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Victor Luis on Tapestry, Tariffs and Acquisitions

With Coach growing, Kate Spade improving and Stuart Weitzman manufacturing issues addressed, Tapestry Inc. appears on track for fiscal year 2019. The company on Tuesday narrowed its fiscal year EPS guidance range to $2.75 to $2.80, up from the prior range of $2.70 to $2.80. That disclosure was made on the same day the company posted first-quarter results in which adjusted earnings per share were 48 cents on a 7.2 percent gain in sales to $1.38 billion. In an interview with Tapestry’s chief executive officer Victor Luis, he said that guidance included a likely increase in tariffs come January. He explained that the current duty on travel goods — such as handbags and accessories — reached 10 percent in September, and the expectation is an increase to 25 percent in January. The good news for Tapestry is that production in China represents just 3 to 4 percent of the firm’s total sales. Now, there’s talk of another hike in tariffs and an increase in product categories early next year, once the midterm elections are completed. According to Luis, “Should it expand to other goods, besides handbags and accessories, it would be footwear and ready-to-wear. Those are a very small piece of our business.

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