Tapestry Inc (TPR)

Tapestry Awarded U.S. Patent for Innovative AI Platform: MiraMay 11, 2026 10:27 AM
Business Wire This is the second technology patent secured by Tapestry; Mira helps teams turn insights into action, stay close to consumers and drive business outcomes Tapestry, Inc. (NYSE: TPR), a global house of iconic brands consisting of Coach and kate spade new york, has been awarded a U.S. patent for Mira, a proprietary AI platform designed to connect data across all areas of the company to enable rapid, enterprise-wide decision-making. The patent includes the core system architecture and marks Tapestry's first AI patent and second technology patent overall. WHAT IS MIRA?
In an era when consumers are moving faster than ever, harnessing the power of data to understand trends across the company is critical. Even more important is ensuring that our employees can access and derive insights from different data sources as easily as possible. Used alongside Tapestry’s patented Global Data Fabric, Mira connects key data sources from across the company and can perform rapid and actionable analysis to surface insights, inspire innovative thinking and support informed decision-making. What previously required days of manual analysis across multiple dashboards can now be accomplished in seconds to minutes. The potential use cases are plentiful, and Tapestry teams are already leveraging Mira to enhance assortment planning and inventory management and respond even more quickly to emerging consumer trends. “Our teams bring deep expertise, human judgement and creativity; Mira provides business intelligence to help our teams move with speed and agility,” said Fabio Luzzi, Chief Data and Analytics Officer, Tapestry. “Together, that combination becomes a structural competitive advantage.” HOW DOES MIRA WORK?
Unlike off-the-shelf AI tools Mira was designed by Tapestry’s Data and Analytics team with support from key business partners across the company to ensure the platform aligns with brand strategy, operational priorities and financial discipline. Mira is built with the language of retail and fashion in mind, learning from institutional knowledge and functioning within a secure, enterprise ecosystem with role-based access controls embedded from the start. “We’re an 85-year-old fashion company harnessing cutting-edge innovation and technology. Mira is a powerful tool that puts business insights into the hands of decision makers across the company,” said Joanne Crevoiserat, Chief Executive Officer of Tapestry. “This is one more way we are moving with agility to deliver for our consumers and drive durable growth.” About Tapestry, Inc.
Our global house of iconic accessories and lifestyle brands unites the magic of Coach and kate spade new york. Together, we stretch what’s possible – advancing brands further than they could go alone, expanding their reach to new geographies and generations. Inspired by our consumers, we create experiences and products that build lasting brand love and elevate everyday life. To learn more about Tapestry, please visit www.tapestry.com. For important news and information regarding Tapestry, visit the Investor Relations section of our website at www.tapestry.com/investors. In addition, investors should continue to review our news releases and filings with the SEC. We use each of these channels of distribution as primary channels for publishing key information to our investors, some of which may contain material and previously non-public information. The Company’s common stock is traded on the New York Stock Exchange under the symbol TPR. View source version on businesswire.com: https://www.businesswire.com/news/home/20260511994098/en/ Media:
Jackie Albano
Senior Director, Communications
212/646-9645
jalbano@tapestry.com Original: Tapestry Awarded U.S. Patent for Innovative AI Platform: Mira

