Q418 snap - Improving Kate Spade, in line Coach
Tapestry adj. Q418 EPS was $0.60 ahead of consensus $0.57. Revenues were ahead, with the most significant outperformance seen in the Kate Spade brand. Gross margins also came in ahead, with notable expansion at Coach brand. Stuart Weitzman continues to lag, but the focus will be on the larger brands. FY19 guidance is set higher on revenues, slightly lower on EPS, with a slightly higher tax rate.Tapestry is a lifestyle company. The company's primary product offerings, manufactured by third-party suppliers, include women's and men's bags, small leather goods, footwear, ready-to-wear including outerwear, watches, weekend and travel accessories, scarves, eyewear, fragrance, jewelry and other lifestyle products. The company has three reportable segments: Coach, which includes sales of Coach brand products to customers through Coach operated stores; Kate Spade, which includes sales primarily of Kate Spade New York brand products to customers through Kate Spade operated stores; and Stuart Weitzman, which includes sales of Stuart Weitzman brand products primarily through Stuart Weitzman operated stores.
Formed in 2003 by an established team from Cazenove, one of the most respected investment banks in the UK, Atlantic Equities conducts and publishes fundamental, bottom up research on mid and large cap US companies.
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