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Tapestry’s fiscal first-quarter revenue rose 11% to $1.89 billion, beating analysts’ $1.85 billion estimate, as Coach sales climbed 16%. Sales at Kate Spade, the other brand named in the report, fell 10%.
The parent company of Coach and Kate Spade reported profit of $360 million, or $1.76 a share, for the quarter, compared with $275 million, or $1.28 a share, a year earlier. Adjusted earnings were $1.82 a share, above analysts’ estimate of $1.56, according to FactSet.
Tapestry said it attracted new customers during the quarter, about a third of them Gen Z, while demand also grew among existing customers.
The company raised its full-year outlook. It now expects sales of about $8.5 billion to $8.6 billion, compared with its prior range of $8.4 billion to $8.5 billion, and earnings per share of $8.25 to $8.35, up from $7.80 to $7.90. For the current second quarter, Tapestry expects earnings per share of $3.05; analysts had projected $3.02.
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