Tapestry drops on soft revenue forecast amid Kate Spade weakness
TPR•Quarterly results and Kate Spade sales
Tapestry reported quarterly revenue of $1.88 billion, in line with analysts' expectations, and adjusted EPS of $1.32, topping estimates of $1.28.
For the fourth quarter ended June 27, Kate Spade's sales dropped 7% year on year.
As of the last close, the stock was up about 20% year to date.
Shares fall after fiscal 2027 revenue outlook misses estimates
Shares of Coach-parent Tapestry TPR.N fell about 8% to $141.66 in premarket trading after the company forecast fiscal 2027 revenue slightly below expectations amid persistent weakness at Kate Spade.
The company expects annual revenue in the range of $8.4 billion to $8.5 billion, the midpoint of which is 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.
