Despite recent acquisition integration headwinds, Tapestry should sustain organic growth long term.
Narrow-moat Tapestry’s strong fiscal 2018 results reflected sales outperformance in North America and in the Kate Spade segment. For the full year, Tapestry's sales grew 31% (2% estimated organic) with adjusted gross and operating margins down 120 and 120 basis points respectively (in line with our full-year expectations of 30.5% sales growth, 66.8%, and 16.5%). Additionally, management‘s initial 2019 outlook calls for mid-single-digit sales growth to $6.1 billion-$6.2 billion and adjusted earni...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.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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