Tapestry, Inc. Q1 Profit Decreases, But Beats Estimates

(RTTNews) - Tapestry, Inc. (TPR) announced a profit for first quarter that decreased from last year but beat the Street estimates.

The company's earnings came in at $186.6 million, or $0.79 per share. This compares with $195.0 million, or $0.84 per share, in last year's first quarter.

Excluding items, Tapestry, Inc. reported adjusted earnings of $241.6 million or $1.02 per share for the period.

Analysts on average had expected the company to earn $0.95 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter fell 0.4% to $1.507 billion from $1.513 billion last year.

Tapestry, Inc. earnings at a glance (GAAP) :

-Earnings (Q1): $186.6 Mln. vs. $195.0 Mln. last year. -EPS (Q1): $0.79 vs. $0.84 last year. -Revenue (Q1): $1.507 Bln vs. $1.513 Bln last year.

-Guidance: Full year EPS guidance: $4.50 to $4.55 Full year revenue guidance: $6.75 Bln