MNI BRIEF: Canadians Fuzzy On How BOC Hikes Slow CPI, Government's Role

CANADA FLASH MAY GDP +0.1% ON FACTORIES AND REAL ESTATE

MNI China Daily Summary: Friday, June 28

MNI BRIEF: BCB Evaluating Real Depreciation Impacts - Galipolo

MNI BRIEF: PBOC Pledges to Curb Any Overshoot Of The Yuan: MPC

MNI: PBOC Net Injects CNY40 Bln Via OMO Fri; Rates Unchanged

MNI: BAKER HUGHES US RIG COUNT 581; OIL RIGS 479; GAS RIGS 97

EZ/UK T-Bill Calendar: Germany, France Auction on Monday

EZ/UK Bond Supply Calendar: BoE APF on Monday

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Tapestry (TPR; Baa2, BBB+; double Neg) 3Q24 Results (3m ending March)

CONSUMER CYCLICALS
Credit BulletsBulletHomepagemarkets-real-timeCredit
  • No change to deal outlook; "The Company is confident in the merits and pro-competitive, pro-consumer nature of this transaction and looks forward to presenting its strong legal arguments in court, working expeditiously to close the transaction in calendar year 2024."
  • Q3 was in line at $1.48b (-2%yoy) while gross margin beat by 1ppt at 74.7%. YTD sales is at $5.1b & FCF at $900m.
  • Its trimmed FY guidance a tad and now expects FY24 revenue at $6.6b or 1% constant-currency growth (previous $6.7b at 1-2% growth, consensus at $6.7b). FY24 FCF (ex. deal costs) expected at ~$1.1b (unch & in-line with consensus). Equity returns expected to total $325m - all in dividends (buybacks were suspended this year).

Earnings call at 1pm London may bring more questions on deal/timings; https://tapestry.gcs-web.com/events/event-details/...

127 words

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
  • No change to deal outlook; "The Company is confident in the merits and pro-competitive, pro-consumer nature of this transaction and looks forward to presenting its strong legal arguments in court, working expeditiously to close the transaction in calendar year 2024."
  • Q3 was in line at $1.48b (-2%yoy) while gross margin beat by 1ppt at 74.7%. YTD sales is at $5.1b & FCF at $900m.
  • Its trimmed FY guidance a tad and now expects FY24 revenue at $6.6b or 1% constant-currency growth (previous $6.7b at 1-2% growth, consensus at $6.7b). FY24 FCF (ex. deal costs) expected at ~$1.1b (unch & in-line with consensus). Equity returns expected to total $325m - all in dividends (buybacks were suspended this year).

Earnings call at 1pm London may bring more questions on deal/timings; https://tapestry.gcs-web.com/events/event-details/...