The logo of U.S. fashion brand Coach is seen in New York on Nov. 19, 2024.
Charly Triballeau | AFP | Getty Images
Shares of Coach parent Tapestry shot up about 12% on Thursday after the company beat holiday-quarter sales expectations and boosted its full-year forecast.
The fashion and accessories company said it now expects full-year revenue of over $6.85 billion, which would be about 3% higher than the prior year. It expects earnings per share of $4.85 to $4.90. It had previously forecasted full-year revenue of over $6.75 billion and full-year earnings per share of between $4.50 and $4.55.
Tapestry’s strong results come less than two months after it called off a merger with Capri, after planning to appeal the blocked deal. The agreement, which companies had fought for in court, would have married America’s two largest luxury houses and put six fashion brands under one company: Tapestry’s Coach, Kate Spade and Stuart Weitzman…
