Pursuits
Coach Advances After New Designs Help Profit Beat Forecasts
- Handbag maker battles back against Kate Spade, Michael Kors
- Company boosts earnings outlook, eyes Hudson Yards sale
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Coach Inc., the largest U.S. luxury-handbag maker, surged the most in more than five years after its profit topped estimates and the company raised its full-year earnings outlook.
Profit excluding some items was 68 cents a share in the second quarter, the New York-based company said in a statement Tuesday. Analysts estimated 66 cents, on average. After the results, the shares gained 9.8 percent to $33.33 at the close of trading in New York, the biggest gain since October 2010.