Tapestry posts quarterly revenue below estimates

Aug 17 (Reuters) – Coach parent Tapestry, which
agreed to buy Capri last week, missed Wall Street
estimates for quarterly sales on Thursday as demand for its
luxury handbags and accessories wavered amid a slowdown in
discretionary spend.

The company’s net sales of $1.62 billion in the fourth
quarter ended July 1 were flat from $1.62 billion last year.
Analysts on average had expected $1.65 billion, according to
Refinitiv data.
(Reporting by Savyata Mishra and Juveria Tabassum in Bengaluru;
Editing by Maju Samuel)

This post was originally published on this site