[1/2] A handbag is seen in a Kate Spade store, owned by Tapestry, Inc., in Manhattan, New York, U.S., November 19, 2021.
REUTERS/Andrew Kelly/File PhotoFeb 9 (Reuters) - Luxury group Tapestry Inc (TPR.N) raised its annual profit forecast on Thursday, helped by resilient demand and its strategy to largely use company-owned stores and its website to sell Coach and Kate Spade bags.
Shares of the company, which fell 4.5% on Wednesday following disappointing earnings and forecasts from rival Capri Holdings (CPRI.N), rose 2% in premarket trading.
Total revenue fell 5% to $2.03 billion in the second quarter ended Dec. 31, in line with analysts' average estimate, according to Refinitiv IBES data.
Reporting by Uday Sampath and Deborah Sophia in Bengaluru; Editing by Sriraj KalluvilaOur Standards: The Thomson Reuters Trust Principles.