Tapestry Inc. (NYSE: TPR), a leading luxury fashion company, on Thursday reported an increase in net sales and adjusted earnings for the second quarter of 2024.
- The company reported revenue of $2.1 billion for Q2, representing a 3% increase compared to the year-ago period
- Second-quarter gross margin increased by 300 basis points; operating profit rose 7% on a reported basis
- Q2 earnings, on a per-share basis, moved up 3% annually to $1.39 per share; adjusted EPS climbed 20% to $1.63
- Generated operating and free cash flow of more than $800 million, which is above the prior-year levels
- Cash, cash equivalents, and short-term investments were $7.46 billion at the end of the quarter
- The board of directors declared a quarterly cash dividend of $0.35 per share, payable on March 25, 2024
- For fiscal 2024, the management forecasts revenues of approximately $6.7 billion, up 1% from last year
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