Tapestry Inc. stock TPR rose 5,5% in premarket trade Thursday, after the parent to Kate Spade, Coach and Stuart Weitzman beat profit estimates for its fiscal second quarter and raised guidance. The New York-based company had net income of $329.9 million, or $1.36 a share, for the quarter through Dec. 31, up from $317.9 million, or $1.15 a share, in the year-earlier period. Sales edged down to $2.025 billion from $2.141 billion. The FactSet consensus was for EPS of $1.27 and sales of $2.031 billion. Chief Executive Joanne Crevioserat said the company outperformed expectations over the holiday season. “Moving forward, we will continue to power our iconic brands to move at the speed of the consumer,” she said. Tapestry raised its guidance for fiscal 2023 and now expects revenue of about $6.6 billion, matching the FactSet consensus, and EPS of $3.70 to $3.75, ahead of the $3.65 FactSet consensus. The stock has gained 6% in the last 12 months, while the S&P 500 SPX has fallen 10%.
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