Reported about 2 months ago
Tapestry Inc., the parent company of Coach, exceeded Wall Street forecasts for the fourth quarter, driven by robust demand for its Tabby handbags, even amidst a global spending slowdown. The company reported net sales of $1.59 billion and earnings per share of 92 cents, surpassing analyst estimates. Coach's revenue, which constitutes over 70% of Tapestry's income, saw a 2% increase, while gross margins improved significantly. The company is also moving forward with its acquisition of Capri, despite regulatory scrutiny.
Source: YAHOO