Tapestry lowers full-year profit guidance
Source: Mintel 13-05-2022

UK 13-05-2022

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Tapestry, the owner of Coach and Kate Spade, has lowered its full-year profit guidance during its third-quarter results ending April 2, 2022, due to "incremental Covid-related pressure in China."

However, sales for its third quarter were up 13% year-on-year totalling $1.4 billion while gross profit increased 8.8% to $1 billion. Operating income for the group in the third quarter grew 44% year-on-year to $169 million.