07:54 AM EST, 11/07/2024 (MT Newswires) -- Tapestry (TPR) reported fiscal Q1 non-GAAP earnings Thursday of $1.02 per diluted share, up from $0.93 a year earlier.

Analysts polled by Capital IQ expected $0.95.

Net sales for the quarter ended Sept. 28 were $1.51 billion, about the same as a year earlier.

Analysts surveyed by Capital IQ expected $1.47 billion.

For fiscal 2025, the company lifted its non-GAAP EPS guidance to between $4.50 and $4.55, from its previous range of $4.45 to $4.50. Analysts polled by Capital IQ expect of $4.49. Revenue is now expected to grow about 1% to 2% to over $6.75 billion, compared with the prior forecast of slight growth. Analysts surveyed by Capital IQ expect $6.70 billion.

Additionally, the luxury apparel and accessory retailer said its board declared a quarterly cash dividend of $0.35 per share, payable on Dec. 23 to shareholders of record on Dec. 6.

Tapestry shares were up more than 5% in recent Thursday premarket activity.

Price: 52.46, Change: +2.70, Percent Change: +5.43