(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)