Tapestry inches up on profit beat

TPR Co

18/08/2022 15:48

(Updates)
    ** Shares of luxury handbag maker Tapestry Inc  TPR.N  rose
1.4% to $37.65 in morning trade
    ** Company beats quarterly profit estimates, aided by
strength in North America
    ** Still, TPR forecasts fiscal 2023 profit of about $3.80 to
$3.90 per share, lower than Wall Street expectations of $3.91
    ** Co's forecast spotlights the hit the luxury company is
taking from China's COVID-19 lockdowns  urn:newsml:reuters.com:*:nL4N2ZU2OG
    ** TPR expects sales in China to fall 15% in the first
quarter, compared to a 32% drop in the fourth quarter
    ** At previous close, TPR fell 8.6% YTD

 (Reporting by Mehnaz Yasmin and Mehr Bedi in Bengaluru)
 ((Mehnaz.Yasmin@thomsonreuters.com))