February 6, 2020 / 12:01 PM / 13 days ago

Coach owner Tapestry cuts full-year profit forecast on hit from coronavirus

Feb 6 (Reuters) - Coach handbag maker Tapestry Inc cut its annual profit forecast on Thursday, warning of a sales hit of up to $250 million due to the coronavirus outbreak in China, where it has closed a majority of its stores.

Tapestry forecast fiscal 2020 earnings of about $2.15 to $2.25 per share, compared to its previous outlook of $2.57 per share.

Net sales rose to $1.82 billion in the second quarter ended Dec. 28, from $1.80 billion a year earlier, marginally beating analysts’ average estimate of $1.81 billion, according to IBES data from Refinitiv. (Reporting by Aditi Sebastian; Editing by Shailesh Kuber)

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