Retail

Tapestry shares rise on upbeat outlook, abating supply chain fears

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A man walks past a Coach store on Madison Avenue in New York, January 23, 2013.

Carlo Allegri | Reuters

Coach owner Tapestry shares were up more than 8% on Thursday, as the high-end handbag owner hiked its revenue forecast for the year and said shoppers shouldn’t worry about finding shelves bare this holiday season.

Chief financial officer Scott Roe said the retailer plans to spend roughly $70 million on air freight in its fiscal second quarter to speed up the delivery of merchandise in time for Christmas. Its hope is to avoid backlogged ports where some container ships have been left, waiting to be unloaded, for weeks on end. The global supply chain issues have put retailer in a precarious…



Source cnbc.com

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