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Coach parent Tapestry shares rise after earnings and sales beat

Tapestry Inc. stock rose 1.7% in Thursday premarket trading after the luxury fashion and accessories company reported fiscal second-quarter earnings and sales that beat expectations. Net income totaled $311.0 million, or $1.11 per share, up from $298.8 million, or $1.08 per share, last year. Adjusted EPS of $1.15 beat the FactSet consensus for $1.00. Sales of $1.69 billion fell from $1.82 billion last year, but exceeded the FactSet consensus of $1.63 billion. Sales at the Coach brand fell 4% to $1.23 billion. Kate Spade sales tumbled 13% to $376 million. And Stuart Weitzman sales of $85 million for the quarter was down from $116 million last year. E-commerce growth was in the triple digits, accounting for nearly half the revenue in North America, and revenue in China was up 30% year-over-year. Tapestry expects sales for the full fiscal year to rise in the high-single digits on a 52-week basis, and 10% for 53 weeks. Tapestry stock has rallied 27.2% over the past year, outpacing the S&P 500 index , which is up 16.2% for the period.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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