(Reuters) – Coach mother or father Tapestry (NYSE:) beat Wall Road expectations for fourth-quarter income, helped by strong demand for its widespread Tabby purses.
The corporate’s shares rose 8% in premarket buying and selling.
Demand for stylish high-end baggage, attire and equipment from higher-income buyers has held up for a number of luxurious corporations within the face of a world slowdown in spending.
Tapestry has banked on Tabby shoulder baggage from the Coach household to drive extra full-price gross sales at its shops, whilst the opposite two names beneath its umbrella, Stuart and Kate Spade, battle with weak demand in China and the U.S.
The corporate reported internet gross sales of $1.59 billion for the quarter, in contrast with estimates of $1.57 billion, in line with LSEG knowledge.