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Tapestry jumps after raising annual forecasts, share buyback target

By Reuters News19 hours ago Updated

** Shares of Coach handbags maker Tapestry TPR.N rise as much as 15.1% to $144.23 in early trading

** Co raises annual revenue and profit forecasts, posts Q1 results beat, helped by strong demand across income cohorts for Coach brand

** If gains hold, stock on track for best day since February 2026

** Expects fiscal 2027 revenue to be in the range of $8.5 billion to $8.6 billion, compared with its prior forecast of $8.4 billion to $8.5 billion

** Sees annual earnings per share of $8.25 to $8.35, versus previous forecast of $7.80 to $7.90

** TPR also expects to buy back shares worth $1.7 billion in the fiscal year, up $350 million from its prior guidance

** "We believe TPR can continue to benefit from its compelling value proposition offering quality and authenticity despite recent AUR strength," analysts at Telsey Advisory Group say

** As of last close, stock down 2% YTD

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