Tapestry, Inc. Reports Fiscal 2026 Third Quarter Results and Raises Full Year OutlookMay 7, 2026 6:45 AM
Business Wire Achieved Double-Digit Revenue, Operating Profit, and EPS Growth, Exceeding Expectations Delivered Revenue of $1.9 Billion, an Increase of 21% Versus Prior Year (+19% Constant Currency) Achieved Pro Forma Revenue Growth of 25% (+23% Constant Currency) Led by a 31% (+29% Constant Currency) Gain at the Coach Brand Drove Operating Margin Expansion of 630 Basis Points on a GAAP Basis and 490 Basis Points on a Non-GAAP Basis Fueled by a Gross Margin Increase and SG&A Leverage Achieved GAAP Diluted EPS of $1.65, up 74% Versus Prior Year, and Non-GAAP Diluted EPS of $1.66, an Increase of 62% Versus Prior Year On Track to Return $1.6 Billion to Shareholders in Fiscal Year 2026, an Increase Versus Prior Guidance, Driven by Strong Balance Sheet and Robust Cash Flow Generation Raises Fiscal Year 2026 Revenue, Operating Margin, EPS and Cash Flow Outlook  Link to Download Tapestry’s Q3 Earnings Presentation, Including Brand Highlights Tapestry, Inc. (NYSE: TPR), a house of iconic accessories and lifestyle brands, consisting of Coach and kate spade new york, today reported results for the fiscal third quarter ended March 28, 2026. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260507429868/en/ Joanne Crevoiserat, Chief Executive Officer of Tapestry, Inc., commented: “Our third quarter outperformance reflects the compounding benefits of our Amplify strategy, as we bring creativity, craftsmanship, and value to more consumers around the world. With disciplined execution and the consumer at the center of everything we do, we are translating insights into action at scale, fueling meaningful growth, expanding margins, and enduring brand desire. From this position of strength, we move confidently into the future with significant opportunity ahead. We are raising our outlook for the fiscal year, underscoring the power of Tapestry and our commitment to driving durable growth and long-term shareholder value.” Tapestry, Inc. Fiscal 2026 Third Quarter Financial Highlights (Unaudited) – in USD millions except per share data Quarter Ended March 28, 2026 March 29, 2025 Change Constant Currency
% Change   Net sales 1,920.6 1,584.6 21% 19% Pro Forma Net sales1 1,920.6 1,538.4 25% 23%   Gross profit 1,476.5 1,205.8 22% Gross margin 76.9% 76.1% 80 bps Non-GAAP Gross profit2 1,476.5 1,205.8 22% Non-GAAP Gross margin2 76.9% 76.1% 80 bps   Operating income 427.5 253.7 69% Operating margin 22.3% 16.0% 630 bps Non-GAAP Operating income2 430.1 277.3 55% Non-GAAP Operating margin2 22.4% 17.5% 490 bps   Earnings per diluted share 1.65 0.95 74% Non-GAAP Earnings per diluted share2 1.66 1.03 62% 1 Pro forma Net sales and related growth rates exclude Net sales of the Stuart Weitzman Business on a reported and constant currency basis, in both periods presented. Refer to Schedule 2. 2 Refer to Schedule 3 for reconciliation between GAAP and Non-GAAP measures.   Summary of Pro Forma Revenue Information (Unaudited) – in USD millions % Change Quarter Ended
March 28, 2026 Reported Constant Currency Brand Coach 1,701.0 31% 29% Kate Spade 219.6 (10)% (11)%   Region1 North America 1,101.7 20% 20% Greater China2 432.2 61% 55% Japan 123.9 (10)% (10)% Other Asia2 116.3 24% 16% Europe 118.6 31% 21% Other2 27.9 (3)% (3)%   Tapestry Pro Forma 1,920.6 25% 23%   1 Pro forma Net sales and related growth rates exclude Net sales of the Stuart Weitzman Business on a reported and constant currency basis. Refer to Schedule 2. 2 Refer to "About Tapestry, Inc." section below for countries included within each region. Tapestry, Inc. Fiscal 2026 Third Quarter Strategic Highlights Tapestry advanced its Amplify growth strategy, which is focused on four key pillars that underpin durable growth: Build Emotional Connection with Consumers Fuel Fashion Innovation and Product Excellence Deliver Compelling Experiences to Drive Global Growth Ignite the Power of our People This strategy is driving the Company’s results today and continues to expand its competitive advantages into the future. Highlights from the fiscal third quarter included: Acquired over 2.4 million new customers globally, led by a growing number of Gen Z consumers versus prior year, which represented over 35% of new customers; further, demand from existing customers also increased, demonstrating broad-based traction and an ability to consistently attract and retain new generations of consumers in a large TAM; Accelerated growth in core leathergoods offering, led by strong handbag revenue gains at Coach, where handbag units rose more than 20% and AUR increased at a low-double-digit rate; this reflects healthy and diversified drivers of growth as well as the craftsmanship and value offered to consumers at scale – a fundamental strength of the business; Drove double-digit growth across key markets, outperforming expectations, highlighted by pro forma constant currency gains in North America (+20%), Europe (+21%), and total APAC (+30%), including Greater China (+55%); delivered Coach brand growth of 29% in constant currency; Increased total direct-to-consumer revenue by 23% on a pro forma constant currency basis, led by strong digital growth of approximately 25% and over 20% growth in global brick and mortar sales with increasing profitability across channels, showcasing the power of Tapestry’s data-driven and agile business model. Overall, Tapestry delivered double-digit top and bottom-line increases in the quarter, demonstrating the Company’s structural advantages and drivers of sustainable growth and value creation. Shareholder Return Programs Given Tapestry’s strong operational results, robust balance sheet, significant free cash flow generation, and outlook for growth, the Company now expects to return $1.6 billion, which is approximately 100 percent of its anticipated adjusted free cash flow, to shareholders through dividends and share repurchases in Fiscal 2026. This represents an increase from its previous outlook of $1.5 billion. Programs include: Dividend: The Company’s Board of Directors declared a quarterly cash dividend of $0.40 per common share payable on June 22, 2026 to shareholders of record as of the close of business on June 5, 2026. This results in an annual dividend of $1.60 per share in Fiscal 2026, as anticipated. Share Repurchases: Tapestry now expects to buy back approximately $1.3 billion in common stock in Fiscal 2026 under the Company’s existing stock repurchase authorization, an increase from its prior outlook of $1.2 billion. During the fiscal third quarter, the Company spent $150 million to repurchase approximately 1.05 million shares of its common stock at an average cost of approximately $143 per share. On a year-to-date basis through the fiscal third quarter, the Company spent a total of $1.05 billion to repurchase approximately 9.3 million shares at an average share price of approximately $112. Non-GAAP Reconciliation During the fiscal third quarter of 2026, Tapestry recorded certain items that decreased the Company’s operating income by $3 million, net income by $2 million, and earnings per diluted share by $0.01. Please note that the divestiture of Stuart Weitzman was completed on August 4, 2025. The brand’s results for the period under ownership in Fiscal 2026 are included in fiscal 2026 first quarter GAAP and year-to-date results and excluded from year-to-date non-GAAP results. Please refer to the Financial Schedules included herein for a full reconciliation of the Company’s reported GAAP to non-GAAP results. Overview of Fiscal 2026 Third Quarter Financial Results Net sales totaled $1.92 billion, representing 21% growth versus prior year on a nominal basis and 19% growth on a constant currency basis. Excluding the impact of Stuart Weitzman, pro forma net sales growth was 25% on a nominal basis and 23% on a constant currency basis. FX represented a tailwind of 220 basis points on a reported basis and 230 basis points on a pro forma basis in the quarter. Gross profit totaled $1.48 billion, while gross margin was 76.9%. This compared to prior year gross profit of $1.21 billion, representing a gross margin of 76.1%. The 80 basis point increase in gross margin was driven by operational improvements of approximately 190 basis points as well as a favorable impact from the divestiture of Stuart Weitzman of 70 basis points, partially offset by a negative tariff and duty impact of 180 basis points. SG&A expenses totaled $1.05 billion and represented 54.6% of sales on a GAAP basis. On a non-GAAP basis, SG&A expenses totaled $1.05 billion and represented 54.5% of sales. In the prior year period, SG&A expenses totaled $952 million and represented 60.1% of sales on a GAAP basis and totaled $929 million and represented 58.6% of sales on a non-GAAP basis. Non-GAAP SG&A leveraged by 410 basis points, even as marketing investment increased by 160 basis points in the quarter. Operating income was $428 million on a GAAP basis, while operating margin was 22.3%. On a non-GAAP basis, operating income was $430 million, while operating margin was 22.4%. This compared to the prior year GAAP operating income of $254 million and an operating margin of 16.0% and non-GAAP operating income of $277 million and an operating margin of 17.5%. The 490 basis point increase in non-GAAP operating margin included an 80 basis point favorable impact from the divestiture of Stuart Weitzman. Net interest expense was $13 million versus prior year net interest expense of $15 million. Other income was $2 million versus other income of $1 million in the prior year. Net income was $344 million, with earnings per diluted share of $1.65 on a GAAP basis. On a non-GAAP basis, net income was $346 million, with earnings per diluted share of $1.66. In the prior year period, net income was $203 million, with earnings per diluted share of $0.95 on a GAAP basis. On a non-GAAP basis, net income in the prior year was $220 million, with earnings per diluted share of $1.03. The tax rate for the quarter was 17.4% on a GAAP basis and non-GAAP basis. In the prior year, the tax rate was 14.9% on a GAAP basis and 16.4% on a non-GAAP basis. Balance Sheet and Cash Flow Highlights Cash, cash equivalents and short-term investments totaled $1.07 billion and total borrowings outstanding were $2.38 billion. The Company’s leverage ratio, based on gross debt to adjusted EBITDA, was 1.1x as of the end of the fiscal quarter. Inventory was $844 million as of the end of the fiscal quarter versus ending inventory of $874 million in the prior year period. Cash flow from operating activities for the fiscal third quarter was an inflow of $263 million compared to an inflow of $144 million in the prior year. On a year-to-date basis, cash flow from operating activities was an inflow of $1.46 billion compared to an inflow of $770 million in the prior year. Adjusted free cash flow for the fiscal third quarter was an inflow of $229 million compared to an inflow of $118 million in the prior year. On a year-to-date basis, adjusted free cash flow was an inflow of $1.37 billion compared to an inflow of approximately $930 million in the prior year. CapEx and implementation costs related to Cloud Computing for the fiscal third quarter were $50 million versus $36 million a year ago. On a year-to-date basis, CapEx and implementation costs related to Cloud Computing were $143 million versus $105 million a year ago. Financial Outlook Tapestry is raising its Fiscal 2026 outlook, incorporating the Company’s fiscal third quarter outperformance as well as an increased outlook for the fiscal fourth quarter. The following outlook is provided on a non-GAAP basis: Revenue in the area of $7.95 billion, representing reported growth of approximately 14% versus prior year on a nominal basis and 13% in constant currency; excluding Stuart Weitzman, pro forma revenue is expected to grow approximately 17% on a nominal basis and 16% in constant currency. Foreign currency is expected to be an 80-basis point benefit to topline results in the fiscal year. This is above prior guidance for revenue to be over $7.75 billion; Operating margin of approximately 23%, representing expansion of approximately 300 basis points versus prior year. This is above previous guidance for an increase of approximately 180 basis points versus prior year. Based on the strength of the underlying business, the Company expects to more than offset a negative tariff and duty headwind of approximately 120 basis points, resulting in both gross margin expansion and SG&A leverage anticipated for Fiscal 2026; Net interest expense of approximately $60 million, compared to prior guidance of approximately $65 million; Tax rate of approximately 17.5%, compared to prior guidance of approximately 17%; Weighted average diluted share count of approximately 210 million, compared to prior guidance of approximately 211 million; Earnings per diluted share in the area of $6.95, representing growth of over 35% versus prior year, and exceeding previous guidance of $6.40 to $6.45; Adjusted free cash flow approaching $1.6 billion, an increase from prior guidance of in the area of $1.5 billion. Please note this outlook: Embeds U.S. trade policies as of May 1, 2026 and current global tax policies, including the impact of OECD’s Pillar Two guidance; Includes foreign currency exchange rates using spot rates at the time of forecast; Assumes no material worsening of inflationary pressures or consumer confidence; Excludes one-time costs associated with the sale of Stuart Weitzman, which closed on August 4, 2025, as well as the brand’s results for the period under ownership in Fiscal 2026. The exclusion of Stuart Weitzman is expected to be immaterial to operating profit and earnings per diluted share in the fiscal year; and Excludes non-recurring costs associated with the Company’s organizational efficiency efforts. Given the dynamic nature of these and other external factors, financial results could differ materially from the outlook provided. Financial Outlook - Non-GAAP Adjustments: The Company is not able to provide a full reconciliation of the non-GAAP financial measures to GAAP presented in this release and on the Company’s conference call because certain material items that impact these measures have not yet occurred and cannot be reasonably estimated at this time. Accordingly, a reconciliation of the Company’s non-GAAP financial measure guidance to the corresponding GAAP measure is not available without unreasonable effort. Conference Call Details The Company will host a conference call to review these results at 8:00 a.m. (ET) today, May 7, 2026.  Interested parties may listen to the conference call via live webcast by accessing www.tapestry.com/investors or calling 1-866-847-4217 or 1-203-518-9845 and providing the Conference ID 3533756.  A telephone replay will be available starting at 12:00 p.m. (ET) today for a period of five business days. To access the telephone replay, call 1-800-283-4641 or 1-402-220-0851. A webcast replay of the earnings conference call will also be available for five business days on the Tapestry website.  In addition, presentation slides have been posted to the Company’s website at www.tapestry.com/investors. Upcoming Events The Company expects to report fiscal 2026 fourth quarter and full year results on Thursday, August 13, 2026. To receive notification of future announcements, please register at www.tapestry.com/investors ("Subscribe to E-Mail Alerts"). About Tapestry, Inc. Our global house of iconic accessories and lifestyle brands unites the magic of Coach and kate spade new york. Together, we stretch what’s possible – advancing brands further than they could go alone, expanding their reach to new geographies and generations. Inspired by our consumers, we create experiences and products that build lasting brand love and elevate everyday life. To learn more about Tapestry, please visit www.tapestry.com. For important news and information regarding Tapestry, visit the Investor Relations section of our website at www.tapestry.com/investors. In addition, investors should continue to review our news releases and filings with the SEC. We use each of these channels of distribution as primary channels for publishing key information to our investors, some of which may contain material and previously non-public information. The Company’s common stock is traded on the New York Stock Exchange under the symbol TPR. This information made available in this press release may contain forward-looking statements based on management's current expectations. Forward-looking statements include, but are not limited to, the statements under “Financial Outlook,” statements regarding long-term performance, statements regarding the Company’s capital deployment plans, including anticipated annual dividend rates and share repurchase plans, and statements that can be identified by the use of forward-looking terminology such as "may," “can,” “if,” "continue," “assumes,” "should," "expect," “confidently,” “trends,” “anticipate,” "intend," "estimate," “on track,” “future,” “plan,” “potential,” “position,” “create,” “build,” “fuel,” “deliver,” “ignite,” “grow,” “believe,” “will,” “uncertain,” “achieve,” “strategic,” “growth,” "guidance," "forecast," “outlook,” “commitment,” “innovation,” “drive,” “leverage,” “generate,” “effort,” “approaching,” “expanding,” “enduring,” “opportunity,” “long-term,” “durable growth” “Amplify strategy,” “we stretch what’s possible,” similar expressions, and variations or negatives of these words. They include, without limitation, statements regarding future anticipated capital expenditures. Future results may differ materially from management's current expectations, based upon a number of important factors, including risks and uncertainties such as the impact of international trade disputes and the risks associated with potential changes to international trade agreements, including the imposition or threat of imposition of new or increased tariffs or retaliatory tariffs implemented by countries where our manufacturers are located as well as the imposition of additional duties on the products we import, economic conditions, recession and inflationary measures, risks associated with operating in international markets, including currency fluctuations and changes in economic or political conditions in the markets where we sell or source our products, the ability to anticipate consumer preferences and retain the value of our brands and respond to changing fashion and retail trends in a timely manner, including our ability to execute on our e-commerce and digital strategies, the impact of tax and other legislation, the ability to successfully implement the initiatives under our 2028 Amplify growth strategy, the effect of existing and new competition in the marketplace, our ability to successfully identify and implement any sales, acquisitions or strategic transactions on attractive terms or at all, including our sale of the Stuart Weitzman Business, our ability to achieve intended benefits, cost savings and synergies from acquisitions, our ability to control costs, the effect of seasonal and quarterly fluctuations on our sales or operating results; the risk of cybersecurity threats and privacy or data security breaches, our ability to satisfy our outstanding debt obligations or incur additional indebtedness, the risks associated with climate change and other corporate responsibility issues, our ability to protect against infringement of our trademarks and other proprietary rights, and the impact of pending and potential future legal proceedings, etc. In addition, purchases of shares of the Company’s common stock will be made subject to market conditions and at prevailing market prices. Please refer to the Company’s latest Annual Report on Form 10-K and its other filings with the Securities and Exchange Commission for a complete list of risks and important