Tapestry's Quarterly Results Miss Expectations

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Luxury brand tapestry which owns coach Kate Spade and Stuart Whiteman has issued lower than expected profit and sales forecast for fiscal year 2024. The company's latest quarterly results also came in below estimates with sales declining across brands due to a slowdown in demand in the US. The retailer did see a recovery in China following the end of COVID restrictions there. These results come after tapestry announced last week an $8.5 billion deal to buy Capri, the owner of Michael Kors.