Coach & Kate Spade Make a Comeback



© Reuters.

By Christiana Sciaudone

Investing.com — Do not underestimate the delight of a new handbag.

Tapestry (NYSE:), the owner of Coach and Kate Spade, jumped more than 5% after reporting that shoppers are getting back to it as they don non-lounge wear to take on the world outside of home.

Earnings per share of 51 cents beat the average estimate of 30 cents on sales of $1.27 billion, which compares to the forecast of $1.21 billion, according to data compiled by Investing.com as analysts don’t seem to fully appreciate the soothing effect of retail therapy.

Sales in China helped, bigly. Revenue in Mainland China rose 175% versus a year earlier, and 40% compared to two years prior.  

Shares have more than quadrupled since the pandemic hit over a year ago.

Analysts boosted their price targets on the stock, and BTIG upgraded it to buy from neutral, StreetInsider reported.

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