Tapestry cuts annual sales forecast on China hit

Tapestry cuts annual sales forecast on China hit

Tapestry Inc cut its annual sales forecast on Thursday, as consumers in key luxury market China shun designer handbags and shoes amid new COVID-19 outbreaks and stringent lockdowns, taking the shine off the steady demand from wealthier Americans.

The company said it now expected fiscal 2023 revenue of $6.5 billion to $6.6 billion, compared with the prior outlook of around $6.9 billion. Analysts on average expect a figure of $6.88 billion, Refinitiv IBES data showed.

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