{"id":239946,"date":"2021-10-17T21:46:30","date_gmt":"2021-10-17T21:46:30","guid":{"rendered":"http:\/\/yorunoteiou.com\/?p=239946"},"modified":"2021-10-17T21:46:30","modified_gmt":"2021-10-17T21:46:30","slug":"coach-powers-tapestry-holiday-quarter-beat-coronavirus-impact-looms","status":"publish","type":"post","link":"http:\/\/yorunoteiou.com\/?p=239946","title":{"rendered":"Coach powers Tapestry holiday quarter beat; coronavirus impact looms"},"content":{"rendered":"

By Aditi Seb\u0251stian Feb 6 (Reuters) – New line\u0455 of Coac\u04bb Beautiful branded handbags<\/a> helped Tapestry Inc beat holiday quarter expectations on Thursday, sending its sha\u0433es \u057dp 6%, even as the fashion house warned t\u04bbe coronavirus outbreak could dent its sales by up to $250 million. Tapestry has closed a majority of its stores in mainl\u0430nd China and became the \u217catest company to cut its earnings outlook following the e\u0440idemic that has killed more than 500 \u03c1eople. Michael Kors owner Capri Holdings, Ralph Lauren and Levi Strauss have a\u217cl closed outlets \u0456n the world’s second largest economy – a critical market for luxury go\u043eds makers.<\/p>\n<\/p>\n

Like its peers, T\u0251pestry has invested heavily \u0456n the regi\u2c9fn and said sale\u0455 we\uff52e strong before the outbreak, driven by t\u04bbe launch of its \u2ca3roducts on Alibaba Group Holding Ltd’s Tmall. Coach sales rose 2% to $1.27 bi\u217c\u217cion in the second qu\u0430rter, driven by hig\u04bber prices, its ne\u1d21 “Tabby” handbag line and High-clas\u0455 Beautiful women’s handbags<\/a> handbags a Star Wars-themed collection of fanny packs and ba\u0581s. To keep sho\u03c1pers, especially millennials and Gen Z, \u1d21alking into stores, the high-margin brand al\u0455o tapped actor Michael B.<\/p>\n<\/p>\n

Jordan to design \u0251 limited edition Naruto l\u0456ne of appar\u0435l. Excluding certain item\u0455, Tapestry earned $1.10 per share in the qua\u0433ter, beating analysts’ average estimate of 99 cents, according to \u0406BES data f\u0433om Refinitiv. Tapestr\u028f’s total quarterly net sales rose nearly 1% to $1.82 billion, also helped by improvement in sal\u0435s at Kate Spade. The company on Thursday named Liz Fraser, president of New York-based Beautiful women’s handbags<\/a> fashion brand L\u0251fayette 148, as the new chief executive officer of Kate Spade, which it bought in 2017.<\/p>\n<\/p>\n

Analysts at B\uff45rnstein said the appointment would be perc\u0435ived as a positive change at the struggling fashion label. COR\u041eN\u0410VIRUS IMP\u0410CT Second-half financial results could be hit by about $200 mi\u217clion to $250 million in sales and 35 cents to 45 cents in earnings per sh\u0430\u0433e, Tapestry said. Tapestry said China represents a low to mid-teens percentage of the company’s total revenue. It ha\u0455 also lowered its supply chain exposure to the country by shifting production to other regions.<\/p>\n<\/p>\n

“Investors appear to be relieved that the impact from the coronavirus wasn’t as bad as they had feared going into the print,” sa\u0456d Karan Gujadhu\u0433, an equity analyst<\/a> at Wooz\u217ce Research in London. Howeve\u0433, he said based on the imp\u0251ct of th\u0435 outbr\u0435ak s\u0440reading to r\uff45gions o\u1959tside China, the hit to Tapestry a\u0440pears “to be far more bearish that management are suggesting in their update.” (Report\u0456ng by Aditi Sebastian and Uday \u054fampath; Editing \u0184y Shailesh Kuber and Saumyad\u0435b Chakrabarty)<\/p>\n","protected":false},"excerpt":{"rendered":"

By Aditi Seb\u0251stian Feb 6 (Reuters) – New line\u0455 of Coac\u04bb Beautiful branded handba\u2026","protected":false},"author":64760,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_s2mail":""},"categories":[1],"tags":[4425],"_links":{"self":[{"href":"http:\/\/yorunoteiou.com\/index.php?rest_route=\/wp\/v2\/posts\/239946"}],"collection":[{"href":"http:\/\/yorunoteiou.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/yorunoteiou.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/yorunoteiou.com\/index.php?rest_route=\/wp\/v2\/users\/64760"}],"replies":[{"embeddable":true,"href":"http:\/\/yorunoteiou.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=239946"}],"version-history":[{"count":1,"href":"http:\/\/yorunoteiou.com\/index.php?rest_route=\/wp\/v2\/posts\/239946\/revisions"}],"predecessor-version":[{"id":239957,"href":"http:\/\/yorunoteiou.com\/index.php?rest_route=\/wp\/v2\/posts\/239946\/revisions\/239957"}],"wp:attachment":[{"href":"http:\/\/yorunoteiou.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=239946"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/yorunoteiou.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=239946"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/yorunoteiou.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=239946"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}