Economic TimesLean R·
US stocks: Tapestry forecasts weak annual sales as Kate Spade struggles, shares tumble 15%
Tapestry has reported quarterly profits that surpass expectations despite a forecast of sluggish annual revenue growth. Kate Spade's sales fell by seven percent, in stark contrast to Coach, which saw a robust fourteen percent increase. Meanwhile, growth in North American revenue slowed to seven percent as consumer spending remained cautious. However, international sales in China and Europe showed impressive growth, although Tapestry's shares took a notable hit post-report.
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