Photo: A Coach store / Mike Mozart / CC BY 2.0
By: JBizNews Desk 🌎
Tapestry raised its full-year forecasts after fiscal first-quarter sales rose 11.1% to $1.89 billion, ahead of the $1.86 billion analysts had expected, as young shoppers snapped up high-end Coach handbags, Reuters reported as of 6:50 a.m. ET Thursday, citing the company’s earnings release.
Adjusted earnings came in at $1.82 a share, well above the $1.57 consensus, with GAAP earnings of $1.76 a share.
Coach led the way with sales up 16%, while Kate Spade sales fell 10%. Revenue in China jumped 43%.
The company raised its full-year sales outlook to $8.5 billion to $8.6 billion, from $8.4 billion to $8.5 billion, and lifted its earnings-per-share forecast to $8.25 to $8.35, up from $7.80 to $7.90, according to the release.
JBizNews Desk | New York
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