(Reuters) - Tapestry Inc on Thursday raised its annual profit forecast after topping estimates for quarterly earnings, boosted by higher prices and resilient demand for its Coach and Kate Spade handbags.

Shares of the company jumped 6% in premarket trading, a day after closing down 4.5% following disappointing earnings and forecasts from rival Capri Holdings.

Tapestry is more insulated from a slowdown in demand at North American department stores felt by Michael Kors owner Capri and others, analysts have said, as the focus on own retail channels has helped tap into still strong consumer spending.

Only about 10% of Tapestry's revenue comes from wholesale channels, according to analysts at Raymond James.

Tapestry "outperformed expectations" during the crucial holiday season, Chief Executive Officer Joanne Crevoiserat said.

In contrast, Capri had said its holiday quarter performance was more challenging than anticipated.

New York-based Tapestry, which also owns the Stuart Weitzman brand, said it added nearly 2.6 million new customers in North America, nearly half of which were Gen Z and millennials. The company said spending per shopper also rose during the period.

In Greater China, sales fell 20% due to a resurgence of COVID-19 infections, but Tapestry said traffic and sales trends picked up in the current quarter to date.

The company forecast fiscal 2023 earnings of $3.70 to $3.75 per share, compared with its prior estimate of $3.60 to $3.70.

It reported a profit of $1.36 per share in the second quarter, topping estimates of $1.27, according to Refinitiv IBES data.

Total revenue fell 5% to $2.03 billion the three months ended Dec. 31, in line with analysts' average estimate.

(Reporting by Uday Sampath and Deborah Sophia in Bengaluru; Editing by Sriraj Kalluvila)