factors. The Company assumes no obligation to revise or update any such forward-looking statements for any reason, except as required by law. Management utilizes non-GAAP and constant currency measures to conduct and evaluate its business during its regular review of operating results for the periods affected and to make decisions about Company resources and performance. The Company believes presenting these non-GAAP measures, which exclude items that are not comparable from period to period, is useful to investors and others in evaluating the Company’s ongoing operating and financial results in a manner that is consistent with management’s evaluation of business performance and understanding how such results compare with the Company’s historical performance. Additionally, the Company believes presenting these metrics on a constant currency basis will help investors and analysts to understand the effect of significant year-over-year foreign currency exchange rate fluctuations on these performance measures and provide a framework to assess how business is performing and expected to perform excluding these effects. The Company reports information in accordance with U.S. Generally Accepted Accounting Principles ("GAAP"). The Company's management does not, nor does it suggest that investors should, consider non-GAAP financial measures in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Further, the non-GAAP measures utilized by the Company may be unique to the Company, as they may be different from non-GAAP measures used by other companies. The Company operates on a global basis and reports financial results in U.S. dollars in accordance with GAAP. Percentage increases/decreases in net sales for the Company and each segment have been presented both including and excluding currency fluctuation effects from translating foreign-denominated sales into U.S. dollars and compared to the same periods in the prior quarter and fiscal year. The Company calculates constant currency net sales results by translating current period net sales in local currency using the prior year period’s currency conversion rate. Due to the sale of Stuart Weitzman on August 4, 2025, the Company presents Pro forma sales and related growth rates, which exclude Stuart Weitzman’s Net sales from both the current and prior year periods. In the Summary of Pro Forma Revenue Information table, Greater China includes mainland China, Taiwan, Hong Kong SAR, and Macao SAR. Other Asia includes Malaysia, Australia, South Korea, Singapore, and other countries primarily within Asia. Other primarily represents royalties earned from the Company's licensing partners and sales in the Middle East. The Company presents certain non-GAAP measures, including segment operating income (loss), segment SG&A expenses, SG&A expense ratio, operating margin, Operating Income (loss), Loss on extinguishment of debt, Interest expense, Other expense (income), Provision for income taxes, Net income (loss) and Net Income (loss) per diluted common share, which exclude items affecting comparability such as acquisition and divestiture costs and organizational efficiency costs, as applicable. A reconciliation to the most directly comparable GAAP measures is provided in the tables accompanying this release. The Company also presents Adjusted Free Cash Flow, which is a non-GAAP measure, and is calculated by taking Net cash provided by (used in) operating activities less Purchases of property and equipment, plus Items affecting comparability of Acquisition and Divestiture Costs and Organizational Efficiency Costs, to the extent they were cash in nature and recorded through SG&A, and Changes in operating assets and liabilities of items affecting comparability. The Company believes that Adjusted Free Cash Flow is an important liquidity measure of the cash that is available after capital expenditures for operational expenses, investment in our business and items affecting comparability. The Company believes that Adjusted Free Cash Flow is useful to investors because it measures the Company’s ability to generate or use cash. Once our business needs and obligations are met, cash can be used to maintain a strong balance sheet, invest in future growth and return capital to stockholders. The Company also presents Leverage Ratio, which is a non-GAAP metric, and is calculated as total debt, which includes Current debt and Long-term debt, divided by the trailing twelve months Adjusted EBITDA. Adjusted EBITDA is calculated as Net Income (Loss), excluding, Interest expense, net; Provision for income taxes; Depreciation and amortization; Cloud computing amortization; Share-based compensation; and Items affecting comparability including Acquisition and Divestiture Costs, Organizational Efficiency Costs and Impairment. The Company believes that the Leverage Ratio is an important metric to assess the strength of our balance sheet and credit quality and as a metric showing our commitment to our Investment Grade rating. Schedule 1: Consolidated Statements of Operations TAPESTRY, INC. CONSOLIDATED STATEMENTS OF OPERATIONS For the Quarter and Nine Months Ended March 28, 2026 and March 29, 2025 (in millions, except per share data)   (unaudited) (unaudited) QUARTER ENDED NINE MONTHS ENDED March 28, 2026 March 29, 2025 March 28, 2026 March 29, 2025   Net sales $ 1,920.6   $ 1,584.6   $ 6,127.6   $ 5,287.5   Cost of sales   444.1     378.8     1,462.2     1,313.7   Gross profit   1,476.5     1,205.8     4,665.4     3,973.8   Selling, general and administrative expenses   1,049.0     952.1     3,193.3     2,975.3   Operating income (loss)   427.5     253.7     1,472.1     998.5   Loss on extinguishment of debt   —     —     —     120.1   Interest expense, net   13.1     15.4     43.3     70.6   Other expense (income)   (1.6 )   (0.8 )   (3.0 )   (2.3 ) Income (loss) before provision for income taxes   416.0     239.1     1,431.8     810.1   Provision (benefit) for income taxes   72.2     35.8     251.9     109.8   Net income (loss) $ 343.8   $ 203.3   $ 1,179.9   $ 700.3   Net income (loss) per share: Basic $ 1.70   $ 0.98   $ 5.76   $ 3.19   Diluted $ 1.65   $ 0.95   $ 5.58   $ 3.12   Shares used in computing net income (loss) per share: Basic   202.5     207.3     204.9     219.5   Diluted   208.3     213.9     211.3     224.8     Schedule 2: Detail to Net Sales TAPESTRY, INC. DETAIL TO NET SALES For the Quarter and Nine Months Ended March 28, 2026 and March 29, 2025 (in millions) (unaudited)   QUARTER ENDED March 28, 2026 March 29, 2025 % Change Constant Currency %
Change   Coach $ 1,701.0 $ 1,293.5 31% 29% Kate Spade   219.6   244.9 (10)% (11)% Stuart Weitzman   —   46.2 NM NM Total Tapestry $ 1,920.6 $ 1,584.6 21% 19% Total Tapestry Pro Forma1 $ 1,920.6 $ 1,538.4 25% 23%   NINE MONTHS ENDED March 28, 2026 March 29, 2025 % Change Constant Currency
% Change   Coach $ 5,273.2 $ 4,173.4 26% 25% Kate Spade   839.8   944.5 (11)% (12)% Stuart Weitzman   14.6   169.6 (91)% (91)% Total Tapestry $ 6,127.6 $ 5,287.5 16% 15% Total Tapestry Pro Forma1 $ 6,113.0 $ 5,117.9 19% 19%     1 Pro Forma Net sales and related growth rates exclude Net sales of the Stuart Weitzman Business on a reported and constant currency basis.   Schedules 3 & 4: Consolidated Segment Data and GAAP to Non-GAAP Reconciliation TAPESTRY, INC. GAAP TO NON-GAAP RECONCILIATION (in millions, except per share data) (unaudited)   For the Quarter Ended March 28, 2026 For the Nine Months Ended March 28, 2026 Items Affecting Comparability Items Affecting Comparability GAAP Basis
(As Reported) Acquisition and
Divestiture Costs (*) Organizational
Efficiency Costs (**) Non-GAAP Basis
(Excluding Items) GAAP Basis
(As Reported) Acquisition and
Divestiture Costs (*) Organizational
Efficiency Costs (**) Non-GAAP Basis
(Excluding Items)   Gross Profit Coach   1,339.0     —     —     1,339.0     4,134.0     —     —     4,134.0   Kate Spade   137.5     —     —     137.5     523.7     —     —     523.7   Stuart Weitzman1   —     —     —     —     7.7     7.7     —     —   Gross profit $ 1,476.5   $ —   $ —   $ 1,476.5   $ 4,665.4   $ 7.7   $ —   $ 4,657.7     SG&A expenses Coach   743.8     —     0.1     743.7     2,204.9     —     1.3     2,203.6   Kate Spade   158.2     —     —     158.2     522.5     —     0.5     522.0   Stuart Weitzman   —     —     —     —     8.7     8.7     —     —   Corporate   147.0     (3.0 )   5.5     144.5     457.2     9.9     19.0     428.3   SG&A expenses $ 1,049.0   $ (3.0 ) $ 5.6   $ 1,046.4   $ 3,193.3   $ 18.6   $ 20.8   $ 3,153.9     Operating income (loss) Coach   595.2     —     (0.1 )   595.3     1,929.1     —     (1.3 )   1,930.4   Kate Spade   (20.7 )   —     —     (20.7 )   1.2     —     (0.5 )   1.7   Stuart Weitzman   —     —     —     —     (1.0 )   (1.0 )   —     —   Corporate   (147.0 )   3.0     (5.5 )   (144.5 )   (457.2 )   (9.9 )   (19.0 )   (428.3 ) Operating income (loss) $ 427.5   $ 3.0   $ (5.6 ) $ 430.1   $ 1,472.1   $ (10.9 ) $ (20.8 ) $ 1,503.8     Interest expense, net   13.1     —     —     13.1     43.3     (0.1 )   —     43.4   Other (income) expense   (1.6 )   —     —     (1.6 )   (3.0 )   0.1     —     (3.1 )   Provision for income taxes   72.2     0.5     (0.9 )   72.6     251.9     (0.8 )   (3.0 )   255.7   Net income (loss) $ 343.8   $ 2.5   $ (4.7 ) $ 346.0   $ 1,179.9   $ (10.1 ) $ (17.8 ) $ 1,207.8   Net income (loss) per diluted common share $ 1.65   $ 0.01   $ (0.02 ) $ 1.66   $ 5.58   $ (0.05 ) $ (0.09 ) $ 5.72       1 For the first nine months of fiscal 2026, prior to the completion of the sale on August 4, 2025, Stuart Weitzman Net sales were $14.6 million and Cost of sales were $6.9 million. (*) Relates to costs incurred by the Company in connection with the divestiture of the Stuart Weitzman Business. (**) Relates to organizational efficiency costs, primarily related to technology costs and severance costs. TAPESTRY, INC. GAAP TO NON-GAAP RECONCILIATION (in millions, except per share data) (unaudited)   For the Quarter Ended March 29, 2025 For the Nine Months Ended March 29, 2025 Items Affecting Comparability Items Affecting Comparability GAAP Basis
(As Reported) Acquisition and
Divestiture Costs (*) Organizational
Efficiency Costs (**) Non-GAAP Basis
(Excluding Items) GAAP Basis
(As Reported) Acquisition and
Divestiture Costs (*) Organizational
Efficiency Costs (**) Non-GAAP Basis
(Excluding Items)   Gross Profit Coach   1,018.5     —     —     1,018.5     3,252.9     —     —     3,252.9   Kate Spade   163.2     —     —     163.2     626.4     —     —     626.4   Stuart Weitzman   24.1     —     —     24.1     94.5     —     —     94.5   Gross profit $ 1,205.8   $ —   $ —   $ 1,205.8   $ 3,973.8   $ —   $ —   $ 3,973.8     SG&A expenses Coach   598.4     —     —     598.4     1,825.3     —     —     1,825.3   Kate Spade   163.2     —     2.8     160.4     531.4     —     2.8     528.6   Stuart Weitzman   29.7     0.6     —     29.1     108.5     0.6     —     107.9   Corporate   160.8     18.0     2.2     140.6     510.1     106.8     2.2     401.1   SG&A expenses $ 952.1   $ 18.6   $ 5.0   $ 928.5   $ 2,975.3   $ 107.4   $ 5.0   $ 2,862.9     Operating income (loss) Coach   420.1     —     —     420.1     1,427.6     —     —     1,427.6   Kate Spade   —     —     (2.8 )   2.8     95.0     —     (2.8 )   97.8   Stuart Weitzman   (5.6 )   (0.6 )   —     (5.0 )   (14.0 )   (0.6 )   —     (13.4 ) Corporate   (160.8 )   (18.0 )   (2.2 )   (140.6 )   (510.1 )   (106.8 )   (2.2 )   (401.1 ) Operating income (loss) $ 253.7   $ (18.6 ) $ (5.0 ) $ 277.3   $ 998.5   $ (107.4 ) $ (5.0 ) $ 1,110.9     Loss on extinguishment of Debt   —     —     —     —     120.1     119.4     —     0.7   Interest expense, net   15.4     —     —     15.4     70.6     60.2     —     10.4     Provision for income taxes   35.8     (5.7 )   (1.4 )   42.9     109.8     (79.3 )   (1.4 )   190.5   Net income (loss) $ 203.3   $ (12.9 ) $ (3.6 ) $ 219.8   $ 700.3   $ (207.7 ) $ (3.6 ) $ 911.6   Net income (loss) per diluted common share $ 0.95   $ (0.06 ) $ (0.02 ) $ 1.03   $ 3.12   $ (0.91 ) $ (0.02 ) $ 4.05       (*) Relates to costs incurred by the Company in connection with the previously terminated Capri Acquisition and the divestiture of the Stuart Weitzman Business. (**) Relates to organizational efficiency costs, primarily related to severance costs and technology costs. Schedule 5: Condensed Consolidated Balance Sheets TAPESTRY, INC. CONDENSED CONSOLIDATED BALANCE SHEETS At March 28, 2026 and June 28, 2025 (in millions)   (unaudited) (audited) March 28, 2026 June 28, 2025 ASSETS Cash, cash equivalents and short-term investments $ 1,068.6 $ 1,119.6 Receivables   305.0   239.3 Inventories   843.9   860.7 Other current assets   499.8   509.6 Assets held for sale   —   176.4 Total current assets   2,717.3   2,905.6 Property and equipment, net   492.7   489.5 Operating lease right-of-use assets   1,384.8   1,331.0 Other assets   1,871.9   1,854.4 Total assets $ 6,466.7 $ 6,580.5 LIABILITIES AND STOCKHOLDERS' EQUITY Accounts payable $ 499.7 $ 456.1 Accrued liabilities   666.0   736.9 Current portion of operating lease liabilities   310.3   299.0 Current debt   —   16.7 Liabilities held for sale   —   48.2 Total current liabilities   1,476.0   1,556.9 Long-term debt   2,377.1   2,377.9 Long-term operating lease liabilities   1,235.8   1,205.6 Other liabilities   695.4   582.3 Stockholders' equity   682.4   857.8 Total liabilities and stockholders' equity $ 6,466.7 $ 6,580.5   Schedule 6: Condensed Consolidated Statement of Cash Flows TAPESTRY, INC. CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS For the Nine Months Ended March 28, 2026 and March 29, 2025 (in millions)   (unaudited) (unaudited) March 28, 2026 March 29, 2025 CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES Net income (loss) $ 1,179.9   $ 700.3   Adjustments to reconcile net income to net cash provided by (used in) operating activities: Depreciation and amortization   115.6     119.8   Loss on extinguishment of debt   —     120.1   Amortization of cloud computing arrangements   43.0     43.6   Other non-cash items   160.0     48.6   Changes in operating assets and liabilities   (42.2 )   (262.6 ) Net cash provided by (used in) operating activities   1,456.3     769.8     CASH FLOWS PROVIDED BY (USED IN) INVESTING ACTIVITIES Purchases of property and equipment   (112.8 )   (87.4 ) Purchases of investments   (9.3 )   (1,886.1 ) Proceeds from sale of business, net of cash divested   109.1     —   Other items   2.6     2,921.7   Net cash provided by (used in) investing activities   (10.4 )   948.2     CASH FLOWS PROVIDED BY (USED IN) FINANCING ACTIVITIES Payment of dividends   (245.6 )   (226.5 ) Repurchase of common stock   (1,251.9 )   (1,665.3 ) Share repurchase not yet settled   —     (350.0 ) Proceeds from issuance of debt, net of discount   —     2,248.1   Payment of debt extinguishment costs   —     (63.5 ) Repayment of debt   —     (6,859.9 ) Other items   12.2     108.7   Net cash provided by (used in) financing activities   (1,485.3 )   (6,808.4 ) Effect of exchange rate on cash and cash equivalents   (14.1 )   15.4     Net increase (decrease) in cash and cash equivalents, including cash classified within assets held for sale   (53.5 )   (5,075.0 ) Less: net increase (decrease) in cash classified within current assets held for sale   —     (29.3 ) Net increase (decrease) in cash and cash equivalents   (53.5 )   (5,104.3 )   Cash and cash equivalents at beginning of period $ 1,100.0   $ 6,142.0   Cash and cash equivalents at end of period $ 1,046.5   $ 1,037.7     Schedule 7: Adjusted Free Cash Flow GAAP to Non-GAAP Reconciliation TAPESTRY, INC. ADJUSTED FREE CASH FLOW GAAP TO NON-GAAP RECONCILIATION For the Quarter and Nine Months Ended March 28, 2026 and March 29, 2025 (in millions) (unaudited)   Quarter Ended Nine Months Ended March 28, 2026 March 29, 2025 March 28, 2026 March 29, 2025 Net cash provided by (used in) operating activities (GAAP) $ 262.6   $ 144.3   $ 1,456.3   $ 769.8   Purchases of property and equipment   (36.8 )   (30.9 )   (112.8 )   (87.4 ) Items affecting comparability - Acquisition and Divestiture Costs   (0.8 )   2.3     12.8     151.3   Items affecting comparability - Organizational Efficiency Costs   3.0     4.3     12.9     4.3   Changes in operating assets and liabilities of items affecting comparability Accrued liabilities   0.5     (1.7 )   1.9     97.6   Other assets   —     —     —     (11.9 ) Accounts payable   —     (0.7 )   —     6.4   Adjusted Free Cash Flow (Non-GAAP) $ 228.5   $ 117.6   $ 1,371.1   $ 930.1     Adjusted Free Cash Flow is calculated by taking Net cash provided by (used in) operating activities less Purchases of property and equipment, plus Items affecting comparability of Acquisition and Divestiture Costs and Organizational Efficiency Costs, to the extent they were cash in nature and recorded through SG&A, and Changes in operating assets and liabilities of items affecting comparability.   Schedule 8: Adjusted EBITDA and Leverage Ratio GAAP to Non-GAAP Reconciliation TAPESTRY, INC. ADJUSTED EBITDA for the Trailing Twelve Months ("TTM") ended on March 28, 2026, and LEVERAGE RATIO as of March 28, 2026 GAAP TO NON-GAAP RECONCILIATION (in millions) (unaudited)   Quarter Ended TTM June 28, 2025 September 27, 2025 December 27, 2025 March 28, 2026 March 28, 2026 Net Income (Loss) - (GAAP) $ (517.1 ) $ 274.8 $ 561.3   $ 343.8   $ 662.8 Adjusted for: Interest expense, net   14.8     12.8   17.4     13.1     58.1 Provision for income taxes   (76.9 )   43.9   135.8     72.2     175.0 Depreciation and amortization   43.1     37.2   39.0     39.4     158.7 Cloud computing amortization   18.4     14.4   14.1     14.5     61.4 Share-based compensation expense   22.2     22.4   29.0     27.6     101.2 Items affecting comparability - Acquisition and Divestiture Costs   5.1     14.7   (0.8 )   (3.0 )   16.0 Items affecting comparability - Organizational Efficiency Costs   12.2     11.0   4.2     5.6     33.0 Items affecting comparability - Impairment   854.8     —   —     —     854.8 Adjusted EBITDA (NON-GAAP) (*) $ 376.6   $ 431.2 $ 800.0   $ 513.2   $ 2,121.0   Total Debt (**) as of March 28, 2026 $ 2,377.1 Leverage Ratio (***) as of March 28, 2026   1.1     (*) Adjusted EBITDA is calculated as Net Income (Loss), excluding, Interest expense, net; Provision for income taxes; Depreciation and amortization; Cloud computing amortization; Share-based compensation; Items affecting comparability including Acquisition and Divestiture Costs, Organizational Efficiency Costs and Impairment (**) Total Debt Includes Current debt and Long-term debt as of March 28, 2026 (***) Leverage Ratio is calculated as Total Debt as of March 28, 2026 divided by Adjusted EBITDA for the trailing twelve months ended March 28, 2026 Schedule 9: Store Count by Brand TAPESTRY, INC. STORE COUNT At December 27, 2025 and March 28, 2026 (unaudited)   As of As of Directly-Operated Store Count: December 27, 2025 Openings (Closures) March 28, 2026 Coach North America 330   4   (4)   330 International 619   8   (2)   625               Kate Spade               North America 188   —   (8)   180 International 165   —   (10)   155   TAPESTRY, INC. STORE COUNT At June 28, 2025 and March 28, 2026 (unaudited)   As of As of Directly-Operated Store Count: June 28, 2025 Openings (Closures) March 28, 2026 Coach North America 324   12   (6)   330 International 607   31   (13)   625               Kate Spade               North America 189   —   (9)   180 International 171   5   (21)   155   View source version on businesswire.com: https://www.businesswire.com/news/home/20260507429868/en/ Tapestry, Inc.
Analysts and Investors:
Christina Colone
Global Head of Investor Relations
212/946-7252
ccolone@tapestry.com
Media:
Jennifer Leemann
Global Head of Communications
212/631-2797
jleemann@tapestry.com Original: Tapestry, Inc. Reports Fiscal 2026 Third Quarter Results and Raises Full Year Outlook

