Why Tapestry (TPR) Stock Is Up Today
What Happened:
Shares of luxury fashion conglomerate Tapestry (NYSE:TPR) jumped 9% in the morning session after the company reported second-quarter results that beat analysts' revenue expectations. The outperformance was led by a 6% year-on-year growth in the Coach business, which made it easier to reconcile the weakness in other segments. It also raised its EPS outlook, which came in ahead of Consensus. On the other hand, its EPS missed analysts' expectations, and its full-year revenue guidance was maintained, slightly missing Wall Street's estimates. Zooming out, we think this was still a decent, albeit mixed, quarter, showing that the company is staying on track.
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What is the market telling us:
Tapestry's shares are somewhat volatile and over the last year have had 5 moves greater than 5%. In context of that, today's move is indicating the market considers this news meaningful but not something that would fundamentally change its perception of the business.
Tapestry is up 14.9% since the beginning of the year, and at $43.87 per share it is trading close to its 52-week high of $45.37 from February 2023. Investors who bought $1,000 worth of Tapestry's shares 5 years ago would now be looking at an investment worth $1,295.
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