Tapestry shares plunge as weakness at Kate Spade business leads to lower forecast, pull back on acquisitions

The company says it expects revenue and earnings to decline in the fiscal first quarter.

fell more than 19% Thursday to a 52-week low after the luxury retailer warned of challenges at its Kate Spade business and said it didn't expect to make any new acquisitions in the coming fiscal year. Tapestry, which also owns Coach, has been trying to build its business as a collection of luxury brands. It acquired the Kate Spade business in 2017, but sales have been disappointing. In the latest quarter, the brand's same-store sales fell 6%, compared with estimates for a 1.4% gain.

The company is also scaling back plans to open new Kate Spade stores and launching several products and designs for the brand, according to the transcript.

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