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