Coach owner Tapestry rises after lifting annual profit forecast

TPR Co

09/02/2023 12:33

** Shares of Coach handbag maker Tapestry Inc  TPR.N  up
6.5% at $46.02 premarket     
    ** Co raises annual profit forecast, helped by higher prices
and resilient demand for its Coach and Kate Spade handbags   
    ** TPR fell 4.5% on Wednesday following disappointing
earnings and forecasts from rival Capri Holdings  CPRI.N    
    ** Tapestry is more insulated from a slowdown in demand at
North American department stores felt by rivals like Michael
Kors owner Capri, as it sells most products through its own
retail channels where consumer spending is still holding strong
    ** Up to Wednesday's close, TPR had risen 9.1% in the last
12 months, compared with a ~21% decline in the S&P 500 Consumer
Discretionary sector  .SPLRCD 
 (Reporting by Uday Sampath in Bengaluru)
 ((UdaySampath.Kumar@thomsonreuters.com; Twitter: https://twitter.com/sampath_uday
  ;))