October 30, 2018 / 10:53 AM / a year ago

CORRECTED-Tapestry beats sales estimates on demand for Kate Spade bags

(Corrects to “first-quarter” from “third-quarter” in paragraph 1)

Oct 30 (Reuters) - Tapestry Inc, formerly Coach, beat Wall Street’s estimates for first-quarter sales on Tuesday, helped by higher demand for its Kate Spade handbags.

The maker of Coach handbags and Stuart Weitzman footwear said it reported net income of $122.3 million, or 42 cents per share, in the first quarter ended Sept. 29, compared with a loss of $17.7 million, or 6 cents per share, a year earlier. The company benefited from a lower tax rate in the quarter.

Net sales rose to $1.38 billion, beating the average analyst estimate of $1.36 billion. (Reporting by Aishwarya Venugopal Editing by Saumyadeb Chakrabarty)

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