Tapestry beats quarterly revenue expectations on steady handbag demand
2024.08.15 06:55
(Reuters) -Coach parent Tapestry (NYSE:) beat Wall Street expectations for fourth-quarter revenue, helped by robust demand for its popular Tabby handbags.
The company’s shares rose 8% in premarket trading.
Demand for trendy high-end bags, apparel and accessories from higher-income shoppers has held up for a few luxury companies in the face of a global slowdown in spending.
Tapestry has banked on Tabby shoulder bags from the Coach family to drive more full-price sales at its stores, even as the other two names under its umbrella, Stuart and Kate Spade, struggle with weak demand in China and the U.S.
The company reported net sales of $1.59 billion for the quarter, compared with estimates of $1.57 billion, according to LSEG data.
