1059 ET - Handbags are having a moment, depending on the brand. Ralph Lauren's 3Q results beat Wall Street's predictions with broad growth coming during the holiday season. CEO Patrice Louvet on an earnings call says handbags exceeded its expectations with sales up double-digits to last year. Tapestry, meanwhile, also reported strong quarterly sales. This was powered by growth at its Coach brand, which CEO Joanne Crevoiserat notes delivered broad growth in handbags. The luxury-fashion company's other brands such as Kate Spade and Stuart Weitzman saw sales decline in the quarter, and Tapestry said it plans to trim the number of Kate Spade handbag styles. Shares of Ralph Lauren jump 15% to $286.19, making it the best performer in the S&P 500, while Tapestry is the second best performer in the index with shares up 14% to $83.54. (denny.jacob@wsj.com; @pennedbyden)
(END) Dow Jones Newswires
February 06, 2025 10:59 ET (15:59 GMT)
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