Tapestry drops on soft revenue forecast amid Kate Spade weakness
TPR•Quarterly results and Kate Spade sales
The company logged quarterly revenue of $1.88 billion, in line with analysts' expectations.
For the fourth quarter ended June 27, Kate Spade's sales dropped 7% year-on-year.
Tapestry reported adjusted EPS of $1.32, topping estimates of $1.28.
As of the last close, the stock was up about 20% year to date.
Tapestry shares fall on weaker outlook
Shares of Coach-parent Tapestry TPR.N fell as much as 16.18% to $128.87.
The stock was set for its worst day since May 2026, if losses hold.
The company forecast fiscal 2027 revenue slightly below expectations amid persistent weakness at Kate Spade. It expects annual revenue in the range of $8.4 billion to $8.5 billion, with the midpoint below analysts' estimates of $8.46 billion, according to data compiled by LSEG.
However, Tapestry sees annual EPS in the range of $7.80 to $7.90, with the midpoint above estimates of $7.84.