Tapestry, Inc. to Host FY26 Third Quarter Earnings CallApril 23, 2026 6:45 AM
Business Wire
On Thursday, May 7, 2026 at 8:00 a.m. (ET), Tapestry, Inc. (NYSE: TPR) will hold a conference call to discuss the Company’s fiscal 2026 third quarter results which will be reported via press release earlier that morning.


To listen to this Tapestry conference call, please dial 1-866-847-4217 or 1-203-518-9845 and provide the Conference ID 3533756. To listen to the audio webcast, please visit www.tapestry.com/investors. A telephone replay will be available for five business days beginning at 12:00 noon (ET) on May 7th. To access the telephone replay, please call 1-800-283-4641 or 1-402-220-0851.


About Tapestry, Inc.

Our global house of iconic accessories and lifestyle brands unites the magic of Coach and kate spade new york. Together, we stretch what’s possible – advancing brands further than they could go alone, expanding their reach to new geographies and generations. Inspired by our consumers, we create experiences and products that build lasting brand love and elevate everyday life. To learn more about Tapestry, please visit www.tapestry.com. For important news and information regarding Tapestry, visit the Investor Relations section of our website at www.tapestry.com/investors. In addition, investors should continue to review our news releases and filings with the SEC. We use each of these channels of distribution as primary channels for publishing key information to our investors, some of which may contain material and previously non-public information. The Company’s common stock is traded on the New York Stock Exchange under the symbol TPR.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260423015135/en/
Tapestry, Inc.

Analysts and Investors:

Christina Colone

Global Head of Investor Relations

212/946-7252

ccolone@tapestry.com


Media:

Jennifer Leemann

Global Head of Communications

212/631-2797

jleemann@tapestry.com


Original: Tapestry, Inc. to Host FY26 Third Quarter Earnings Call

Tapestry, Inc. Appoints Matt Madrigal to Board of DirectorsApril 6, 2026 4:15 PM
Business Wire
Tapestry, Inc. (NYSE: TPR), a house of iconic accessories and lifestyle brands, today announced that Matt Madrigal, Chief Technology Officer of Pinterest, Inc. (NYSE: PINS), has been appointed to the Company’s Board of Directors effective immediately. The appointment of Mr. Madrigal brings the Board’s membership to eleven, including ten independent directors.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260406718798/en/Matt Madrigal
“We are pleased to welcome Matt to Tapestry’s Board. His expertise across technology and customer experience at scale will be instrumental in driving our Amplify growth agenda,” said Joanne Crevoiserat, Chief Executive Officer of Tapestry, Inc. “I look forward to partnering with him as we continue to build emotional connections with the next generation of consumers around the world and deliver durable, compounding growth.”


Anne Gates, Chair of the Board of Tapestry, Inc., added, “Matt’s deep technical expertise and proven track record of scaling global consumer platforms will bring valuable perspective to the Board as we advance Tapestry’s growth strategy and drive long-term shareholder value. We are delighted to welcome him to the Board.”


Matt Madrigal is the Chief Technology Officer of Pinterest, Inc., a visual search and discovery platform with more than 600 million monthly active users worldwide. In this role, he oversees engineering, product, design, and platform for the Company. Mr. Madrigal brings deep expertise at the intersection of technology, e-commerce, and consumer behavior, with particular insight into how younger consumers, including Gen Z, discover inspiration, engage with brands, and shop in digital environments.


Upon his appointment, Matt Madrigal said, “I’m honored to join Tapestry’s Board at a time when AI is transforming how brands connect with consumers. Tapestry’s ability to build brands, inspire creativity and self-expression, and operate with discipline at scale sets it apart. I look forward to contributing my experience as the Company continues to drive innovation to deepen consumer engagement and deliver sustainable growth and long-term shareholder returns.”


Matt Madrigal Biography


Matt Madrigal is Chief Technology Officer of Pinterest, leading the product and engineering teams that shape user experiences and machine learning systems behind one of the world’s leading visual search and discovery platforms. Prior to Pinterest, Mr. Madrigal was Vice President and General Manager of Merchant Shopping at Google, where he led the product and engineering teams that power Google Shopping. He previously served as Chief Technology and Product Officer at Fanatics. Prior to Fanatics, Mr. Madrigal was the SVP of eCommerce & Marketing for Williams-Sonoma, Inc. He also spent eight years leading product and engineering for eBay’s growth marketing and onsite advertising technology platforms. He holds a B.S. from the University of California, Berkeley and began his career at Accenture and KANA Software.


About Tapestry, Inc.


