Wednesday, February 7, 2018

Coach handbags drive Tapestry earnings

Tapestry Inc.’s quarterly results surpassed expectations thanks to strong demand for its Coach handbags, Reuters reports.

Overall revenue for Tapestry, the parent company of Coach, Kate Spade and Stuart Weitzman, rose to $1.79 billion in the second quarter ending Dec. 30, beating the average analyst prediction of $1.77 billion, according to Reuters.

The results show the success of Tapestry’s move to transform itself into a multi-brand company and remove inventory from stores to cut back on flash sales, per Reuters. Coach same-store sales rose 3 percent in the latest quarter, surpassing analysts’ estimate of 1.83 percent.. . . more

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