Tapestry reported fourth quarter earnings that matched analysts' expectations on Thursday and revenue that fell short of forecasts.
The firm reported earnings per share of $0.61 on revenue of $1.51B. Analysts polled by anticipated EPS of $0.61 on revenue of $1.53B. That compared to EPS of $0.6 on revenue of $1.48B in the same period a year earlier. The company had reported EPS of $0.42 on revenue of $1.33B in the previous quarter.
Tapestry shares lost 7.88% to trade at $23.04 in pre-market trade following the report.
Tapestry follows other major Consumer Cyclical sector earnings this month
On August 2, Toyota Motor ADR reported first quarter EPS of $4.5 on revenue of $71.75B, compared to forecasts of EPS of $4.18 on revenue of $69.21B.
Volkswagen Pref ADR earnings beat analysts' expectations on July 25, with second quarter EPS of $0.88 on revenue of $72.74B. analysts expected EPS of $0.86 on revenue of $69.95B
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