Tapestry , the company behind Coach and Kate Spade, beat analyst expectations Thursday for its second quarter earnings and raised its annual profit forecast.
Though, it was a different story for its competitor Capri Holdings , whose brands include Michael Kors and Versace.
Tapestry's gains, sending the stock up over 3% Thursday, came a day after Capri's disappointing third quarter earnings report.
Rick Patel, managing director at Raymond James, said both Tapestry and Capri have "done a great job" bringing new, younger customers into their brands through social media and website appeal.
Tapestry reported per-share earnings of $1.36 on Thursday, topping estimates of $1.27, according to a survey of analysts conducted by Refinitiv.