Tapestry Lifts Outlook After Coach Drives Quarterly Beat

Tapestry Inc. raised its full-year outlook and reported quarterly earnings that beat expectations on the strength of its Coach brand — but the shares slumped, suggesting investors were looking for more.

The New York-based company lifted its revenue outlook to about $7.3 billion, up from a projection for about $7.2 billion in the prior quarter. Tapestry also lifted its forecast for diluted earnings per share to as much as $5.60.