Tapestry Q3 revenue $1.44B (+13%), EPS $0.51 non-GAAP beat; announces $1.5B buyback

TAPESTRY, INC.

2022-Q3 EPS reported $2.42 revenue$5,059,600,000

Q3 revenue $1.44B (+13% YoY); GAAP EPS $0.46, non-GAAP EPS $0.51 significantly ahead of expectations.
Gross margin 69.9% down 170bps due to $63M incremental freight; operating margin 12.2% non-GAAP.
Board approves new $1.5B share repurchase; total FY2022 shareholder returns expected ~$1.9B (up from $1.5B).
Q3 bought back $500M at $37.06/sh, 13M shares; FY2022 buyback forecast raised to $1.6B.
FY2022 guidance: revenue ~$6.7B, non-GAAP EPS ~$3.45; China COVID headwind estimated $0.25-$0.30.

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