Coach parent Tapestry cuts sales forecast on tepid demand in US, China
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Coach parent Tapestry cuts its annual sales forecast and misses third-quarter revenue estimates due to weak demand for its tote bags and accessories in North America and China. Reduced discretionary spending in North America and a fragile post-pandemic recovery in China have contributed to the decline in demand. Revenue in North America fell 3% in the quarter, while sales in Greater China dipped 2%. Despite the decline, Tapestry beat profit expectations due to margin growth, lower freight costs, and tighter expense control. Tapestry's buyout of Michael Kors owner Capri is being sued by the antitrust regulator. Tapestry expects fiscal 2024 revenue of over US$6.6 billion, down from previous expectations of about US$6.7 billion.



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