A signage is seen in the offices of Tapestry, Inc., in Manhattan, New York, U.S., November 19, 2021.
Shares of the Coach parent rose 6% in early trading, as its profit beat market expectations.
Sales at Coach, Tapestry's biggest brand, grew 3%, as demand for its Tabby shoulder bags nearly doubled from last year.
It expects 2024 revenue of about $6.7 billion, lower than its prior target of nearly $6.9 billion, weighed by a stronger dollar.
Net sales were flat at $1.51 billion in the quarter ended Sept. 30 from last year.
Persons:
Andrew Kelly, Joanne Crevoiserat, Crevoiserat, Savyata Mishra, Juby Babu, Arun Koyyur
Organizations:
Tapestry, Inc, REUTERS, Capri, U.S . Federal, Thomson
Locations:
Manhattan , New York, U.S, North America, China, Bengaluru