Tapestry Q3 net sales $1.51B (+5%) and EPS $0.78 beat; raises FY2023 EPS outlook to $3.85-$3.90

TAPESTRY, INC.

2023-Q3 EPS reported $2.93 revenue$5,041,400,000

Q3 revenue $1.51B (+5% reported, +9% constant currency); gross margin 72.8% (+290 bps YoY).
Diluted EPS $0.78 vs $0.46 prior year (non-GAAP prior year $0.51); raised FY2023 EPS guidance to $3.85-$3.90.
International revenue grew ~20% constant currency; Greater China up ~20%; North America low-single-digit gain.
Returning $1B to shareholders in FY2023: $700M share repurchases, $300M dividends ($1.20 annual, +20%).
Inventory up only 2% YoY; free cash flow Q3 inflow $71M vs outflow $55M prior year.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

TAPESTRY, INC. reported third fiscal quarter ended April 1, 2023 results: revenue $1.51 billion, EPS $0.78. Guidance raised.

Period: third fiscal quarter ended April 1, 2023
Revenue: $1.51 billion
EPS: $0.78
Guidance: raised
Result: reported results

Exact text from the filing

in the quarter and $714 million year-to-date through a combination of share repurchases and dividends . Overview of Fiscal 2023 Third Quarter Financial Results Net sales totaled $1.51 billion compared to $1.44 billion in the prior year, representing a reported year-over-year increase of 5%. Excluding a 370 basis point headwind from currency due to the appreciation of

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Source: SEC EDGAR

accession 0001157523-23-000816

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