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

CONSUMER CYCLICALS
  • 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/...

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