===Tapestry (TPR) : Judge has blocked acquisition of Capri Holdings (CPRI)

Judge has blocked Tapestry (TPR) acquisition of Capri Holdings (CPRI), according to CNBC. In which, Tapestry issues statement on District Court ruling. 

===Capri Holdings (CPRI) to be acquired by Tapestry (TPR) for $57.00 per share or approx. $8.5 bln

 

Tapestry (TPR) confirms definitive agreement to acquire Capri Holdings for $57.00 per share in cash (total enterprise value of approx. $8.5 bln); expected to be immediately accretive

• Transaction Details: The Boards of Directors of each of Tapestry, Inc. and Capri Holdings Limited have unanimously approved the transaction. The transaction is anticipated to close in calendar year 2024, subject to approval by the Capri Holdings shareholders, as well as the receipt of required regulatory approvals, and other customary closing conditions. The all-cash offer for Capri Holdings of $57.00 per share represents a premium of ~59% to the 30-day volume weighted average price ending August 9, 2023. The total enterprise value of the transaction of ~$8.5 bln represents a 9x adjusted EBITDA multiple on a trailing-twelve-month basis, or 7x including expected synergies. The transaction is not subject to a financing condition. Tapestry has secured $8.0 bln in fully committed bridge financing from Bank of America N.A. and Morgan Stanley Senior Funding, Inc. The purchase price of ~$8.5 bln is expected to be funded by a combination of senior notes, term loans, and excess Tapestry cash, a portion of which will be used to pay certain of Capri's existing outstanding debt. Importantly, Tapestry has engaged with the rating agencies and is committed to a solid Investment Grade Rating. Tapestry will suspend its share repurchase activity to prioritize de-leveraging via debt reduction and anticipates reaching a leverage ratio of below 2.5x Debt/EBITDA within 24 months post-close. Furthermore, Tapestry is instituting a long-term leverage target of under 2.5x Debt/EBITDA.
• Tapestry, Inc. is scheduled to report fiscal fourth quarter and full year 2023 results on Thursday, August 17th. Tapestry expects to report annual revenue and earnings per diluted share consistent with its previously issued guidance range. Due to the announcement of the transaction, Capri Holdings Limited will not hold its previously scheduled earnings call and will publish its financial results for the first quarter of fiscal 2024 after the market close today, August 10th, via press release.
• Capri Holdings expects to report revenue and earnings per diluted share for its first fiscal quarter 2024 slightly above its previously issued guidance range. Capri Holdings does not intend to provide a financial outlook moving forward.
• Tapestry's Board of Directors approving a 17% increase to its quarterly dividend per share, resulting in an anticipated payout of $1.40 per share or ~$325 mln in Fiscal Year 2024.

-=Tapestry (TPR) reported earnings on Thur 30 Apr 20 (b/o)

Tapestry misses by $0.23, reports revs in-line; refrains from providing guidance

Reports Q3 (Mar) loss of $0.27 per share, excluding non-recurring items, $0.23 worse than the S&P Capital IQ Consensus of ($0.04); revenues fell 19.4% year/year to $1.07 bln vs the $1.08 bln S&P Capital IQ Consensus.

• On a non-GAAP basis, gross profit totaled $720 million, while gross margin was 67.1% as compared to $921 million and 69.2%, respectively, in the prior year.

"During the quarter, 90% of Tapestry's stores were either closed or operating on shortened hours. We have seen a degree of normalcy return in certain areas first impacted, including Mainland China and Korea, and expect to apply lessons learned as, over time, additional countries and regions reopen."

Given the dynamic nature of the Covid-19 crisis and lack of visibility, the potential financial impact to our business cannot be accurately projected. Therefore, the Company is not providing guidance for its fiscal fourth quarter and full year 2020.

Earnings this week : April 27 - May 1, 20 (wk 18)

Monday (April 27)

• Morning: AMG AWI CHKP CMS CNXM CNX DORM LECO EGOV UMC
• Afternoon:  ARE AMKR APY AVT BRO CNI CATY CE CINF CGNX FIX CR FFIV HLIT HSTM HTLF PI IBTX JJSF LRN KDP NOV NXPI OGS OMF PKG PCH PPG PFG QTS SANM SSD STL TCT UHS WSBC

Tuesday (April 28)

• Morning: MMM ABB AB AXE BP CAT CNC CIGI CBSH GLW CMI DHI DTE ECL FCF FBC FELE HOG IQV IRDM MRK MSCI NEO NVS NUE PPBI PEP PFE PII ROK ROP SPGI SC SSTK SIRI LUV TROW TAL TEL TRU TPB UBS UMBF UPS WDR XRX YNDX ZBRA 
• Afternoon: AMD AKAM GOOG A CA APAM AGR BXMT BXP BYD CHRW CERN CYH CSGP DXCM EHC WIRE ENVA EEFT FEYE F HWC THG HELE HIW HOPE IRBT JNPR LSCC MASI MXIM MEDP MRCY MTH MKSI MDLZ MPWR MRC OI OKE PAYC RNST SIMO SBUX SYX TENB TX TRMK UIS WERN WW YUMC 

