The new company name Tapestry at the headquarters of former Coach Inc.
Coach handbag maker Tapestry beat quarterly sales estimates on Thursday, as a vaccine-aided reopening of economies boosted demand for designer apparel and purses.
The luxury goods industry is making a comeback, fueled by record savings from government relief and growing vaccination rates after the pandemic dealt a harsh blow last year, as shoppers upgrade their wardrobes and social events resume.
The luxury brand plans to return over $750 million to shareholders in fiscal year 2022 by reinstating its dividend and share buyback program.
Net sales rose to $1.62 billion in the fourth quarter from $714.8 million a year earlier, topping analysts’ average estimate of $1.56 billion, according to IBES data from Refinitiv.