Headlines

Tapestry Beats Third Quarter Estimates

Comp sales down slightly at Kate Spade, up at Coach

Published

5 years ago

May 10, 2019

VMSD Staff

Tapestry Inc. (New York), owner of the Coach and Kate Spade brands, exceeded estimates for third-quarter profits and announced a $1 billion share buyback program, according to Business of Fashion. Stock rose 12 percent on the news.

Same-store sales at Kate Spade were down .3 percent, according to IBES data from Refinitiv estimates. Same-store sales at Coach, however, were up 1 percent, beating the average estimate of .84 percent.

"[Tapestry] generated a significant sequential comp improvement at Kate Spade with Nicola Glass's new collection resonating with consumers globally," Tapestry Chief Executive Victor Luis said.

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