Wednesday (April 29)

• Morning:  APRN ALKS AMT  ANTM AZN ADP AVY AZZ BANC BKU BDC BA BSX EAT CADE CLS CVE GIB CLH CME CSTM CRTO DIN EPD FSS FDP GRMN GD GE HAS HUM LH LIVN MHO MKTX MAS MA NYCB NSC NOC NVT OSK OC PB ROL RES R SAIA ST SHW SLAB SITE SAH SPOT SUM UTHR VLO YUM
• Afternoon: AEGN AFL AGNC AGI ALGN ADM BHE BMRN BCOV CACI WHD CHDN CMPR CNMD CREE CCI CONE DRE EBAY FB GIL JBT KLIC MXL MSFT PPC PS PRI PTC QCOM RJF RYN SCI NOW TDOC TSLA TTEK RIG TRN TYL UCTT URI HCC

Thursday (April 30)

• Morning: FLWS ABMD AGIO AIMC MO AAL AIT ARW BAX TECH BC CWT CG CRAI CHD CI COLB CMCSA COP COR CFR DAN DOW DNKN ETN FCN GNRC GT HBI HGV HUBB IDXX IMAX IP ICE ICE JHG K KHC LNTH LAZ LKQ MMC MCD MTOR MGPI TAP MCO NLSN NVCR ONDK PH PATK PNR PRGO SNDR SITC SIX SO SPB SWK SYNH TPR TFX TPX TXT TRS TWTR UBSI VLY VC GRA WCC  RDS.A
• Afternoon: TWOU AEM ALEX ATUS AMZN AMGN AAPL ATR AJG ASGN TEAM BAND NTB BL BRKS BLDR COG CDNA CXP COLM CXO OFC CUZ CRY EGP EMN EIX LOCO EBS FTV FTAI FBHS FWRD GLPI GILD HP HTH HUBG LMAT MGM MTX MITK MOH NATI NTUS NCR NPTN OTEX PRAH PVG PTCT PSA RRC RMD SILK STAG SYK TNDM TRUP X V WDC ZEN

Friday (May 1) 

• Morning: ABBV AON APO BCPC CBOE CHTR CVX CLX CL EL XOM HRC HON HUN IMO ITT JCI LYB MMP MINI NWL PSX TRP TKR SLCA WPC WY WSC WETF

Earnings spotlight:

• Keurig Dr Pepper (NYSE:KDP) and F5 Networks (NASDAQ:FFIV) on April 27; 
• UPS (NYSE:UPS), 3M (NYSE:MMM), Alphabet, Southwest Airlines (NYSE:LUV), Ford (NYSE:F), Caterpillar (NYSE:CAT), AMD (NASDAQ:AMD), PepsiCo (NASDAQ:PEP), Starbucks (NASDAQ:SBUX) and Merck (NYSE:MRK) on April 28; 
• Microsoft (MSFT), eBay (NASDAQ:EBAY), Facebook, Yum Brands (NYSE:YUM), Boeing (NYSE:BA), Mastercard (NYSE:MA), General Electric (NYSE:GE) and Tesla (NASDAQ:TSLA) on April 29; 
• Amazon, Apple, Dunkin' Brands (NASDAQ:DNKN), Gilead Sciences (NASDAQ:GILD), Dow (NYSE:DOW), Cigna (NYSE:CI), McDonald's (NYSE:MCD), Altria (NYSE:MO), Twitter (NYSE:TWTR), Kraft Heinz (NASDAQ:KHC) and Visa (NYSE:V) on April 30; 
• Apollo Global Management (NYSE:APO), Chevron (NYSE:CVX), Clorox (NYSE:CLX), Exxon Mobil (NYSE:XOM), Phillips 66 (NYSE:PSX) and AbbVie (NYSE:ABBV) on May 1.

This week's biggest % winners & losers : Aug 12 - 16, 19 (wk 33)

This week's top % gainers

• Healthcare: DCPH (37 +57.58%), SLDB (8.81 +50.34%), GTHX (37.23 +25.14%), EPZM (13.72 +19.3%), DVAX (3.99 +18.05%), AIMT (22.43 +16.46%), AXGN (15.32 +14.5%)
• Consumer Discretionary: JD (31.29 +15.46%), AGS (10.46 +14.07%)
• Information Technology: PVTL (14 +67.66%), GTT (8.55 +27.42%), PSDO (16.05 +20.31%), APPN (59.54 +15.72%)
• Energy: TELL (6.35 +21.41%)
• Consumer Staples: SPTN (11.41 +14.44%)

