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Tapestry profit misses consensus by 26.8% in fiscal Q3

Tapestry Inc. said its normalized net income for the fiscal third quarter ended April 1 was 32 cents per share, compared with the S&P Capital IQ consensus estimate of 44 cents per share.

EPS increased 13.7% year over year from 29 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $91.9 million, a gain of 15.1% from $79.9 million in the third quarter ended March 26, 2016.

The normalized profit margin increased to 9.2% from 7.7% in the year-earlier period.

Total revenue fell year over year to $995.2 million from $1.03 billion, and total operating expenses declined 6.1% from the prior-year period to $844.1 million from $898.8 million.

Reported net income increased 8.8% on an annual basis to $121.6 million, or 43 cents per share, from $111.8 million, or 40 cents per share.