S&P revises Tapestry view to positive

S&P said it revised Tapestry Inc.’s outlook to positive from stable and affirmed its ratings, including the BBB- ratings on its senior unsecured notes.

“The positive outlook reflects our expectation for gradual performance improvement at Kate Spade over the next 24 months while Tapestry continues to execute key initiatives and maintain positive operating trends at Coach,” S&P said in a press release. Coach accounted for about 74% of fiscal 2021 revenues.

The agency noted Coach outpaced pre-pandemic sales levels by 2% and gross margins for the brand reached nearly 74% for the full year compared with about 70% pre-pandemic.

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