This week's top % losers

• Healthcare: MYGN (25.35 -44.26%), TLRY (31.31 -26.45%), MNK (4.08 -23.16%)
• Materials: LOMA (5.7 -55.75%)
• Industrials: BGG (4.83 -45.73%), BE (5.12 -40.19%)
• Consumer Discretionary: DESP (10.57 -28.14%), OSTK (18.11 -28.11%), TPR (19.96 -27.13%)
• Financials: GGAL (17.74 -53.52%), BMA (38.28 -49.95%), SUPV (3.93 -48.69%),
• Energy: TGS (9.71 -38.47%)
• Utilities: EDN (7.61 -59.3%), CEPU (3.85 -57.03%), PAM (17.34 -50.63%)

Tapestry (TPR) reported earnings on Thur 15 Aug 2019 (b/o)

** charts before earnings **

 

** charts after earnings **

Tapestry reports EPS in-line, misses on revs; guides Q1 EPS below consensus, revs below consensus; guides FY20 EPS below consensus, revs in-line; Q2 Coach comps +2%; Kate Spade comps -6% 

Reports Q4 (Jun) earnings of $0.61 per share, excluding non-recurring items, in-linewith the S&P Capital IQ Consensus of $0.61; revenues rose 2.0% year/year to $1.51 bln vs the $1.53 bln S&P Capital IQ Consensus.

Coach global comparable store sales increased 2%, including a benefit of approximately 150 basis points driven by an increase in global e-commerce.

Kate Spade global comparable store sales declined 6%, including the positive impact of approximately 600 basis points from global e-commerce

Co issues downside guidance for Q1, sees EPS of decline yr/yr from $0.48, excluding non-recurring items, vs. $0.53 S&P Capital IQ Consensus; sees Q1 revs of slightly below the prior year or below $1381.2 bln vs. $1.44 bln S&P Capital IQ Consensus.

Co issues guidance for FY20, sees EPS of even with FY19 or $2.57, excluding non-recurring items, vs. $2.85 S&P Capital IQ Consensus; sees FY20 revs of low single digits (cons +4.5%) vs. $6.3 bln S&P Capital IQ Consensus.

Guidance Details: The Company expects revenues for Fiscal 2020 to increase at a low-single-digit rate from Fiscal 2019 (Capital IQ consensus +4.5%). In addition, the Company projects earnings per diluted share to be approximately even with prior year. The primary change from the prior outlook is the expectation for more modest topline growth at Kate Spade in North America, impacting the Company's ability to leverage its strategic investments and fixed costs. Importantly, the Company continues to expect top and bottom line growth at Coach and profitability improvements at Stuart Weitzman in Fiscal 2020. Net interest expense for the year is expected to be $45 to $50 mln and the full year Fiscal 2020 tax rate is projected to be in the area of 17.5%. For the first fiscal quarter, the Company projects revenues to be slightly below prior year and earnings per diluted share to decline on a year-over-year basis. The outlook for the first fiscal quarter includes the continued impact of the Company's foundational strategic initiatives, including investments in new stores openings, distributor buybacks as well as systems.

The Company plans to return approximately $700 mln to shareholders in Fiscal 2020 through dividends and share repurchases.

Earnings this week : Aug 12 - 16, 19 (wk 33)

Notable earnings reports:

• Barrick Gold (NYSE:GOLD), Sysco (NYSE:SYY), on August 12;
• JD.com (NASDAQ:JD), Tilray (NASDAQ:TLRY),  Grocery Outlet (GO), Huya (HUYA) and Brinker International on August 13; 
•  Myriad Genetics (MYGN), Sundial Growers (SNDL), Canada Goose (GOOS), Cisco Systems (NASDAQ:CSCO), Macy's (NYSE:M), Agilent Technologies (NYSE:A), Luckin Coffee (NASDAQ:LK), Canopy Growth (CGC)
   and Tencent (OTCPK:TCEHY) on August 14; 
• Tapestry (TPR), Nvidia (NASDAQ:NVDA), Alibaba (BABA) and Wal-Mart (WMT), Briggs & Stratton (BGG), Canadian Solar (CSIQ), PagSeguro Digital (PAGS),  Applied Materials (NASDAQ:AMAT), Nio (NYSE:NIO) and Madison Square Garden (NYSE:MSG) on August 15; 
• Deere (NYSE:DE) on August 16.

-=Tapestry Inc (TPR) reported earnings on Thur 9 May 2019 (b/o)

May 9 (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 margins and brand value.

The company last year hired Gucci and Michael Kors alumnus Nicola Glass as Kate Spade's creative director, whose designs found favor with shoppers in the latest quarter, helping the brand post a 4.5 percent rise in sales.

Although sales at established Kate Spade stores fell 3 percent, they beat a 4.04 percent decline estimated by analysts, according to IBES data from Refinitiv estimates.

"(The company) generated a significant sequential comp improvement at Kate Spade with Nicola Glass's new collection resonating with consumers globally," Chief Executive Officer Victor Luis said.

