Tapestry reports 1Q loss

Markets Associated Press

Tapestry Inc. (TPR) on Tuesday reported a fiscal first-quarter loss of $17.7 million, after reporting a profit in the same period a year earlier.

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On a per-share basis, the New York-based company said it had a loss of 6 cents. Earnings, adjusted for costs related to mergers and acquisitions and non-recurring costs, came to 42 cents per share.

The results beat Wall Street expectations. The average estimate of 13 analysts surveyed by Zacks Investment Research was for earnings of 36 cents per share.

The luxury goods maker posted revenue of $1.29 billion in the period, which fell short of Street forecasts. Eight analysts surveyed by Zacks expected $1.3 billion.

Tapestry expects full-year earnings to be $2.35 to $2.40 per share, with revenue in the range of $5.8 billion to $5.9 billion.

Tapestry shares have risen 18 percent since the beginning of the year. The stock has risen 17 percent in the last 12 months.

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This story was generated by Automated Insights using data from Zacks Investment Research. Access a Zacks stock report on TPR at https://www.zacks.com/ap/TPR