{"id":2003518,"date":"2023-08-17T11:30:02","date_gmt":"2023-08-17T15:30:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/coach-parent-tapestry-forecasts-weak-2024-on-soft-u-s-demand\/"},"modified":"2023-08-17T11:32:41","modified_gmt":"2023-08-17T15:32:41","slug":"coach-parent-tapestry-forecasts-weak-2024-on-soft-u-s-demand","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/coach-parent-tapestry-forecasts-weak-2024-on-soft-u-s-demand\/","title":{"rendered":"Parent company Tapestry, which owns Coach, predicts a sluggish 2024 due to low demand in the United States."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">36<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fcoach-parent-tapestry-forecasts-weak-2024-on-soft-u-s-demand%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2003518&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div class=\"entry-content\">\n<p><strong>Coach Parent Tapestry Forecasts Lower \u2064Profit and Sales for Fiscal 2024<\/strong><\/p>\n<p>By\u2062 Savyata Mishra, Juveria Tabassum and Katherine Masters<\/p>\n<p>(Reuters) -Coach parent Tapestry, which agreed to buy Capri last\u200d week, forecast fiscal 2024\u200c profit and sales below \u2062estimates on Thursday after waning U.S. \u200bdemand for its <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/coach-parent-tapestry-forecasts-weak-2024-on-soft-u-s-demand\/\" title=\"Parent company Tapestry, which owns Coach, predicts a sluggish 2024 due to low demand in the United States.\">luxury handbags \u2062hurt fourth-quarter results<\/a>. <\/p>\n<div id=\"div-gpt-ad-1663871513696-art-1\" style=\"min-width: 320px; min-height: 50px;  text-align: center;\">  \t<script>  \t\tgoogletag.cmd.push(function() { googletag.display('div-gpt-ad-1663871513696-art-1'); });  \t<\/script>  <\/div>\n<div class=\"ad-slot__ad-label\">Advertisement<\/div>\n<\/p>\n<p>The company also joined luxury \u200brivals \u200cRalph Lauren, LVMH, Gucci-owner Kering and Canada Goose in pointing\u2062 to a challenging consumer backdrop in North America.<\/p>\n<p>Increased cost \u2064of living and still-high inflation has pressured\u2063 American budgets, affecting companies such as Tapestry in the \u201caccessible luxury\u201d segment \u2013 where customers\u2062 occasionally buy goods priced between $300 and $800, but are more sensitive to the\u2063 cost of essentials. <\/p>\n<p>Coach\u2019s best-selling\u2064 Tabby handbag sells for $450 on the company\u2019s U.S. site, while a comparable product from Dior sells for $3,800.<\/p>\n<p>\u201cThe lower income cohort \u200cis under pressure,\u201d and is being more choosy, CEO Joanne Crevoiserat said\u200d on a <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/tencent-shifts-focus-to-majority-deals-overseas-gaming-assets-for-growth-sources\/\" title=\"Tencent shifts focus to majority deals, overseas gaming assets for growth-sources\">post-earnings call<\/a>.<\/p>\n<p>However, Tapestry said it expects to benefit from a recovery in demand from the \u201chighly profitable region\u201d of\u2062 China this fiscal year.<\/p>\n<p>In the reported quarter, revenues from its Kate Spade and Stuart Weitzman brands dropped 10% and 13% over the last year. TD Cowen analyst Oliver Chen attributed the weakness at Kate\u2064 Spade\u2063 partly to its higher exposure in North America.<\/p>\n<p>Sales of Coach,\u2063 which\u200c has less \u2063exposure to the volatile\u2064 North American market, \u2062grew 5% over the quarter. Executives said the company would focus marketing and \u200binventory in\u200b the key holiday season on core\u200b products such as the \u200cTabby handbag.<\/p>\n<p>\u201cManaging the amount of evergreen or never out-of-stock iconic product \u2014 that\u2019s where you get efficiency, that\u2019s\u200d where you get deeper engagement with customers, and that\u2019s our strategy,\u201d CFO \u200dScott Roe said in\u2064 a post-conference interview.<\/p>\n<p>Last week, Tapestry said it would buy its\u200b rival, Michael \u200cKors owner Capri, in a deal valued at $8.5 billion, in a bid\u200c to challenge larger European competitors for\u200b a bigger share of the global luxury market.<\/p>\n<p>Tapestry expects adjusted earnings of $4.10 to $4.15 per share in fiscal 2024, \u200ccompared with Refinitiv IBES estimates of $4.24.<\/p>\n<p>Its\u2064 net sales\u200b forecast \u2064was a touch shy \u2064of estimates.<\/p>\n<p>The company\u2019s adjusted per-share profit was 78 cents\u200b for the fourth quarter ended July 1, missing expectations of 97 cents.<\/p>\n<p>\u201cWith more\u2064 growth coming from overseas, \u2062Tapestry\u2019s profitability was hurt somewhat by the strong dollar \u2013 an issue that\u2064 continues to affect many U.S.-based brands and retailers,\u201d Insider Intelligence analyst Rachel Wolff said.<\/p>\n<p>  (Reporting by Savyata Mishra\u200d and Juveria Tabassum in Bengaluru; Kate Masters in New York; Editing by Maju Samuel and\u200b Devika Syamnath)<\/p>\n<p><a href=\"https:\/\/www.oann.com\/uncategorized\/coach-parent-tapestry-forecasts\/attachment\/file-photo-signage-is-seen-in-the-offices-of-tapestry\/\"><\/a><\/p>\n<p><a href=\"https:\/\/www.oann.com\/uncategorized\/coach-parent-tapestry-forecasts\/attachment\/file-photo-a-view-of-a-coach-store-a-brand\/\"><\/a><\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p><strong>\u201cDaddy\u201d Biden and John Podesta tout the Inflation Reduction Act while Glenn Beck gets cancelled.<\/strong><\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p><strong>President Biden to Visit \u200cMaui \u2063as\u2064 Death Toll Rises<\/strong><\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p><strong>Article III Urges House\u200c Republicans\u200d to Fight Back\u2063 Against Trump Indictment<\/strong><\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p><strong>63% of Republicans Want Donald Trump to Run Again, AP Poll Shows<\/strong><\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p><strong>Increasing Use of Artificial Intelligence\u2063 in Cybersecurity, Says Mandiant<\/strong><\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p><strong>Lenovo Group Reports 24% Fall in Revenue for April-June Quarter<\/strong><\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p><strong>New York City Bans TikTok on\u200b Government-Owned Devices<\/strong><\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Coach parent Tapestry, set to acquire Capri, predicts lower-than-expected profit and sales for fiscal 2024 due to declining U.S. demand for luxury handbags. This follows the footsteps of luxury competitors Ralph Lauren, LVMH, Kering, and Canada Goose.<\/p>\n","protected":false},"author":66,"featured_media":2003519,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[542],"tags":[],"class_list":["post-2003518","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-oann"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2003518","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/66"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2003518"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2003518\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2003519"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2003518"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2003518"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2003518"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}