Tapestry has also been pulling inventory from department stores and cutting back on flash sales in an effort to maintain its exclusivity.

Those efforts propped up SG&A margins in the third quarter to 60.8 percent from 56.6 percent a year earlier.

Excluding items, the company reported a profit of 42 cents per share in the third quarter ended March 30, beating analysts' estimates by 1 cent.

Comparable sales at Coach rose 1 percent in the quarter, also topping the average estimate of a 0.84 percent rise. But overall sales fell at the brand, which contributes about 72 percent to the company's business.

Net sales rose nearly 1 percent to $1.33 billion but narrowly missed the average expectation of $1.34 billion.

Earnings this week : May 6 - 10, 19 (wk 19)

 

Monday (May 6)

• Premarket: AMG, BHC, CAMT, CEVA, DK, DSKE, KOS, NSSC, PETS, SPNS, SYY, TSN    

• After-Hours: AEIS, AIG, AIZ, ANDE, APU, AVID, AWR, BE, BHF, BKD, CBT, CDEV, CENT, COHU, CPE, DCO, DCP, EGOV, ENSG, EVBG, EVER, FBM, FMC, FN, FRAC, FRGI, FRPT, FRTA, GLPI, GLUU, HBM, HHC, HIIQ, HPR, HTZ, IAG, IFF, INVH, IPAR, ITRI, IVC, KLAC, KMT, KRC, KRG, LCI, LMNX, MASI, MOS, MTSC, MWA, NCMI, NGHC, NLS, OFIX, ORA, OTTR, OXY, PAHC, PLOW, PXD, QGEN, RARE, RBC, RCII, RE, RNG, RP, RTEC, SEDG, SHO, SKT, SNHY, STRL, SYKE, TACO, TCMD, TXMD, UGI, VECO, XENT

Tuesday (May 7)

• Premarket: ADNT, AES, AGN, AKRX, AMAG, ARMK, ARRY, ATH, ATKR, AVNS, BCC, BGCP, BLD, BR, BUD, CJ, CLVS, CNHI, CNK, CRL, CROX, CTLT, CWEN, DEA, DF, DNR, DPLO, DXPE, EGRX, EMR, ENR, EXPD, FI, GSKY, GTE, GTX, HAE, HSIC, ICL, IMOS, IPI, JEC, JELD, JLL, KEYW, KL, LCII, LGIH, LITE, LPX, MDCA, MFA, MLCO, MNK, MYL, NHI, NOVT, NWN, OCN, OMI, PINC, PNM, PRIM, REGN, RHP, SEAS, SERV, SND, SRE, TA, TDG, USAC, USFD, VAC, VCEL, VGR, VPG, WBT, WOW

• After hours: ACLS, ADT, APEI, ATO, ATSG, AVD, AVLR, BECN, BOLD, CERS, CGBD, CHUY, COLD, CRAY, CRZO, CSOD, CTRE, CWK, DDD, DIOD, DVA, EA, EDIT, ENTA, ESE, EVH, EVRI, FANG, FARM, FATE, FG, FLT, FTSI, GHDX, GTES, HALO, HCKT, HCLP, HUBS, ICHR, IMMR, INGN, INSP, IOSP, IRTC, JAZZ, JCOM, KAR, KGC, LADR, LC, LOPE, LTHM, LYFT, MMI, MODN, MTCH, MTSI, MYGN, NCR, NVTA, OAS, OHI, OPK, OSPN, PAA, PAGP, PBPB, PEGA, PEN, PLT, PLYA, POWL, PRI, PRMW, PUMP, PZZA, QRVO, QTWO, QUOT, RGR, RNR, RTRX, S, SEMG, SGMS, SUPN, SWX, TRIP, TWO, TWOU, VOYA, VREX, WING, WMC, WMGI, WTTR, WU, Y, ZAGG

Wednesday (May 8)

• Premarket: ACM, ANDX, ATHM, ATRO, BCOR, BG, BV, CBB, CBRE, CEIX, CFX, CHK, CHSP, CORE, COTY, FOLD, FTDR, FUN, GCP, GOLD, GOLF, GTN, GTT, HMC, HZNP, ICPT, LXP, MCHP, MCK, MIDD, MPC, MPLX, MRNA, MSG, MYE, NCS, NXST, NYT, ODP, PFGC, PLUG, PTLA, RDUS, SBGI, SGRY, SPB, STWD, SUM, TAST, TGI, TRI, VER, VG, WAAS, WEN, YRCW
• After hours: AAOI, AGS, AIMT, AKCA, ALB, ANGI, APLE, APYX, ARNA, ASRT, AXGN, BIO, BREW, CCMP, CECO, CNDT, COLL, CPA, CTL, CVNA, CW, CWH, CXW, DAR, DIS, DRH, DVAX, ECPG, EGAN, ELF, ENV, ETSY, EVRG, EZPW, FLNT, FNV, FOSL, FOXA, FTK, GBDC, GDOT, GKOS, GPRE, HLI, IAC, IMMU, INFN, INSG, IVR, KIDS, KINS, KRO, KTOS, LASR, LHCG, MATX, MBI, MRAM, MTRX, NKTR, NNI, NUAN, NVEE, OSUR, PAAS, PETQ, PK, PRGO, PRSC, PSDO, PSEC, QDEL, RDFN, RLJ, ROKU, RUN, RWT, RXN, RYAM, SAIL, SCOR, SGMO, SIEN, SJI, SLF, SMI, SRPT, STMP, SUN, SVMK, SWAV, SWCH, TCX, TLND, TPC, TPIC, TRHC, TTGT, TVTY, TWNK, UPWK, VERI, WIFI, WPM, WTRH, XEC, ZGNX

