Tapestry Continues to Integrate Kate Spade, but China Uncertainty Obscures Long-Term Prospects
Despite the double-digit share price decline on second-quarter results, we do not plan to alter our $45 fair value estimate for narrow-moat Tapestry. Sales grew 1% on a 22% adjusted operating margin for the quarter versus our 1% and 20% estimates, but management warned of an uncertain global environment (primarily China) by lowering guidance. The firm now expects low- to mid-single-digit sales growth in line with our low-single-digit forecast, and full-year adjusted EPS of $2.55-$2.60, down from...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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