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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