Thursday (May 9)

• Premarket: ACIW, AEE, AMC, AMRX, ANIP, BAM, BDX, BPMC, BPMP, CAH, CHH, CNNE, CNP, CNQ, COMM, CPG, CRCM, CVIA, DESP, DSX, DUK, EBIX, ECOM, ELAN, ENDP, EPAM, EPC, EYE, FOCS, GOGO, GTS, HAIN, HIMX, HL, HMHC, HSC, INAP, INXN, IONS, KDP, LAUR, LNG, MBUU, MCFT, MGA, MMS, NCLH, NMRK, NOMD, NS, OMER, OSTK, OXFD, PBH, PQG, PRTY, RCM, RDNT, REZI, RGEN, SNH, SQNS, SUP, SYNH, TEN, TGNA, TLRA, TPR, TTD, TTI, TU, TW, UNVR, USCR, VNTR, VRTV, VSH, VSTO, WRLD, WWW

• After hours: AAXN, AGO, AIRG, AL, ALRM, ALTR, AMBC, AMBR, AQ, AQN, ASYS, BKNG, CABO, CARG, CDLX, CISN, CTRL, CUTR, DBX, DHT, EFX, ELY, EQH, FLY, FSCT, GH, GPRO, GSBD, ICUI, JAG, MAIN, MAXR, MESA, MTD, MTW, NDLS, NNBR, NTR, NTRA, NVRO, NWSA, PBYI, PRAA, QNST, QRTEA, RBA, ROAD, SCSC, SENS, SNCR, SONO, SPPI, SPWR, SSRM, SSTI, SWIR, SYMC, SYNA, TGH, TIVO, TROX, TRUE, TRXC, UEPS, UNIT, VFF, VSLR, WPRT, XLRN, XON, YELP, ZAYO, ZG, ZVO

Friday (May 10)

• Premarket: AQUA, BPL, CLNY, ENB, ERF, HPT, JD, MAR, PEGI, PTE, SSP, TRCO, VIAB
• After hours: CBPO

Notable earnings reports: Tyson Foods (NYSE:TSN), Hertz Global (NYSE:HTZ) and Bausch Health (NYSE:BHC) on May 6; Electronic Arts (NASDAQ:EA), Lyft (NASDAQ:LYFT), Anheuser-Busch InBev (NYSE:BUD) and Wynn Resorts (NASDAQ:WYNN) on May 7; Disney (DIS), Roku (NASDAQ:ROKU), Etsy (NASDAQ:ETSY), Fox (NASDAQ:FOXA) and Madison Square Garden (NYSE:MSG) on May 8; GoPro (NASDAQ:GPRO), Booking Holdings (NASDAQ:BKNG), Keurig Dr Pepper (NYSE:KDP) and Trade Desk (NASDAQ:TTD) on May 9; Viacom (NASDAQ:VIAB), JD.com (NASDAQ:JD) and Linde (NYSE:LIN) on May 10.

=Tapestry (TPR) reported earnings on Thur 7 Feb 2019 (b/o)

Tapestry misses by $0.04, misses on revs; guides FY19 EPS below consensus, slightly lowers FY19 revs guidance 

• Reports Q2 (Dec) earnings of $1.07 per share, excluding non-recurring items, $0.04 worse than the S&P Capital IQ Consensus of $1.11; revenues rose 0.9% year/year to $1.8 bln vs the $1.86 bln S&P Capital IQ Consensus.
  • Net sales for Coach totaled $1.25 billion for the second fiscal quarter as compared to $1.23 billion in the prior year, an increase of 2% on a reported and constant currency basis. Global comparable store sales increased 1%, including a benefit of approximately 100 basis points driven by an increase in global e-commerce.
  • Net sales for Kate Spade totaled $428 million for the second fiscal quarter as compared to $435 million in the prior year, a decrease of 1% on a reported and constant currency basis. Global comparable store sales declined 11%, including the positive impact of approximately 200 basis points from global e-commerce.
  • Net sales for Stuart Weitzman totaled $124 million for the second fiscal quarter compared to $121 million reported in the same period of the prior year, an increase of 3% on a reported basis and 4% in constant currency.
  • Inventory was $732 million at the end of quarter versus ending inventory of $666 million in the year ago period. The increase over prior year was primarily driven by regional distributor buyback activity over the past twelve months.
• Co issues downside guidance for FY19, sees EPS of $2.55-2.60, excluding non-recurring items, vs. $2.78 S&P Capital IQ Consensus. The Company also expects revenues for fiscal 2019 to increase low-to-mid-single-digit rate from fiscal 2018. Previous Guidance was for revs to increase at a mid-single-digit rate from fiscal 2018 to $6.1-$6.2 billion.
• Co added, "In light of our second quarter results and the uncertain global environment, we are updating our outlook for the balance of the fiscal year revising our adjusted earnings per diluted share outlook for FY19 to $2.55 to $2.60."

