发展历程

Tapestry's quarterly results beat expectations

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N. America, Europe and China demand drive sales

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Gross margin jumps 140 basis points

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Shares rise 5% in early trading

(Adds company's comment in paragraph 7)

By Savyata Mishra

May 8 (Reuters) - Tapestry on Thursday raised its 2025 revenue
and profit forecasts for a third time this year,
benefiting from higher full-price sale of its popular Coach handbags and
limited exposure to the sweeping U.S. tariffs.

Steady demand for the company's Tabby, Brooklyn and Empire leather handbags among younger shoppers
in North America, Europe and China helped
it beat third-quarter results expectations.

The company's sales were boosted by product innovations, a sharp marketing strategy and full-price selling and come despite a
downturn in the luxury market that has hurt players such as French luxury groups LVMH and Kering.

"Tapestry, has found a sweet spot in the luxury food chain ... siphoning off high-end customers now reconsidering whether they really need a five-figure handbag," said Michael Ashley Schulman, chief investment officer
at Running Point Capital Advisors.

Tapestry's price increases boosted margins, which grew 140 basis points in the quarter from last year.
Its Empire bags are priced between $250 and $895 on Coach's
website, while Tabby's standard shoulder bags sell for $450.

Coach products are made in Vietnam, Cambodia, the Philippines and India
with no vendor providing 10% or more of total inventory purchases, according to Tapestry's 2024 annual report.

It also had limited exposure to China.

The company's shares shed some early gains to trade 5% higher after the Kate
Spade-owner gave a conservative profit forecast for the fourth quarter
due to macroeconomic uncertainty.

Company executives said Tapestry brought in inventory to the
U.S. ahead of tariffs going into effect in April and was optimizing its global
supply chain to minimize exposure to duties.

It expects profit of around $5 per share, compared to a prior forecast of $4.85 to $4.90.

Annual revenue is projected to be about $6.95 billion, compared to its earlier expectation of more than $6.85 billion.

Net sales for the quarter ended March 29 came in at $1.58 billion, above estimate of $1.53
billion, according to data compiled by LSEG.

It earned $1.03 per share, beating estimates of
88 cents. (Reporting by Savyata Mishra in Bengaluru; Editing by Arun Koyyur)

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