27% profits every 20 days?
This is what Nic Chahine averages with his options buys. Not selling covered calls or spreads... BUYING options. Most traders don't even have a winning percentage of 27% buying options. He has an 83% win rate. Here's how he does it.
Tapestry Inc (NYSE:TPR), the New York-based house of lifestyle brands comprising Coach, Kate Spade, and Stuart Weitzman, reported Q4 FY23 sales of $1.62 billion, missing the analyst consensus of $1.65 billion.
EPS of $0.95 missed the analyst consensus of $0.97.
Gross profit rose to $1.17 billion from $1.12 billion a year ago, with margins increasing to 72.4% from 68.9% a year ago, reflecting the benefit of 200 basis points from lower freight expense and improved operations.
Operating margin expanded to 16.9% from 15.3% a year ago, and operating income for the quarter stood at $274 million.
Tapestry held $742 million in cash, cash equivalents, and short-term investments as of July 1, 2023.
Inventory at the end of FY23 stood at $920 million.
Tapestry repurchased shares worth around $700 million, including $200 million in Q4.
Dividend: TPR approved FY23 annual dividend of $1.20 per share, totaling about $283 million.
For FY24, the Board of Directors approved a quarterly cash dividend per share of $0.35 (+17% Y/Y) with an anticipated annual dividend per share of $1.40.
Outlook: Tapestry expects FY24 EPS of $4.10-$4.15 (+6% to 7% Y/Y) vs. the consensus of $4.23.
The company expects sales of $6.90 billion (+3% to 4% Y/Y) vs. $6.93 billion consensus.
Last week, the company announced the acquisition of Capri Holdings (NYSE:CPRI) for $8.5 billion, which is expected to be completed in 2024.
Price Action: TPR shares are trading lower by 0.93% at $34.01 premarket on the last check Thursday.
Photo Via Company
27% profits every 20 days?
This is what Nic Chahine averages with his options buys. Not selling covered calls or spreads... BUYING options. Most traders don't even have a winning percentage of 27% buying options. He has an 83% win rate. Here's how he does it.
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