Earnings this week : Feb. 4 - 8, 2019 (wk 6)

Earnings expected this week:

Monday (Feb 4)

• Morning: ALXN CLX ON SYY
• Afternoon: AVB FN GILD GOOG GLUU HIG LM STX

Tuesday (Feb 5)

• Morning: ADM AME ARMK BDX CHD CNC EL EMR ENR INGR IT LII LITE RL 
• Afternoon: ALL APC APU CB CERN DATA DIS DOX  EA MANH  MCHP MODN  MTSI MYGN MXL OI  PAA  PAYC SAVE SCSC  SFLY   SNAP SWKS TCS  TENB ULTI USNA VNOM VRTX ZEN

Wednesday (Feb 6)

• Morning:  ABG BSX BCO CSTE CPRI CTSH CMI ELAN FDC FDV GM HUM LLY  NYT REGN  SPOT TRVG  TTWO 
• Afternoon: ACLS AEL AHL AINV AOSL BLKB CCK CCMP CDAY CENT CINF CMG CSGS CUB CUZ DHT ECHO EGP ELY ENS ENSG FEYE FLO FLT FORM FTNT GBDC GPRO HQY ICHR IRBT KNL LCI LNC MC MET MTCH MTRX NEWR NOV NTGR NTR NXPI ORLY OSUR PAHC PCTY PRU PSDO PSEC RGLD RYN SONO TRMB TTGT TTMI TWO UHAL VVV WERN ZNGA

Wed pm/Thur am (vol) https://finviz.com/screener.ashx?v=211&t=ACLS,AEL,AHL,AINV,AOSL,BLKB,CCK,CCMP,CDAY,CENT,CINF,CMG,CSGS,CUB,CUZ,DHT,ECHO,EGP,ELY,ENS,ENSG,FEYE,FLO,FLT,FORM,FTNT,GBDC,GPRO,HQY,ICHR,IRBT,KNL,LCI,LNC,MC,MET,MTCH,MTRX,NEWR,NOV,NTGR,NTR,NXPI,ORLY,OSUR,PAHC,PCTY,PRU,PSDO,PSEC,RGLD,RYN,SONO,TRMB,TTGT,TTMI,TWO,UHAL,VVV,WERN,ZNGA,ADNT,ADS,AMAG,ANDX,ARW,BCE,BR,BSIG,BV,CAH,CDW,CEIX,CNHI,COR,DNKN,DTE,EIGI,EPC,FCAU,GRA,GRUB,HAIN,HBI,ICE,K,LABL,LCII,LH,MAC,MAS,MD,MMS,MPC,MPLX,MPW,ODFL,PAG,PBH,PENN,PM,PRLB,PTEN,SEE,SNA,SNY,SPB,SPGI,TGI,TKR,TMUS,TPR,TSN,TWTR,VIRT,VSTO,WLTW,WMS,WWE,YUM&ta=0&o=-volume

Thursday (Feb 7)

• Morning: ADNT ADS AMAG ANDX ARW BCE BR BSIG BV CAH CDW CEIX CNHI COR DNKN DTE EIGI EPC FCAU GRA GRUB HAIN HBI ICE K LABL LCII LH MAC MAS MD MMS MPC MPLX MPW ODFL PAG PBH PENN PM PRLB PTEN SEE SNA SNY SPB SPGI TGI TKR TMUS TPR TSN TWTR VIRT VSTO WLTW WMS WWE YUM
• Afternoon: ATEN ATGE ALNY ASYS ANGI MT ATHN BECN BHE BKH CARB CSL CBL CCS COLM OFC DXC EGAN EHC ESE EEFT EXPE FISV FSCT FTV FET FWRD G HUBG IAC KN LGND MTW MCFT MAT MTD MOBL MHK MSI NCR UEPS NR NWSA NUAN OMCL CNXN PMT POWI PRI PRO QRVO QNST RPD RSG SGEN SKX SWI SYNA TDC TBI USX VRSN VVI VSAT VRTU VCRA WTS WU ZAYO 

Friday (Feb 8)

