Coach-Owner Tapestry (TPR) Tops Earnings and Guidance Views, Shares Rally on New $1 Billion Buyback Plan
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Tapestry eases concerns of Coach handbag shortages, raises annual estimates
November 11, 2021 6:52 AM ESTBy Uday Sampath Kumar and Aditi Sebastian
(Reuters) -Tapestry Inc expects to have plenty of its luxury Coach handbags on store shelves during the holiday season despite supply chain snags, allowing it to boost its annual sales and profit forecasts.
Shares of the New York-based fashion house rose 10% on Thursday as the company also announced a $1 billion share buyback program.
The luxury goods industry has bounced back sharply this year from... More
