Tapestry's stock soars after earnings beat, $1 billion stock repurchase program

Shares of Tapestry Inc. TPR, +0.10% soared 12% in premarket trade Thursday after the parent of Coach and Kate Spade brands reported fiscal third-quarter earnings that beat expectations and authorized a $1 billion stock repurchase program. Net income for the quarter to March 30 fell to $117.4 million, or 40 cents a share, from $140.3 million, or 48 cents a share, in the year-ago period.

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Wow, what great use of $1 billion dollars. The sale & purchase of stock doesn't add anything to GDP numbers.

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