Tapestry reports adjusted EPS (non-GAAP) for its third quarter 2023-24 up 4% to $0.81, with adjusted operating margin improving by 1.1 points to 16.1%, despite revenues down 2% to $1.48 billion.

At constant exchange rates, the parent company of the Coach and Kate Spade brands saw its sales remain more or less stable, a 3% decline in North America having been offset by a symmetrical increase internationally, driven by Europe (+19%).

Tapestry confirms its full-year adjusted EPS target of between $4.20 and $4.25, but adjusts its revenue assumption to 'over $6.6 billion', compared with the previous estimate of 'around $6.7 billion'.

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