Our global house of iconic accessories and lifestyle brands unites the magic of Coach and kate spade new york. Together, we stretch what’s possible – advancing brands further than they could go alone, expanding their reach to new geographies and generations. Inspired by our consumers, we create experiences and products that build lasting brand love and elevate everyday life. To learn more about Tapestry, please visit www.tapestry.com. For important news and information regarding Tapestry, visit the Investor Relations section of our website at www.tapestry.com/investors. In addition, investors should continue to review our news releases and filings with the SEC. We use each of these channels of distribution as primary channels for publishing key information to our investors, some of which may contain material and previously non-public information. The Company’s common stock is traded on the New York Stock Exchange under the symbol TPR.


This information made available in this press release may contain forward-looking statements based on management's current expectations. Forward-looking statements include, but are not limited to, the statements regarding long-term performance and statements that can be identified by the use of forward-looking terminology such as "may," “can,” “if,” "continue," “project,” “assumption,” "should," "expect," “confidence,” “goals,” “trends,” “anticipate,” "intend," "estimate," “on track,” “future,” “well positioned to,” “plan,” “potential,” “vision,” “position,” “deliver,” “believe,” “seek,” “see,” “will,” “would," “uncertain,” “achieve,” “strategic,” “growth,” “target,” "guidance," "forecast," “outlook,” “commit,” “innovation,” “drive,” “leverage,” “generate,” “enhance,” “effort,” “progress,” “confident,” “amplify,” “we can stretch what’s possible,” similar expressions, and variations or negatives of these words. They include, without limitation, statements regarding future anticipated capital expenditures. Future results may differ materially from management's current expectations, based upon a number of important factors, including risks and uncertainties such as the impact of international trade disputes and the risks associated with potential changes to international trade agreements, including the imposition or threat of imposition of new or increased tariffs or retaliatory tariffs implemented by countries where our manufacturers are located as well as the imposition of additional duties on the products we import, economic conditions, recession and inflationary measures, risks associated with operating in international markets, including currency fluctuations and changes in economic or political conditions in the markets where we sell or source our products, the ability to anticipate consumer preferences and retain the value of our brands and respond to changing fashion and retail trends in a timely manner, including our ability to execute on our e-commerce and digital strategies, the impact of tax and other legislation, the ability to successfully implement the initiatives under our 2028 Amplify growth strategy, the effect of existing and new competition in the marketplace, our ability to successfully identify and implement any sales, acquisitions or strategic transactions on attractive terms or at all, our ability to achieve intended benefits, cost savings and synergies from acquisitions, our ability to control costs, the effect of seasonal and quarterly fluctuations on our sales or operating results; the risk of cybersecurity threats and privacy or data security breaches, our ability to satisfy our outstanding debt obligations or incur additional indebtedness, the risks associated with climate change and other corporate responsibility issues, our ability to protect against infringement of our trademarks and other proprietary rights, and the impact of pending and potential future legal proceedings, etc. Please refer to the Company’s latest Annual Report on Form 10-K and its other filings with the Securities and Exchange Commission for a complete list of risks and important factors. The Company assumes no obligation to revise or update any such forward-looking statements for any reason, except as required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260406718798/en/
Tapestry, Inc.

Analysts and Investors:

Christina Colone

Global Head of Investor Relations

212/946-7252

ccolone@tapestry.com
Media:

Jennifer Leemann

Global Head of Communications

212/631-2797

jleemann@tapestry.com


Original: Tapestry, Inc. Appoints Matt Madrigal to Board of Directors

Tapestry Shares Jump as Coach Drives Record Quarterly PerformanceFebruary 5, 2026 8:34 AM
IH Market News
Tapestry, Inc. (NYSE:TPR) reported record fiscal second-quarter results on Thursday that significantly exceeded analyst expectations, propelled by strong performance from its flagship Coach brand. The luxury accessories company’s shares rose more than 4% following the announcement.Tapestry reported adjusted earnings of $2.69 per share for the quarter, well above analyst forecasts of $2.19 per share. Revenue climbed 14% year-on-year to $2.5 billion, surpassing consensus estimates of $2.29 billion. On a pro forma basis, excluding the divested Stuart Weitzman business, revenue increased 18% compared with the same period last year.The Coach brand led overall growth, with sales rising 25% to $2.14 billion. The increase was driven by strong demand for handbags, supported by mid-teens percentage growth in both average selling prices and unit volumes. The strength in Coach helped offset weaker performance at Kate Spade, where revenue declined 14% to $360 million.“Our second quarter outperformance reflects the compounding impact of our Amplify strategy, driving deeper consumer engagement, accelerated growth, and record results,” said Joanne Crevoiserat, Chief Executive Officer of Tapestry. “This holiday season, our talented teams brought creativity, craftsmanship, and value to consumers around the world.”Profitability also improved during the quarter, with non-GAAP operating margin expanding by 390 basis points to 28.8%, supported by higher gross margins and improved operating expense efficiency. Gross margin increased by 110 basis points to 75.5%.Regionally, Tapestry recorded broad-based growth. North America revenue rose 17%, Greater China sales increased 35%, and European revenue climbed 27% on a pro forma basis.Following the strong results, Tapestry raised its full-year outlook. The company now expects revenue to exceed $7.75 billion, compared with its previous forecast of $7.3 billion. It also increased its earnings guidance to a range of $6.40 to $6.45 per share, up from its earlier outlook of $5.45 to $5.60 per share.In addition, Tapestry announced plans to return approximately $1.5 billion to shareholders during fiscal 2026 through dividends and share buybacks, up from its previous target of $1.3 billion.Tapestry stock price

Original: Tapestry Shares Jump as Coach Drives Record Quarterly Performance

Tapestry, Inc. Reports Fiscal 2026 Second Quarter Results and Raises Full Year OutlookFebruary 5, 2026 6:45 AM
Business Wire
Achieved Record Quarterly Revenue, Operating Profit, and EPS with Growth Exceeding Expectations



Delivered Revenue of $2.5 Billion, an Increase of 14% Versus Prior Year




Achieved Pro Forma Revenue Growth of 18% Led by a 25% Gain at the Coach Brand




Drove Operating Margin Expansion of 620 Basis Points on a GAAP Basis and 390 Basis Points on a Non-GAAP Basis Fueled by a Gross Margin Increase and SG&A Leverage




Achieved GAAP Diluted EPS of $2.68, up 94% Versus Prior Year, and Non-GAAP Diluted EPS of $2.69, an Increase of 34% Versus Prior Year




On Track to Return $1.5 Billion to Shareholders in Fiscal Year 2026, an Increase Versus Prior Guidance, Driven by Strong Balance Sheet and Robust Cash Flow Generation




Raises Fiscal Year 2026 Revenue, Operating Margin, EPS, and Free Cash Flow Outlook



Link to Download Tapestry’s Q2 Earnings Presentation, Including Brand Highlights


Tapestry, Inc. (NYSE: TPR), a house of iconic accessories and lifestyle brands, today reported results for the fiscal second quarter ended December 27, 2025.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260205900512/en/
Joanne Crevoiserat, Chief Executive Officer of Tapestry, Inc., commented:

“Our second quarter outperformance reflects the compounding impact of our Amplify strategy, driving deeper consumer engagement, accelerated growth, and record results. This holiday season, our talented teams brought creativity, craftsmanship, and value to consumers around the world, building new and lasting connections that fuel enduring brand desire and demand. As we move forward, we do so with momentum and confidence. By harnessing our proven strategies and structural advantages, we are raising our outlook for the fiscal year, reinforcing our commitment to driving durable growth and long-term value creation.”


Tapestry, Inc. Fiscal 2026 Second Quarter Financial Highlights (Unaudited) – in USD millions except per share data





Quarter Ended






December 27, 2025
December 28, 2024
Change
Constant Currency % Change




 
 
 
 
 


Net sales


2,502.4






2,195.4





 

14 %






14%







Pro Forma Net sales1


2,502.4






2,125.7





 

18 %






18%









 

 
 



Gross profit
 

1,888.4






1,633.1





 

16%





 


Gross margin


75.5%






74.4%





 

110 bps





 


Non-GAAP Gross profit2


1,888.4






1,633.1





 

16%





 


Non-GAAP Gross margin2


75.5%






74.4%





 

110 bps





 




 

 
 
 


Operating income
 

716.4






492.8





 

45%





 


Operating margin


28.6%






22.4%





 

620 bps





 


Non-GAAP Operating income2


719.8






548.2





 

31%





 


Non-GAAP Operating margin2


28.8%






24.9%





 

390 bps





 




 

 
 
 


Earnings per diluted share
 

2.68






1.38





 

94%





 


Non-GAAP Earnings per diluted share2


2.69






2.00





 

34%





 






 

 



1 Pro Forma Net sales and related growth rates exclude Net sales of the Stuart Weitzman Business on a reported and constant currency basis, in both periods presented. Refer to Schedule 2.

2 Refer to Schedule 3 for reconciliation between GAAP and Non-GAAP measures.







Summary of Pro Forma Revenue Information (Unaudited) – in USD millions





 
% Change



Quarter Ended
December 27, 2025
Reported
Constant Currency


Brand
 
 
 
 


Coach

2,142.4





 

25






%






25






%







Kate Spade

360.0





 

(14






)%






(14






)%









 
 



Region1

 
 



North America

1,715.4





 

17






%






17






%







Greater China2

343.1





 

35






%






34






%







Japan

128.3





 

(9






)%






(6






)%







Other Asia2

125.8





 

11






%






12






%







Europe

159.1





 

27






%






22






%







Other2

30.7





 

23






%






23






%








 
 
 
 


Tapestry Pro Forma

2,502.4





 

18






%






18






%









 



 



1 Pro Forma Net sales and related growth rates exclude Net sales of the Stuart Weitzman Business on a reported and constant currency basis. Refer to Schedule 2.

2 Refer to "About Tapestry, Inc." section below for countries included within each region.







Tapestry, Inc. Fiscal 2026 Second Quarter Strategic Highlights

Tapestry advanced its Amplify growth strategy, which is focused on four key pillars:



Build Emotional Connection with Consumers



Fuel Fashion Innovation and Product Excellence



Deliver Compelling Experiences to Drive Global Growth



Ignite the Power of our People



Highlights from the fiscal second quarter included:



Acquired over 3.7 million new customers globally, led by a growing number of Gen Z consumers versus prior year, which represented approximately one-third of new customers; further, demand from existing customers also increased, reflecting broad-based traction across the business;



Accelerated growth in core leathergoods offering, led by strong handbag revenue gains at Coach, where handbag AUR and units each increased at a mid-teens percentage rate, contributing approximately equally to topline momentum, reflecting compelling innovation across the assortment and diversified drivers of growth;



Drove growth across key markets, outperforming expectations, highlighted by pro forma constant currency gains in North America (+17%), Europe (+22%), and total APAC (+18%), including Greater China (+34%); fueled Coach brand growth of 25% in the quarter;



Increased total direct-to-consumer revenue by 17% on a pro forma basis, led by strong digital growth of approximately 20% and mid-teens percentage growth in global brick and mortar sales; expanded profitability across channels by uniting the creativity and consumer-led mindset of our teams with disciplined execution and data-driven insights.



Shareholder Return Programs

Given Tapestry’s strong operational results, robust balance sheet, significant free cash flow generation, and outlook for growth, the Company now expects to return $1.5 billion, which is approximately 100 percent of its anticipated adjusted free cash flow, to shareholders through dividends and share repurchases in Fiscal 2026. This represents an increase from its previous outlook of $1.3 billion. Programs include:



Dividend: The Company’s Board of Directors declared a quarterly cash dividend of $0.40 per common share payable on March 23, 2026 to shareholders of record as of the close of business on March 6, 2026. In Fiscal 2026, the Company continues to anticipate an annual dividend of $1.60 per share.



