(Reuters) – Coach parent Tapestry, which agreed to buy Capri last week, missed Wall Street estimates for quarterly sales on Thursday as demand for its luxury handbags and accessories wavered amid a slowdown in discretionary spend.
The company’s net sales of $1.62 billion in the fourth quarter ended July 1 were flat from $1.62 billion last year. Analysts on average had expected $1.65 billion, according to Refinitiv data.
(Reporting by Savyata Mishra and Juveria Tabassum in Bengaluru; Editing by Maju Samuel)
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