Strong 3Q for Tapestry Accentuated by Profitable Growth at Kate Spade; Shares Still a Deal
While shares jumped high single digits on third-quarter results, we do not plan to alter our $45 fair value estimate for narrow-moat Tapestry and still see shares as an attractive investment. Sales grew 1% on a 10.6% adjusted operating margin for the quarter versus our 1% and 13.4% quarterly estimates, with increased brand spending at Kate Spade crimping operating margin. We see this spending as prudent as the firm revamps the brand image and shifts the merchandise to higher-price points.ÂManag...
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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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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