• Morning: ARNC AVA BPL CAE CBOE CLF COTY ESNT EXC GT GRC EAF HAS IMGN PCG PSX  PSXP RDN UNVR VTR 

=Tapestry (TPR) reported earnings on Tue 14 Aug 2018 (b/o)

Tapestry beats by $0.03, reports revs in-line; guides FY19 EPS below consensus, revs above consensus 

• Reports Q4 (Jun) earnings of $0.60 per share, excluding non-recurring items, $0.03 better than the Capital IQ Consensus of $0.57; revenues rose 30.9% year/year to $1.48 bln vs the $1.47 bln Capital IQ Consensus.
• Coach: Global comparable store sales rose 2% in aggregate, including e-commerce, as well as for bricks and mortar stores.
  Kate Spade: Global comparable store sales declined 3%, including the negative impact of approximately half a point from a decline in global e-commerce due to the reduction in online flash sales.
• "The successful integration of Kate Spade onto the Tapestry platform continued, as we achieved the anticipated synergies for the year. Kate Spade fourth quarter results exceeded our expectations from both a top- and bottom-line perspective with both sales and operating margin increasing from reported prior year results. In its first year within Tapestry, Kate Spade delivered double digit earnings per share accretion, despite the strategic pullback in online flash and wholesale disposition...Finally at Stuart Weitzman, as anticipated, fourth quarter results continued to be negatively impacted by development and delivery delays which pressured sales and margins. For the year, sales were essentially unchanged, reflecting the second half challenges. During the quarter, we continued to implement the production and planning processes necessary to drive the business forward and remain confident in the long term opportunities for the brand."
• Co issues mixed guidance for FY19, sees EPS of $2.70-2.80 vs. $2.82 Capital IQ Consensus Estimate; sees FY19 revs of $6.1-6.2 bln vs. $6.08 bln Capital IQ Consensus Estimate.

Earnings this week : Aug 13 - 17, 18 (wk 33)

Earnings confirmed to report this week:

Monday (August 13)

• Morning: CNNE  JKS  SYY TSG  
• Afternoon: AG  HUYA  SWCH TDW VERI  VIPS YY 

Tuesday (Aug 14)

• Morning: AAP ARRY BZUN CAE CDK CSIQ  CVIA EAT EYE GDS HD MMYT TPR 
• Afternoon: A CASA CDLX CGC CREE DDS FENG HOLI MYGN PETQ VIAV  WPM

Wednesday (Aug 15)

• Morning: LXFT M MSGN  PFGC
• Afternoon: BGG CACI CSCO NTAP SPTN

Thursday (Aug 16)

• Morning: DESP JCP JD MSG QIWI WMT   WUBA
• Afternoon: AMAT ATGE  JWN  NVDA  ZOES

Friday (Aug 17)

• Morning: DE

=Tapestry (TPR) reported earnings on Tue 1 May 2018 (b/o)

Tapestry beats by $0.04, beats on revs; raises bottom end of FY18 EPS guidance; reaffirms FY18 rev guidance; Q3 comps +3%

• Reports Q3 (Mar) earnings of $0.54 per share, excluding non-recurring items, $0.04 better than the Capital IQ Consensus of $0.50; revenues rose 32.9% year/year to $1.32 bln vs the $1.3 bln Capital IQ Consensus.
• Global comparable store sales rose 3%, including a benefit of approximately 100 basis points driven by an increase in global e-commerce.
• Co issues guidance for FY18, sees EPS of $2.57-2.60 from $2.52-2.60 vs. $2.59 Capital IQ Consensus Estimate; sees FY18 revs of $5.8-5.9 bln vs. $5.86 bln Capital IQ Consensus Estimate.

-=Tapestry (TPR) reported earnings on Tue 6 Feb 2018 (BMO)

Tapestry beats by $0.19, reports revs in-line; raises FY18 EPS guidance, sees FY 18 revs in-line

• Reports Q2 (Dec) earnings of $1.07 per share, $0.19 better than the Capital IQ Consensus of $0.88; revenues rose 35.1% year/year to $1.78 bln vs the $1.77 bln Capital IQ Consensus.
  • Net sales for Coach totaled $1.23 billion, +2% Y/Y
    • Global comps +3%
  • Net sales for Kate Spade totaled $435 million, reflecting, in part, the strategic pullback in wholesale disposition and online flash sales.
    • global comps -7%, including the negative impact of approximately 400 basis points from a decline in global e-commerce
  • Net sales for Stuart Weitzman totaled $121 million, +2% Y/Y
• Co issues upside guidance for FY18 EPS, sees EPS of $2.52-2.60 vs. $2.40 Capital IQ Consensus Estimate; sees FY18 revs of $5.8-5.9 bln vs. $5.83 bln Capital IQ Consensus Estimate.
  • Previous guidance was for FY 18 EPS of $2.35-2.40
  • Co continues to expect low-single digit organic growth and the acquisition of Kate Spade adding over $1.2 billion in revenue. 
  • In addition, the Company continues to project operating income growth of 22% to 25% versus fiscal 2017 driven by mid-single-digit organic growth, the acquisition of Kate Spade, and estimated synergies of $30 to $35 million. These synergies are expected to offset in part the reduction in profitability from the strategic and deliberate pullback of Kate Spade wholesale disposition and online flash sales channels. Taken together, the Kate Spade business and resulting synergies are expected to contribute approximately $130 to $140 million to operating income.

