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Coach owner Tapestry sees gradual recovery in lockdown-hit China

By Uday Sampath Kumar (Reuters) -Tapestry Inc said it was confident that demand for its luxury bags and apparel in China would recover after the key growth market lifts COVID-19...
Coach owner Tapestry sees gradual recovery in lockdown-hit China © Reuters. Items are seen in a Kate Spade store, owned by Tapestry, Inc., in Manhattan, New York, U.S., November 19, 2021. REUTERS/Andrew Kelly

By Uday Sampath Kumar

(Reuters) -Tapestry Inc said it was confident that demand for its luxury bags and apparel in China would recover after the key growth market lifts COVID-19 curbs, easing worries over a forecast cut and sending the Coach owner's shares 11% higher.

The company and rivals such as Gucci owner Kering (EPA:PRTP) SA and Ray-ban maker EssilorLuxottica have taken a hit from Beijing's zero-COVID policy that has kept consumers at home, clogged highways and shut factories.

Greater China revenue for Tapestry (NYSE:TPR) is expected to decline 35% in the fourth quarter, assuming lockdowns in Shanghai end at the start of June. That pushed the company to lower its full-year profit projection to $3.45 per share, from a prior estimate of $3.60 to $3.65 a share.

However, Chief Executive Officer Joanne Crevoiserat said the company expected a gradual recovery in the market and was well-positioned to drive growth. "The Chinese consumer is incredibly resilient, we've seen that throughout the pandemic," she said.

NORTH AMERICA STRENGTH

In the third quarter ended April 2, Tapestry was able to overcome the China hit thanks to strong demand for luxury goods in North America.

Net sales jumped 13% to $1.44 billion, beating analysts' expectations of $1.42 billion, as consumers returning to parties and other social events after two years of the pandemic splurged on high-end fashion despite runaway inflation.

Grappling with rising raw material prices, Tapestry has tried to protect its margins by raising prices and said there was room for further increases.

"While core customers at all Tapestry brands are affected by inflation their income and financial profile means they can cope with its impacts much better than the average consumer," said Neil Saunders, managing director of GlobalData.

Adjusted profit came in at 51 cents per share, beating estimates of 41 cents, according to Refinitiv IBES data.

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28-05-2022 10:30:54 (UTC+7)

EUR/USD

1.0735

+0.0011 (+0.10%)

Summary

↑ Buy

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EUR/USD

1.0735

+0.0011 (+0.10%)

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GBP/USD

1.2629

+0.0035 (+0.28%)

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USD/JPY

127.13

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AUD/USD

0.7161

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USD/CAD

1.2723

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EUR/JPY

136.48

+0.14 (+0.10%)

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EUR/CHF

1.0278

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Gold Futures

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US Coffee C Futures

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Euro Stoxx 50

3,808.86

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14,462.19

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20,697.36

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1,887.90

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8,933.60

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51.110

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66.58

+0.68 (+1.03%)

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200.20

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Adidas AG

179.96

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Deutsche Lufthansa AG

6.881

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121.86

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10.392

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 EUR/USD1.0735↑ Buy
 GBP/USD1.2629Sell
 USD/JPY127.13↑ Buy
 AUD/USD0.7161↑ Buy
 USD/CAD1.2723Neutral
 EUR/JPY136.48↑ Buy
 EUR/CHF1.0278↑ Buy
 Gold1,851.64↑ Buy
 Silver22.130↑ Buy
 Copper4.3225↑ Sell
 Crude Oil WTI115.07↑ Sell
 Brent Oil115.32↑ Sell
 Natural Gas8.708↑ Buy
 US Coffee C228.65↑ Sell
 Euro Stoxx 503,808.86↑ Buy
 S&P 5004,158.24↑ Buy
 DAX14,462.19↑ Buy
 FTSE 1007,585.46Sell
 Hang Seng20,697.36↑ Buy
 Small Cap 20001,887.90Neutral
 IBEX 358,933.60↑ Buy
 BASF51.110Neutral
 Bayer66.58↑ Buy
 Allianz200.20↑ Buy
 Adidas179.96↑ Buy
 Lufthansa6.881↑ Buy
 Siemens AG121.86Buy
 Deutsche Bank AG10.392↑ Sell
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,830/ 6,940
(0/ 0) # 1,716
SJC HCM6,850/ 6,950
(-5/ -5) # 1,738
SJC Hanoi6,850/ 6,952
(-5/ -5) # 1,740
SJC Danang6,850/ 6,952
(-5/ -5) # 1,740
SJC Nhatrang6,850/ 6,952
(-5/ -5) # 1,740
SJC Cantho6,850/ 6,952
(-5/ -5) # 1,740
Cập nhật 28-05-2022 10:30:57
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ↀ Giá vàng thế giới
$1,853.48+0.570.03%
Live 24 hour Gold Chart
ʘ Giá bán lẻ xăng dầu
Sản phẩmVùng 1Vùng 2
RON 95-V31.25031.870
RON 95-III30.65031.260
E5 RON 92-II29.63030.220
DO 0.05S25.55026.060
DO 0,001S-V26.35026.870
Dầu hỏa 2-K24.40024.880
ↂ Giá dầu thô thế giới
WTI$115.10-0.94-0.82%
Brent$119.33-1.3-1.09%
$ Tỷ giá Vietcombank
Ngoại tệMua vàoBán ra
USD23.030,0023.340,00
EUR24.263,1125.622,23
GBP28.523,9629.740,84
JPY177,60188,03
KRW15,9119,38
Cập nhật lúc 10:28:31 28/05/2022
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