Tapestry forecasts weak full-year profit due to China’s Covid-19 lockdowns

Tapestry Inc (NYSE: TPR) on Thursday forecast lower full-year profit than estimates after missing Wall estimates for quarterly results.

For the fourth quarter, the company posted revenue of $1.62 billion, lower than estimates of $1.64 billion, according to Refinitiv.

The company missed expectations as sales of its designer handbags and apparel was hurt due to the Covid-19 lockdowns imposed in China.

For fiscal 2023, Tapestry forecast profit between $3.80 and $3.90 per share, lower than Wall Street expectations of $3.91.