Strong sales from Tapestry, Lee maker show clothing rebound

Strong sales results from Coach’s parent and the maker of Wrangler and Lee jeans offer the latest evidence that shoppers’ spending on clothing and accessories is rebounding to pre-pandemic levels

Strong sales results from Coach's parent as well as from the maker of Wrangler and Lee jeans offer the latest evidence that shoppers' spending on fashion and accessories is rebounding to pre-pandemic levels. Tapestry Inc. on Thursday reported fiscal third-quarter results that beat Wall Street estimates as spending on luxury goods rebounded from a deep malaise last year. The company, which also makes Kate Spade and Stuart Weitzman products, swung to a profit from a year-ago loss and reported a 19% sales increase for the period ended March 27. “While the environment remains volatile, we see encouraging signs of recovery as vaccination efforts progress, resulting in increased consumer confidence, strong demand for our categories, and improving in-store traffic trends,” said Joanne Crevoiserat, CEO of Tapestry, in a statement. Wrangler and Lee maker Kontoor Brands Inc., meanwhile, offered a better-than-expected annual profit outlook after reporting strong fiscal first-quarter results. The company swung to a profit from a year ago and enjoyed a 29% increase in sales for the period.