Earnings

Coach owner Tapestry (TPR) Q1 2020 earnings beat, shares rise

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Kate Spade bags on sale at Macy’s in New York.

Scott Mlyn | CNBC

The owner of the Kate Spade and Coach handbag brands on Tuesday reported quarterly earnings that beat Street estimates, but sales missed expectations due to weakness at Kate Spade.

Tapestry also gave a fresh outlook for fiscal 2020. The company said it expects sales to rise in the low single digits, while earnings per share are forecast to be about flat compared with the prior year.

Its shares shot up more than 6% in premarket trading on the news. The stock was last up about 3%, having fallen more than 21% this year since Monday’s market close.

Here’s how Tapestry performed for its fiscal first quarter compared to what analysts…



Source cnbc.com

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