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CONSUMER CYCLICALS: Tapestry (TPR Baa2*-/BBB[N]/NR): FY24 Results

CONSUMER CYCLICALS

No real surprises in earnings or guidance and backing the Capri acquisition; supportive for credit.

  • Backs the Capri acquisition, saying its confident in the merits of the transaction and looks forward to arguing so in court, working to close in 2024. It says it has increased conviction to outperform original synergy of $200mn and sees EPS accretion within 12 months; a strong signal to investors that it’s backing the deal despite weak operating performance at Capri.
  • Tapestry reports revenue 1% ahead of consensus.
  • EBIT was 1.5% better than expected.
  • FY FCF marginally exceeded expectations mainly on capex.
  • FY25 guidance includes $6.7bn revenue (1% lfl), 4% below consensus; 50bps EBIT margin expansion; $1.1bn FCF in-line with consensus.
  • Webcast 13.00 BST https://edge.media-server.com/mmc/p/2tcb9odn.
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