Tapestry’s Stuart Weitzman Stumbles in the Third Quarter; Shares Fairly Valued
We expect to lower narrow-moat Tapestry’s $46 fair value estimate by a low-single-digit rate following third-quarter results that revealed execution issues, including production delays and lower sell-through of key carryover styles at Stuart Weitzman (6% of sales). Although our Fiscal 2018 estimates (calling for revenue of $5.8 billion and adjusted earnings per share of $2.57) continue to seem reasonable and fall within updated guidance (sales of $5.8 billion-$5.9 billion and adjusted earnings p...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.
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