Share Repurchases: Tapestry now expects to buy back approximately $1.2 billion in common stock in Fiscal 2026 under the Company’s existing stock repurchase authorization, an increase from its prior outlook of $1.0 billion. During the fiscal second quarter, the Company spent $400 million to repurchase approximately 3.6 million shares of its common stock at an average cost of approximately $112 per share. On a year-to-date basis through the fiscal second quarter, the Company spent a total of $900 million to repurchase approximately 8.3 million shares at an average share price of approximately $109.



Non-GAAP Reconciliation

During the fiscal second quarter of 2026, Tapestry recorded certain items that decreased the Company’s operating income by $3 million, net income by $3 million, and earnings per diluted share by $0.01.


Please note that the divestiture of Stuart Weitzman was completed on August 4, 2025. The brand’s results for the period under ownership in Fiscal 2026 are included in fiscal 2026 first quarter GAAP and year-to-date results and excluded from year-to-date non-GAAP results.


Please refer to the Financial Schedules included herein for a full reconciliation of the Company’s reported GAAP to non-GAAP results.


Overview of Fiscal 2026 Second Quarter Financial Results



Net sales totaled $2.50 billion, representing 14% growth versus prior year on a nominal basis and constant currency basis. Excluding the impact of Stuart Weitzman, pro forma net sales growth was 18% on a nominal basis and constant currency basis. FX represented a tailwind of approximately 10 basis points in the quarter due to the depreciation of the U.S. Dollar.



Gross profit totaled $1.89 billion, while gross margin was 75.5%. This compared to prior year gross profit of $1.63 billion, representing a gross margin of 74.4%. The 110 basis point increase in gross margin was driven by operational improvements of approximately 250 basis points as well as a favorable impact from the divestiture of Stuart Weitzman of 50 basis points, partially offset by a negative tariff and duty impact of 190 basis points.



SG&A expenses totaled $1.17 billion and represented 46.8% of sales on a GAAP basis. On a non-GAAP basis, SG&A expenses totaled $1.17 billion and represented 46.7% of sales. In the prior year period, SG&A expenses totaled $1.14 billion and represented 51.9% of sales on a GAAP basis and totaled $1.08 billion and represented 49.4% of sales on a non-GAAP basis.



Operating income was $716 million on a GAAP basis, while operating margin was 28.6%. On a non-GAAP basis, operating income was $720 million, while operating margin was 28.8%. This compared to the prior year GAAP operating income of $493 million and an operating margin of 22.4% and non-GAAP operating income of $548 million and an operating margin of 24.9%. The 390 basis point increase in non-GAAP operating margin included a 90 basis point favorable impact from the divestiture of Stuart Weitzman.



Net interest expense was $17 million versus prior year net interest expense of $25 million on a GAAP basis and $2 million on a non-GAAP basis.



Other expense was $2 million versus $3 million in the prior year.



Net income was $561 million, with earnings per diluted share of $2.68 on a GAAP basis. On a non-GAAP basis, net income was $565 million, with earnings per diluted share of $2.69. In the prior year period, net income was $310 million, with earnings per diluted share of $1.38 on a GAAP basis. On a non-GAAP basis, net income in the prior year was $450 million, with earnings per diluted share of $2.00. The tax rate for the quarter was 19.5% on a GAAP basis and 19.4% on a non-GAAP basis. In the prior year, the tax rate was 10.1% on a GAAP basis and 17.1% on a non-GAAP basis.



Balance Sheet and Cash Flow Highlights



Cash, cash equivalents and short-term investments totaled $1.08 billion and total borrowings outstanding were $2.40 billion. The Company’s leverage ratio, based on gross debt to adjusted EBITDA, was 1.2x as of the end of the fiscal quarter.



Inventory was $896 million as of the end of the fiscal quarter versus ending inventory of $937 million in the prior year period.



Cash flow from operating activities for the second fiscal quarter was an inflow of $1.08 billion compared to an inflow of $506 million in the prior year. On a year-to-date basis, cash flow from operating activities was an inflow of $1.19 billion compared to an inflow of $626 million in the prior year. Adjusted free cash flow for the second fiscal quarter was an inflow of $1.04 billion compared to an inflow of $772 million in the prior year. On a year-to-date basis, adjusted free cash flow was an inflow of $1.14 billion compared to an inflow of approximately $813 million in the prior year.



CapEx and implementation costs related to Cloud Computing for the second fiscal quarter were $54 million versus $39 million a year ago. On a year-to-date basis, CapEx and implementation costs related to Cloud Computing were $92 million versus $69 million a year ago.



Financial Outlook

Tapestry is raising its Fiscal 2026 outlook, which is provided on a non-GAAP basis:



Revenue of over $7.75 billion, representing approximately 11% growth versus prior year on a reported basis; excluding Stuart Weitzman, pro forma revenue is expected to grow approximately 15% on a nominal basis and increase 14% in constant currency. Foreign currency is expected to be a 70-basis point tailwind to topline results in the fiscal year. This is ahead of prior guidance for revenue to be in the area of $7.3 billion and increase 7% to 8% on a pro forma, nominal basis;



Operating margin expansion of approximately 180 basis points versus prior year, compared to previous guidance for an increase in the area of 50 basis points versus prior year. Based on the strength of the underlying business, the Company expects to more than offset a negative tariff and duty headwind of nearly 200 basis points, resulting in both gross margin expansion and SG&A leverage anticipated for Fiscal 2026;



Net interest expense of approximately $65 million, unchanged from prior guidance;



Tax rate of approximately 17% compared to prior guidance of approximately 18%;



Weighted average diluted share count of approximately 211 million shares versus prior guidance of 212 million shares;



Earnings per diluted share of $6.40 to $6.45, representing growth over 25% compared to prior year, and exceeding previous guidance of $5.45 to $5.60;



Adjusted free cash flow in the area of $1.5 billion, exceeding prior guidance of $1.3 billion.



Please note this outlook:



Embeds U.S. trade and tax policies as of February 1, 2026, including the impact of OECD’s Pillar Two guidance;



Includes foreign currency exchange rates using spot rates at the time of forecast;



Assumes no material worsening of inflationary pressures or consumer confidence;



Excludes one-time costs associated with the sale of Stuart Weitzman, which closed on August 4, 2025, as well as the brand’s results for the period under ownership in Fiscal 2026. The exclusion of Stuart Weitzman is expected to be immaterial to operating profit and earnings per diluted share in the fiscal year; and



Excludes non-recurring costs associated with the Company’s organizational efficiency efforts.



Given the dynamic nature of these and other external factors, financial results could differ materially from the outlook provided.


Financial Outlook - Non-GAAP Adjustments:

The Company is not able to provide a full reconciliation of the non-GAAP financial measures to GAAP presented in this release and on the Company’s conference call because certain material items that impact these measures have not yet occurred and cannot be reasonably estimated at this time. Accordingly, a reconciliation of the Company’s non-GAAP financial measure guidance to the corresponding GAAP measure is not available without unreasonable effort.


Conference Call Details

The Company will host a conference call to review these results at 8:00 a.m. (ET) today, February 5, 2026. Interested parties may listen to the conference call via live webcast by accessing www.tapestry.com/investors or calling 1-866-847-4217 or 1-203-518-9845 and providing the Conference ID 4882019. A telephone replay will be available starting at 12:00 p.m. (ET) today for a period of five business days. To access the telephone replay, call 1-800-283-4641 or 1-402-220-0851. A webcast replay of the earnings conference call will also be available for five business days on the Tapestry website. In addition, presentation slides have been posted to the Company’s website at www.tapestry.com/investors.


Upcoming Events

The Company expects to report fiscal 2026 third quarter results on Thursday, May 7, 2026.


To receive notification of future announcements, please register at www.tapestry.com/investors ("Subscribe to E-Mail Alerts").


About Tapestry, Inc.

Our global house of iconic accessories and lifestyle brands unites the magic of Coach and kate spade new york. Together, we stretch what’s possible – advancing brands further than they could go alone, expanding their reach to new geographies and generations. Inspired by our consumers, we create experiences and products that build lasting brand love and elevate everyday life. To learn more about Tapestry, please visit www.tapestry.com. For important news and information regarding Tapestry, visit the Investor Relations section of our website at www.tapestry.com/investors. In addition, investors should continue to review our news releases and filings with the SEC. We use each of these channels of distribution as primary channels for publishing key information to our investors, some of which may contain material and previously non-public information. The Company’s common stock is traded on the New York Stock Exchange under the symbol TPR.


This information made available in this press release may contain forward-looking statements based on management's current expectations. Forward-looking statements include, but are not limited to, the statements under “Financial Outlook,” statements regarding long-term performance, statements regarding the Company’s capital deployment plans, including anticipated annual dividend rates and share repurchase plans, and statements that can be identified by the use of forward-looking terminology such as "may," “can,” “if,” "continue," “project,” “assumption,” "should," "expect," “confidence,” “goals,” “trends,” “anticipate,” "intend," "estimate," “on track,” “future,” “well positioned to,” “plan,” “potential,” “position,” “deliver,” “believe,” “seek,” “see,” “will,” “would," “uncertain,” “achieve,” “strategic,” “growth,” “target,” "guidance," "forecast," “outlook,” “commit,” “innovation,” “drive,” “leverage,” “generate,” “enhance,” “effort,” “progress,” “confident,” “amplify,” “we can stretch what’s possible,” similar expressions, and variations or negatives of these words. They include, without limitation, statements regarding future anticipated capital expenditures. Future results may differ materially from management's current expectations, based upon a number of important factors, including risks and uncertainties such as the impact of international trade disputes and the risks associated with potential changes to international trade agreements, including the imposition or threat of imposition of new or increased tariffs or retaliatory tariffs implemented by countries where our manufacturers are located as well as the imposition of additional duties on the products we import, economic conditions, recession and inflationary measures, risks associated with operating in international markets, including currency fluctuations and changes in economic or political conditions in the markets where we sell or source our products, the ability to anticipate consumer preferences and retain the value of our brands and respond to changing fashion and retail trends in a timely manner, including our ability to execute on our e-commerce and digital strategies, the impact of tax and other legislation, the ability to successfully implement the initiatives under our 2028 Amplify growth strategy, the effect of existing and new competition in the marketplace, our ability to successfully identify and implement any sales, acquisitions or strategic transactions on attractive terms or at all, including our sale of the Stuart Weitzman Business, our ability to achieve intended benefits, cost savings and synergies from acquisitions, our ability to control costs, the effect of seasonal and quarterly fluctuations on our sales or operating results; the risk of cybersecurity threats and privacy or data security breaches, our ability to satisfy our outstanding debt obligations or incur additional indebtedness, the risks associated with climate change and other corporate responsibility issues, our ability to protect against infringement of our trademarks and other proprietary rights, and the impact of pending and potential future legal proceedings, etc. In addition, purchases of shares of the Company’s common stock will be made subject to market conditions and at prevailing market prices. Please refer to the Company’s latest Annual Report on Form 10-K and its other filings with the Securities and Exchange Commission for a complete list of risks and important factors. The Company assumes no obligation to revise or update any such forward-looking statements for any reason, except as required by law.


