a topline inflection in the second half of the fiscal year, with both revenue and bottom line growth now projected for fiscal 2021.

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