Tapestry announces quarterly cash dividend

Tapestry, Inc. has declared a quarterly cash dividend of 3375 cents per common share. The company said in a statement that this dividend is payable on April 1, 2019 to shareholders of record as of the close of business on March 8, 2019.

Announcing its second quarter results at the beginning of this month, Tapestry said net sales were 1.80 billion dollars, an increase of 1 percent on a reported basis and 2 percent in constant currency. Net income for the quarter was 255 million dollars on a reported basis, with earnings per diluted share of 88 cents compared to 63 million dollars with earnings per diluted share of 22 cents in the prior year period. On a non-GAAP basis, net income for the quarter was 310 million dollars, with earnings per diluted share of 1.07 dollars compared to 306 million dollars with earnings per diluted share of 1.07 dollars in the prior year period.

The company expects revenues for fiscal 2019 to increase at a low-to-mid-single-digit rate from fiscal 2018. In addition, the company projects earnings per diluted share in the range of 2.55 dollars to 2.60 dollars.