Tapestry, the company behind Coach and Kate Spade, has lowered its annual sales forecast after third-quarter revenues fell short, reflecting weaker demand in North America and China. The firm also adjusted its fourth-quarter profit expectations downward, with shares dropping 2%. Despite reduced discretionary spending and slow recovery in China, Tapestry managed to exceed profit expectations due to high-margin full-price sales and reduced costs. Tapestry now anticipates fiscal 2024 revenue to surpass $6.6 billion, slightly below its previous forecast, while maintaining its profit outlook.