© Reuters. FILE PHOTO: A signage is seen in the offices of Tapestry, Inc., in Manhattan, New York, U.S., November 19, 2021. REUTERS/Andrew Kellyparent forecast weaker annual sales on Thursday due to tepid demand in North America and China.
The company's gross margin rose 250 basis points due to higher full-price selling of its high-margin totes and boots coupled with reduced promotions and easing freight costs. Growth in North America is expected to be flat in 2024, owing to a"difficult consumer demand environment", while it expects sales in China to be volatile.
It expects 2024 revenue of about $6.7 billion, lower than its prior target of nearly $6.9 billion, weighed by a stronger dollar.
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