Tapestry's Q1 Sales Surge to 16 Percent, Driven by Coach's 22 Percent Gain

Tapestry Inc.'s Q1 sales surged 16% to $1.7 billion, driven by a 22% increase at Coach to $1.4 billion. Kate Spade sales slipped 8% to $260.2 million. Adjusted operating income jumped 24.2% to $354 million, with margins of 20.9%. Net profits reached $274.8 million, and adjusted earnings per share came in at $1.38, beating analysts' forecasts. The company's strategic vision aims to build Coach to a $10 billion business by targeting a broader audience.