Management utilizes non-GAAP and constant currency measures to conduct and evaluate its business during its regular review of operating results for the periods affected and to make decisions about Company resources and performance. The Company believes presenting these non-GAAP measures, which exclude items that are not comparable from period to period, is useful to investors and others in evaluating the Company’s ongoing operating and financial results in a manner that is consistent with management’s evaluation of business performance and understanding how such results compare with the Company’s historical performance. Additionally, the Company believes presenting these metrics on a constant currency basis will help investors and analysts to understand the effect of significant year-over-year foreign currency exchange rate fluctuations on these performance measures and provide a framework to assess how business is performing and expected to perform excluding these effects.


The Company reports information in accordance with U.S. Generally Accepted Accounting Principles ("GAAP"). The Company's management does not, nor does it suggest that investors should, consider non-GAAP financial measures in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Further, the non-GAAP measures utilized by the Company may be unique to the Company, as they may be different from non-GAAP measures used by other companies.


The Company operates on a global basis and reports financial results in U.S. dollars in accordance with GAAP. Percentage increases/decreases in net sales for the Company and each segment have been presented both including and excluding currency fluctuation effects from translating foreign-denominated sales into U.S. dollars and compared to the same periods in the prior quarter and fiscal year. The Company calculates constant currency net sales results by translating current period net sales in local currency using the prior year period’s currency conversion rate. Due to the sale of Stuart Weitzman on August 4, 2025, the Company presents Pro forma sales and related growth rates, which exclude Stuart Weitzman’s Net sales from both the current and prior year periods. In the Summary of Pro Forma Revenue Information table, Greater China includes mainland China, Taiwan, Hong Kong SAR, and Macao SAR. Other Asia includes Australia, Malaysia, South Korea, Singapore, and other countries primarily within Asia. Other primarily represents royalties earned from the Company's licensing partners and sales in the Middle East.


The segment operating income and supplemental segment SG&A expenses presented in the Consolidated Segment Data, and GAAP to non-GAAP Reconciliation Table below, as well as SG&A expense ratio, and operating margin, are considered non-GAAP measures. These measures have been presented both including and excluding acquisition and divestiture costs and organizational efficiency costs for the three and six months ended December 27, 2025; meanwhile, they have been presented both including and excluding acquisition costs for the three and six months ended December 28, 2024. In addition, Operating Income (loss), Interest expense, other expense (income), Provision for income taxes, Net income (loss), and Net Income (loss) per diluted common share, have been presented both including and excluding acquisition and divestiture costs and organizational efficiency costs for the three and six months ended December 27, 2025; meanwhile, they have been presented both including and excluding acquisition costs for the three and six months ended December 28, 2024. Loss on extinguishment of debt has been presented both including and excluding acquisition costs for the three and six months ended December 28, 2024.


The Company also presents Adjusted Free Cash Flow, which is a non-GAAP measure, and is calculated by taking Net cash provided by (used in) operating activities less Purchases of property and equipment, plus Items affecting comparability of Acquisition and Divestiture Costs and Organizational Efficiency Costs, to the extent they were cash in nature and recorded through SG&A, and Changes in operating assets and liabilities of items affecting comparability. The Company believes that Adjusted Free Cash Flow is an important liquidity measure of the cash that is available after capital expenditures for operational expenses, investment in our business and items affecting comparability. The Company believes that Adjusted Free Cash Flow is useful to investors because it measures the Company’s ability to generate or use cash. Once our business needs and obligations are met, cash can be used to maintain a strong balance sheet, invest in future growth and return capital to stockholders.


The Company also presents Leverage Ratio, which is a non-GAAP metric, and is calculated as total debt, which includes Current debt and Long-term debt, divided by the trailing twelve months Adjusted EBITDA. Adjusted EBITDA is calculated as Net Income (Loss), excluding, Interest expense, net; Loss on extinguishment of debt; Provision for income taxes; Depreciation and amortization; Cloud computing amortization; Share-based compensation; and Items affecting comparability including Acquisition and Divestiture Costs, Organizational Efficiency Costs and Impairment. The Company believes that the Leverage Ratio is an important metric to assess the strength of our balance sheet and credit quality and as a metric showing our commitment to our Investment Grade rating.


Schedule 1: Consolidated Statements of Operations



TAPESTRY, INC.


CONSOLIDATED STATEMENTS OF OPERATIONS


For the Quarter and Six Months Ended December 27, 2025 and December 28, 2024


(in millions, except per share data)









 



(unaudited)
 
(unaudited)



QUARTER ENDED
 
SIX MONTHS ENDED



December 27, 2025
 
December 28, 2024
 
December 27, 2025
 
December 28, 2024



 

 
 
 
 
 


Net sales

$






2,502.4







$






2,195.4







$






4,207.0






 







$






3,702.9






 







Cost of sales

 






614.0







 






562.3







 






1,018.1






 







 






934.9






 







Gross profit

 






1,888.4







 






1,633.1







 






3,188.9






 







 






2,768.0






 







Selling, general and administrative expenses

 






1,172.0







 






1,140.3







 






2,144.3






 







 






2,023.2






 







Operating income (loss)

 






716.4







 






492.8







 






1,044.6






 







 






744.8






 







Loss on extinguishment of debt

 






—







 






120.1







 






—






 







 






120.1






 







Interest expense, net

 






17.4







 






24.5







 






30.2






 







 






55.2






 







Other expense (income)

 






1.9







 






2.9







 






(1.4






)







 






(1.5






)







Income (loss) before provision for income taxes

 






697.1







 






345.3







 






1,015.8






 







 






571.0






 







Provision (benefit) for income taxes

 






135.8







 






34.9







 






179.7






 







 






74.0






 







Net income (loss)

$






561.3







$






310.4







$






836.1






 







$






497.0






 







Net income (loss) per share:
 

 

 

 


Basic

$






2.75







$






1.41







$






4.06






 







$






2.21






 







Diluted

$






2.68







$






1.38







$






3.93






 







$






2.17






 







Shares used in computing net income (loss) per share:
 

 

 

 


Basic

 






204.1







 






219.9







 






205.9






 







 






224.7






 







Diluted

 






209.8







 






224.9







 






212.7






 







 






229.3






 







Schedule 2: Detail to Net Sales



TAPESTRY, INC.


DETAIL TO NET SALES


For the Quarter and Six Months Ended December 27, 2025 and December 28, 2024


(in millions)


(unaudited)









 



QUARTER ENDED







December 27, 2025
 
December 28, 2024

% Change

Constant Currency % Change



 

 

 

 


Coach

$






2,142.4







$






1,709.3







25%







25%







Kate Spade

 






360.0







 






416.4







(14)%







(14)%







Stuart Weitzman

 






—







 






69.7







NM







NM







Total Tapestry

$






2,502.4







$






2,195.4







14%







14%







Total Tapestry Pro Forma1

$






2,502.4







$






2,125.7







18%







18%








 

 







SIX MONTHS ENDED







December 27, 2025
 
December 28, 2024

% Change

Constant Currency % Change



 

 

 

 


Coach

$






3,572.2







$






2,879.9







24%







24%







Kate Spade

 






620.2







 






699.6







(11)%







(12)%







Stuart Weitzman

 






14.6







 






123.4







(88)%







(88)%







Total Tapestry

$






4,207.0







$






3,702.9







14%







13%







Total Tapestry Pro Forma1

$






4,192.4







$






3,579.5







17%







17%








 

 













 


1  Pro Forma Net sales and related growth rates exclude Net sales of the Stuart Weitzman Business on a reported and constant currency basis.


Schedules 3 & 4: Consolidated Segment Data and GAAP to Non-GAAP Reconciliation



TAPESTRY, INC.


GAAP TO NON-GAAP RECONCILIATION


(in millions, except per share data)


(unaudited)











 



For the Quarter Ended December 27, 2025

For the Six Months Ended December 27, 2025



Items Affecting Comparability

Items Affecting Comparability



GAAP Basis
(As Reported)
Acquisition and Divestiture Costs (*)
Organizational Efficiency Costs (**)
Non-GAAP Basis
(Excluding Items)

GAAP Basis
(As Reported)
Acquisition and Divestiture Costs (*)
Organizational Efficiency Costs (**)
Non-GAAP Basis
(Excluding Items)



 
 
 
 

 
 
 
 


Gross Profit











Coach

 






1,669.0






 






 






—






 






 






—






 






 






1,669.0






 







 






2,795.0






 






 






—






 






 






—






 






 






2,795.0






 







Kate Spade

 






219.4






 






 






—






 






 






—






 






 






219.4






 







 






386.2






 






 






—






 






 






—






 






 






386.2






 







Stuart Weitzman1

 






—






 






 






—






 






 






—






 






 






—






 







 






7.7






 






 






7.7






 






 






—






 






 






—






 







Gross profit

$






1,888.4






 






$






—






 






$






—






 






$






1,888.4






 







$






3,188.9






 






$






7.7






 






$






—






 






$






3,181.2






 








 
 
 
 

 
 
 
 


SG&A expenses











Coach

 






822.5






 






 






—






 






 






—






 






 






822.5






 







 






1,461.1






 






 






—






 






 






1.2






 






 






1,459.9






 







Kate Spade

 






203.1






 






 






—






 






 






0.3






 






 






202.8






 







 






364.3






 






 






—






 






 






0.5






 






 






363.8






 







Stuart Weitzman

 






—






 






 






—






 






 






—






 






 






—






 







 






8.7






 






 






8.7






 






 






—






 






 






—






 







Corporate

 






146.4






 






 






(0.8






)






 






3.9






 






 






143.3






 







 






310.2






 






 






12.9






 






 






13.5






 






 






283.8






 







SG&A expenses

$






1,172.0






 






$






(0.8






)






$






4.2






 






$






1,168.6






 







$






2,144.3






 






$






21.6






 






$






15.2






 






$






2,107.5






 








 
 
 
 

 
 
 
 


Operating income (loss)











Coach

 






846.5






 






 






—






 






 






—






 






 






846.5






 







 






1,333.9






 






 






—






 






 






(1.2






)






 






1,335.1






 







Kate Spade

 






16.3






 






 






—






 






 






(0.3






)






 






16.6






 







 






21.9






 






 






—






 






 






(0.5






)






 






22.4






 







Stuart Weitzman

 






—






 






 






—






 






 






—






 






 






—






 







 






(1.0






)






 






(1.0






)






 






—






 






 






—






 







Corporate

 






(146.4






)






 






0.8






 






 






(3.9






)






 






(143.3






)







 






(310.2






)






 






(12.9






)






 






(13.5






)






 






(283.8






)







Operating income (loss)

$






716.4






 






$






0.8






 






$






(4.2






)






$






719.8






 







$






1,044.6






 






$






(13.9






)






$






(15.2






)






$






1,073.7






 








 
 
 
 

 
 
 
 


Interest expense, net

 






17.4






 






 






—






 






 






—






 






 






17.4






 







 






30.2






 






 






(0.1






)






 






—






 






 






30.3






 







Other (income) expense

 






1.9






 






 






—






 






 






—






 






 






1.9






 







 






(1.4






)






 






0.1






 






 






—






 






 






(1.5






)
















 


Provision for income taxes

 






135.8






 






 






—






 






 






—






 






 






135.8






 







 






179.7






 






 






(1.3






)






 






(2.1






)






 






183.1






 







Net income (loss)

$






561.3






 






$






0.8






 






$






(4.2






)






$






564.7






 







$






836.1






 






$






(12.6






)






$






(13.1






)






$






861.8






 







Net income (loss) per diluted common share

$






2.68






 






$






—






 






$






(0.01






)






$






2.69






 







$






3.93






 






$






(0.06






)






$






(0.06






)






$






4.05






 








 
 
 
 

 
 
 
 











 


1 For the first six months of fiscal 2026, prior to the completion of the sale on August 4, 2025, Stuart Weitzman Net sales were $14.6 million and Cost of sales were $6.9 million.