Tapestry (TPR) reported earnings on Tue 7 Nov 017 (b/o)

** charts after earnings **

 

Tapestry beats by $0.06, misses on revs; reaffirms FY18 guidance; increases FY19 synergy targets 

• Reports Q1 (Sep) earnings of $0.42 per share, excluding non-recurring items, $0.06 better than the Capital IQ Consensus of $0.36; revenues rose 24.2% year/year to $1.29 bln vs the $1.31 bln Capital IQ Consensus. 
  • Net sales for Coach totaled $924 million for the first fiscal quarter as compared to $950 million in the prior year, a decrease of 3%. On a constant currency basis, sales declined 2%. Global comparable store sales declined 2%, including a benefit of approximately 100 basis points driven by an increase in global e-commerce. Results include the negative impact associated with the shift in timing of the Chinese Mid-Autumn festival into October, exacerbated by the impact of inventory mix issues as well as natural disasters occurring in the quarter, notably hurricanes in North America and typhoons in Asia.
  • Net sales for Kate Spade totaled $269 million, reflecting, in part, the strategic pullback in wholesale disposition and online flash. Global comparable store sales declined 9%, including the negative impact of ~600 basis points basis points from a decline in global e-commerce, as projected.
• Co reaffirms guidance for FY18, sees EPS of $2.35-2.40, excluding non-recurring items, vs. $2.36 Capital IQ Consensus Estimate; sees FY18 revs of $5.8-5.9 bln vs. $5.85 bln Capital IQ Consensus, with low-single digit organic growth and the acquisition of Kate Spade adding over $1.2 billion in revenue. In addition, the Company continues to project operating income growth of 22% to 25% versus fiscal 2017 driven by mid-single-digit organic growth, the acquisition of Kate Spade, and estimated synergies of $30 to $35 million. These synergies are expected to offset in part the reduction in profitability from the strategic and deliberate pullback of Kate Spade wholesale disposition and online flash sales channels. Taken together, the Kate Spade business and resulting synergies are expected to contribute ~$130 to $140 million to operating income. 
• "While our Coach comparable store sales were impacted by both expected calendar shifts and inventory challenges as well as the effects of the unanticipated natural disasters -- we have returned to growth thus far in the second quarter and are well positioned for holiday...
• After only a few months since the close of the Kate Spade acquisition, we're even more excited about the opportunities for the brand, both in terms of revenue growth, driven by distribution and productivity, and profitability improvements, as we leverage our scale across our supply chain, global business development organization and other corporate functions. Importantly, we now expect to achieve run-rate synergies of ~$100 to $115 million in fiscal 2019 versus our previous guidance of $50 million." 

Coach (COH) is changing its name to Tapestry (TPR)

• New website:  http://www.tapestry.com
• Effective October 31, 2017, Tapestry’s common stock will trade on the New York Stock Exchange under the symbol TPR.
• The name change, after all, follows Coach’s 2015 acquisition of the Stuart Weitzman shoe label for up to $574 million and its purchase of Kate Spade for $2.4 billion in May. And in July, Coach’s rival Michael Kors acquired Jimmy Choo (a brand that Coach was reportedly also considering acquiring) for $1.2 billion.

    

NEW YORK (AP) — To better incorporate all of the brands it now owns, the storied Coach company of New York is changing its name to Tapestry.

The luxury goods company that came to prominence in the "Mad Men" era now owns brands like Stuart Weitzman and Kate Spade & Co. as well. CEO Victor Luis said Wednesday that the name Tapestry is more inclusive.

Coach acquired Stuart Weitzman in 2015 in a deal valued up to $574 million. It spent $2.4 billion for Kate Spade this year, seeking to broaden its appeal. The Coach brand of bags and other goods is alive and well, but it becomes one of three brands sold by the company that will be called Tapestry.

"We are now at a defining moment in our corporate reinvention, having evolved from a mono-brand specialty retailer to a true house of emotional, desirable brands," Luis said in a company release.

A website with the new name, which becomes official at the end of the month, is up and running.

The change is part of Coach's pursuit of younger shoppers who may not feel the same draw to store windows on Manhattan's 5th Avenue.

Coach began as a small workshop in Manhattan in 1941, and became a fashion powerhouse in the early 1960s though innovate designs.

Coach Inc. will also be changing its ticker symbol on the New York Stock Exchange from "COH," to "TPR." Shares of the company declined more than 2 percent to $39.11 in morning trading.