Shares of Tapestry Inc. (TPR) shot up 4.4% in premarket trading Thursday, after fashion company, with brands including Coach and Kate Spade, reported fiscal first-quarter profit and revenue that beat expectations and raised the full-year outlook, citing "strong" customer engagement and increased demand. Separately, the company announced a new $1 billion stock repurchase program. Net income for the quarter to Oct. 2 slipped to $226.9 million, or 80 cents a share, from $231.7 million, or 83 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share of 82 cents beat the FactSet consensus of 70 cents. Sales grew 26.3% to $1.48 billion, above the FactSet consensus of $1.44 billion, as Coach sales rose 27% to $1.11 billion, Kate Spade sales increased 25% to $299.5 million and Stuart Weitzman sales grew 18% to $66.5 million. For fiscal 2022, the company raised its EPS guidance range to $3.45 to $3.50 from $3.30 to $3.35 and its revenue outlook to "approaching" $6.6 billion from $6.4 billion. The stock has declined 3.4% over the past three months through Wednesday, while the S&P 500 has gained 4.5%.
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