BUZZ-Tapestry hits record high on upbeat forecasts fueled by Coach demand

Updates

Shares of Coach handbag maker Tapestry TPR.N jump as much as 19.8% to $87.87 to hit a record high in early trading

Company raises annual sales, profit forecast, betting on strong demand for its pricey Tabby handbags

Beats second quarter results helped by sales at higher price points, popularity among young shoppers and limited promotions

"TPR's performance was fueled by broad-based strength in leathergoods including Tabby and the New York families of bags Empire and Brooklyn" - brokerage J.P.Morgan

Shares trading at $85.27, their best day since April 2020

TPR expects no impact related to any future policy changes resulting from new U.S. president's administration

Q2 net sales of $2.20 billion beats analysts' estimate of $2.11 billion, according to data compiled by LSEG

In 2024, stock had risen 77.5%