Tapestry Boosts FY23 Outlook; Raises Dividend 20% - Update

(RTTNews) - While reporting financial results for the third quarter on Thursday, Tapestry, Inc. (TPR) raised its earnings and revenue guidance for the full year 2023, due to its outperformance in the third fiscal quarter.

For fiscal 2023, the company now projects earnings in a range of $3.85 to $3.90 per share on revenues approaching $6.7 billion, with constant currency revenue growth of about 3 percent.

Previously, the company expected earnings in the range of $3.70 to $3.75 per share on revenues approximately $6.6 billion, with constant currency revenue growth of about 2 to 3 percent.

On average, 20 analysts polled by Thomson Reuters expect the company to report earnings of $3.71 per share on revenue of $6.64 billion for the year. Analysts' estimates typically exclude special items.

The Company also continues to expect to return approximately $1.0 billion to shareholders in Fiscal 2023, with repurchase of approximately $700 million in common stock and payment of a 20 percent higher annual dividend of $1.20 per share.

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