Tapestry Inc raised its annual profit forecast on Thursday, betting that price increases and strong demand for its Coach handbags would help cushion a slowdown in luxury purchases in the United States.

The company now expects fiscal 2023 earnings per share in the range of $3.85 to $3.90, compared with its prior outlook of $3.70 to $3.75 per share.

(Reporting by Deborah Sophia in Bengaluru; Editing by Devika Syamnath)