October 30, 2018 / 10:54 AM / 15 days ago

CORRECTED-Tapestry beats sales estimates on demand for Kate Spade bags

(Corrects to “first-quarter” from “third-quarter” in paragraph 1)

Oct 30 (Reuters) - Tapestry Inc, formerly Coach, beat Wall Street’s estimates for first-quarter sales on Tuesday, helped by higher demand for its Kate Spade handbags.

The maker of Coach handbags and Stuart Weitzman footwear said it reported net income of $122.3 million, or 42 cents per share, in the first quarter ended Sept. 29, compared with a loss of $17.7 million, or 6 cents per share, a year earlier. The company benefited from a lower tax rate in the quarter.

Net sales rose to $1.38 billion, beating the average analyst estimate of $1.36 billion. (Reporting by Aishwarya Venugopal Editing by Saumyadeb Chakrabarty)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below