Tapestry beats analysts' revenue estimate for Q1

In its trading report for the first quarter, Tapestry, Inc. said net sales totalled 1.17 billion dollars, representing a 14 percent decline beating analysts’ average estimate of 1.07 billion dollars, according to IBES data from Refinitiv. The company said in a statement that gross profit reached 830 million dollars, while gross margin was 70.8 percent, on a reported and non-GAAP basis compared to 919 million dollars with gross margin of 67.6 percent in the previous year. Net income for the quarter was 232 million dollars on a reported basis, with earnings per diluted share of 83 cents compared to 20 million dollars with earnings per diluted share of 7 cents in the prior year period, while on a non-GAAP basis, net income was 161 million dollars with earnings per diluted share of 58 cents compared to 114 million dollars with earnings per diluted share of 40 cents in the prior year period.