TPR
FY2026 Q3 · Calendar Q2 2026
Tapestry, Inc.
Tapestry delivered a record third quarter, beating consensus on both revenue and EPS while raising full-year guidance for the second consecutive quarter. Coach's 29% constant-currency revenue growth was the standout, but Kate Spade's 11% revenue decline remains a drag despite margin improvement. The roughly 12% share-price decline on the print against a flat benchmark stands in sharp contrast to the operational results. This divergence likely reflects elevated buy-side expectations heading into the release and lingering questions about the durability of Coach's double-digit growth and Kate Spade's path to recovery. The 7% subsequent drift higher suggests part of the initial reaction may have been overdone, though the stock remains well below its pre-print level.
EPS surprise+27.7%
Market move-12.3%
