Tapestry offers downbeat outlook and its stock tumbles

NEW YORK — Tapestry Inc.’s shares lost nearly a quarter of their value Thursday after the upscale handbag and fashion company said that it would have an unexpected drop in profit and revenue in the current quarter.The New York-based company, which owns the Coach, Kate Spade and Stuart Weitzman labels, said it expects its revenue in its fiscal first quarter will be slightly below the same three-month span last year and its earnings will decline. Its business is most notably being dragged down by the Kate Spade brand, which it bought in 2017 and has yet to see a turnaround.Tapestry’s stock was down $6.05, or 24%, at $18.95 in afternoon trading.During a conference call, Tapestry’s CEO Victor Luis said the company needs more time to revive the Kate Spade brand.“We acknowledge that there are opportunities and are addressing those areas with a sense of urgency,” he said.Kate Spade had sales of $332 million in the fiscal fourth quarter, compared to $312 million in the prior year. Global sales at stores opened at least a year fell 6%.Tapestry reported fiscal fourth-quarter earnings of $148.9 million, down from $211.7 a year ago.On a per-share basis, the company said it had profit of 51 cents. Earnings, adjusted for costs related to mergers and acquisitions and non-recurring costs, were 61 cents per share. That matched expectations of Wall Street analysts polled by Zacks Investment Research.The company posted revenue of $1.51 billion in the period, which fell short Street forecasts. Nine analysts surveyed by Zacks expected $1.53 billion.For the year, the company reported profit of $643.4 million, or $2.21 per share. Revenue was reported as $6.03 billion._____Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on TPR at https://www.zacks.com/ap/TPRThe Associated Press read more

In London Annan discusses regional hotspots with Prime Minister top UK officials

Mr. Annan, who flew to London earlier this week following a tour of the Middle East, discussed the situation in that region during detailed talks with Prime Minister Tony Blair, according to a United Nations spokesman. The two leaders also touched on Iraq, the Balkans, the proposed global AIDS fund, economic assistance to Africa, and progress in Sierra Leone.”Following that meeting, the office of the Secretary of State for Foreign Affairs, Jack Straw, issued a statement supporting the Secretary-General’s bid for a second term as UN Secretary-General,” said spokesman Manoel de Almeida e Silva. “The Secretary-General received the Prime Minister’s personal warm endorsement today,” he added.The Secretary-General later held talks with the Secretary-General of the Commonwealth, Donald McKinnon, who briefed Mr. Annan on Commonwealth activities in Fiji and land reform in Zimbabwe. They also touched on the situation in West Africa, including the proposed special court for Sierra Leone, as well as the upcoming World Conference on Racism and UN efforts to combat AIDS.Mr. Annan later attended a working lunch with Clare Short, the Secretary for International Development. “Their wide-ranging discussions included issues in Africa, peacekeeping training and rapid reaction, the architecture of the proposed Global Fund for AIDS, and humanitarian situations as well as security for humanitarian workers, among other topics,” Mr. de Almeida e Silva said.During a subsequent meeting with Geoffrey Hoon, the Secretary of State for Defence, Mr. Annan raised “the issue of the training of African troops for peacekeeping in Africa by the United Kingdom and other advanced military countries,” the spokesman said. Discussions also covered UN peace operations as well as the situations Sierra Leone, Bosnia and Herzegovina, and Kosovo. read more

Runner takes names with fundraising cancer run

Diana Panter will wear a T-shirt bearing the names of Brock friends and loved ones who have battled cancer.Diana Panter knows some of the names of people who have been touched by cancer.She’s seen co-workers’ lives impacted by the disease. She’s watched the struggles of her mother, her cousin and her mother’s cousin enough to know that behind the statistics are the identities of family and friends and the people who care for them.Panter will take some of their names on the road with her when she does the Rankin Cancer Run on May 29. She will join Brock’s Community Connections team to run five kilometres through St. Catharines raising money for cancer research. She will run wearing a T-shirt covered in names collected from the Brock community.“I want to show how many people it’s touched,” said the publications and Convocation events assistant in the Office of the Registrar. “If people haven’t experienced it directly, usually they have a friend or relative it’s touched. This is just a way to acknowledge that.”Some of the names represent people who have survived cancer. Others are relatives Brock employees have lost. Some are full names, while others are less specific, like “Anna” or “Grandma K.”Panter has more than 50 names so far. She’d like to get more. She may drop off the T-shirt at various departments to have them add names, she said. She can also be contacted at 905-688-5550 x3429, or dpanter@brocku.caThe Brock team still needs runners or walkers. Anyone interested can email Jamie Wheeler at jw05qt@brocku.ca and include their T-shirt size. Participants can also sign up online at secure.rankincancerrun.com/register/member and join the Brock University team.Participants can run or walk one kilometre or five kilometres. In the past four years, the run has raised $1,380,000.Link:• The Rankin Cancer Run — All for Niagara read more