(*) Relates to costs incurred by the Company in connection with the divestiture of the Stuart Weitzman Business. 


(**) Relates to organizational efficiency costs, primarily related to technology costs and severance costs.



TAPESTRY, INC.


GAAP TO NON-GAAP RECONCILIATION


(in millions, except per share data)


(unaudited)









 



For the Quarter Ended December 28, 2024

For the Six Months Ended December 28, 2024



Items Affecting Comparability

Items Affecting Comparability



GAAP Basis
(As Reported)
Acquisition Costs (*)
Non-GAAP Basis
(Excluding Items)

GAAP Basis
(As Reported)
Acquisition Costs (*)
Non-GAAP Basis
(Excluding Items)



 
 
 

 
 
 


Gross Profit









Coach

 






1,318.3






 






 






—






 






 






1,318.3






 







 






2,234.4






 






 






—






 






 






2,234.4






 







Kate Spade

 






273.6






 






 






—






 






 






273.6






 







 






463.2






 






 






—






 






 






463.2






 







Stuart Weitzman

 






41.2






 






 






—






 






 






41.2






 







 






70.4






 






 






—






 






 






70.4






 







Gross profit

$






1,633.1






 






$






—






 






$






1,633.1






 







$






2,768.0






 






$






—






 






$






2,768.0






 








 
 
 

 
 
 


SG&A expenses









Coach

 






697.4






 






 






—






 






 






697.4






 







 






1,226.9






 






 






—






 






 






1,226.9






 







Kate Spade

 






205.6






 






 






—






 






 






205.6






 







 






368.2






 






 






—






 






 






368.2






 







Stuart Weitzman

 






42.2






 






 






—






 






 






42.2






 







 






78.8






 






 






—






 






 






78.8






 







Corporate

 






195.1






 






 






55.4






 






 






139.7






 







 






349.3






 






 






88.8






 






 






260.5






 







SG&A expenses

$






1,140.3






 






$






55.4






 






$






1,084.9






 







$






2,023.2






 






$






88.8






 






$






1,934.4






 








 
 
 

 
 
 


Operating income (loss)









Coach

 






620.9






 






 






—






 






 






620.9






 







 






1,007.5






 






 






—






 






 






1,007.5






 







Kate Spade

 






68.0






 






 






—






 






 






68.0






 







 






95.0






 






 






—






 






 






95.0






 







Stuart Weitzman

 






(1.0






)






 






—






 






 






(1.0






)







 






(8.4






)






 






—






 






 






(8.4






)







Corporate

 






(195.1






)






 






(55.4






)






 






(139.7






)







 






(349.3






)






 






(88.8






)






 






(260.5






)







Operating income (loss)

$






492.8






 






$






(55.4






)






$






548.2






 







$






744.8






 






$






(88.8






)






$






833.6






 








 
 
 

 
 
 


Loss on extinguishment of debt

 






120.1






 






 






119.4






 






 






0.7






 







 






120.1






 






 






119.4






 






 






0.7






 







Interest expense, net

 






24.5






 






 






22.8






 






 






1.7






 







 






55.2






 






 






60.2






 






 






(5.0






)














 


Provision for income taxes

 






34.9






 






 






(57.8






)






 






92.7






 







 






74.0






 






 






(73.6






)






 






147.6






 







Net income (loss)

$






310.4






 






$






(139.8






)






$






450.2






 







$






497.0






 






$






(194.8






)






$






691.8






 







Net income (loss) per diluted common share

$






1.38






 






$






(0.62






)






$






2.00






 







$






2.17






 






$






(0.85






)






$






3.02






 








 
 
 

 
 
 


(*) Relates to costs incurred by the Company in connection with the previously terminated Capri Acquisition.


Schedule 5: Condensed Consolidated Balance Sheets



TAPESTRY, INC.


CONDENSED CONSOLIDATED BALANCE SHEETS


At December 27, 2025 and June 28, 2025


(in millions)





 



(unaudited)

(audited)



December 27,
2025
 
June 28,
2025


ASSETS
 

 


Cash, cash equivalents and short-term investments

$






1,077.7







$






1,119.6







Receivables

 






338.0







 






239.3







Inventories

 






896.4







 






860.7







Other current assets

 






478.7







 






509.6







Assets held for sale

 






—







 






176.4







Total current assets

 






2,790.8







 






2,905.6







Property and equipment, net

 






492.0







 






489.5







Operating lease right-of-use assets

 






1,382.9







 






1,331.0







Other assets

 






1,865.3







 






1,854.4







Total assets

$






6,531.0







$






6,580.5







LIABILITIES AND STOCKHOLDERS' EQUITY
 

 


Accounts payable

$






564.6







$






456.1







Accrued liabilities

 






821.0







 






736.9







Current portion of operating lease liabilities

 






313.9







 






299.0







Current debt

 






17.1







 






16.7







Liabilities held for sale

 






—







 






48.2







Total current liabilities

 






1,716.6







 






1,556.9







Long-term debt

 






2,379.3







 






2,377.9







Long-term operating lease liabilities

 






1,233.4







 






1,205.6







Other liabilities

 






650.5







 






582.3







Stockholders' equity

 






551.2







 






857.8







Total liabilities and stockholders' equity

$






6,531.0







$






6,580.5







Schedule 6: Condensed Consolidated Statement of Cash Flows



TAPESTRY, INC.


CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS


For the Six Months Ended December 27, 2025 and December 28, 2024


(in millions)





 



(unaudited)

(unaudited)



December 27, 2025

December 28, 2024


CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES
 

 


Net income (loss)

$






836.1






 







$






497.0






 







Adjustments to reconcile net income to net cash provided by (used in) operating activities:





Depreciation and amortization

 






76.2






 







 






81.8






 







Loss on extinguishment of debt

 






—






 







 






120.1






 







Amortization of cloud computing arrangements

 






28.5






 







 






28.6






 







Other non-cash items

 






136.1






 







 






6.4






 







Changes in operating assets and liabilities

 






116.8






 







 






(108.4






)







Net cash provided by (used in) operating activities

 






1,193.7






 







 






625.5






 








 

 


CASH FLOWS PROVIDED BY (USED IN) INVESTING ACTIVITIES





Purchases of property and equipment

 






(76.0






)







 






(56.5






)







Purchases of investments

 






(8.7






)







 






(1,885.5






)







Proceeds from sale of business, net of cash divested

 






109.6






 







 






—






 







Other items

 






1.0






 







 






2,921.4






 







Net cash provided by (used in) investing activities

 






25.9






 







 






979.4






 








 

 


CASH FLOWS PROVIDED BY (USED IN) FINANCING ACTIVITIES





Payment of dividends

 






(164.6






)







 






(153.8






)







Repurchase of common stock

 






(1,101.7






)







 






(1,613.0






)







Share repurchase not yet settled

 






—






 







 






(400.0






)







Proceeds from issuance of debt, net of discount

 






—






 







 






2,248.1






 







Payment of debt extinguishment costs

 






—






 







 






(63.5






)







Repayment of debt

 






—






 







 






(6,859.9






)







Other items

 






9.8






 







 






66.3






 







Net cash provided by (used in) financing activities

 






(1,256.5






)







 






(6,775.8






)







Effect of exchange rate on cash and cash equivalents

 






(9.8






)







 






12.3






 










 


Net (decrease) increase in cash and cash equivalents

 






(46.7






)







 






(5,158.6






)







Cash and cash equivalents at beginning of period

$






1,100.0






 







$






6,142.0






 







Cash and cash equivalents at end of period

$






1,053.3






 







$






983.4






 







Schedule 7: Adjusted Free Cash Flow GAAP to Non-GAAP Reconciliation



TAPESTRY, INC.


ADJUSTED FREE CASH FLOW


GAAP TO NON-GAAP RECONCILIATION


For the Quarter and Six Months Ended December 27, 2025 and December 28, 2024


(in millions)


(unaudited)


 
 
 
 
 
 




 
Quarter Ended
 
Six Months Ended


 
December 27, 2025
 
December 28, 2024
 
December 27, 2025
 
December 28, 2024


Net cash provided by (used in) operating activities (GAAP)

$






1,081.1






 







$






506.0






 







$






1,193.7






 







$






625.5






 







Purchases of property and equipment

 






(43.6






)







 






(30.9






)







 






(76.0






)







 






(56.5






)







Items affecting comparability - Acquisition and Divestiture Costs

 






(1.0






)







 






78.2






 







 






13.6






 







 






149.0






 







Items affecting comparability - Organizational Efficiency Costs

 






1.6






 







 






—






 







 






9.9






 







 






—






 







Changes in operating assets and liabilities of items affecting comparability 









Accrued liabilities

 






1.8






 







 






230.0






 







 






1.4






 







 






99.3






 







Other assets

 






—






 







 






(13.4






)







 






—






 







 






(11.9






)







Other liabilities 

 






—






 







 






—






 







 






—






 







 






—






 







Accounts payable

 






—






 







 






1.6






 







 






—






 







 






7.1






 







Adjusted Free Cash Flow (Non-GAAP)

$






1,039.9






 







$






771.5






 







$






1,142.6






 







$






812.5






 







 
 
 
 
 
 

 


Adjusted Free Cash Flow is calculated by taking Net cash provided by (used in) operating activities less Purchases of property and equipment, plus Items affecting comparability of Acquisition and Divestiture Costs and Organizational Efficiency Costs, to the extent they were cash in nature and recorded through SG&A, and Changes in operating assets and liabilities of items affecting comparability.


Schedule 8: Adjusted EBITDA and Leverage Ratio GAAP to Non-GAAP Reconciliation



TAPESTRY, INC.


ADJUSTED EBITDA for the Trailing Twelve Months ("TTM") ended on December 27, 2025, and LEVERAGE RATIO as of December 27, 2025


GAAP TO NON-GAAP RECONCILIATION


(in millions)


(unaudited)


 
 
 
 
 
 
 
 
 
 


 
Quarter Ended
 
TTM


March 29, 2025
 
June 28, 2025
 
September 27, 2025
 
December 27, 2025

December 27, 2025


Net Income (Loss) - (GAAP)

$






203.3







$






(517.1






)







$






274.8







$






561.3






 







$






522.3







Adjusted for:











Interest expense, net

 






15.4







 






14.8






 







 






12.8







 






17.4






 







 






60.4







Provision for income taxes

 






35.8







 






(76.9






)







 






43.9







 






135.8






 







 






138.6







Depreciation and amortization

 






38.0







 






43.1






 







 






37.2







 






39.0






 







 






157.3







Cloud computing amortization

 






15.0







 






18.4






 







 






14.4







 






14.1






 







 






61.9







Share-based compensation expense

 






24.2







 






22.2






 







 






22.4







 






29.0






 







 






97.8







Items affecting comparability - Acquisition and Divestiture Costs

 






18.6







 






5.1






 







 






14.7







 






(0.8






)







 






37.6







Items affecting comparability - Organizational Efficiency Costs

 






5.0







 






12.2






 







 






11.0







 






4.2






 







 






32.4







Items affecting comparability - Impairment

 






—







 






854.8






 







 






—







 






—






 







 






854.8







Adjusted EBITDA (NON-GAAP) (*)

$






355.3







$






376.6






 







$






431.2







$






800.0






 







$






1,963.1








 

 

 

 

 


Total Debt (**) as of December 27, 2025









$






2,396.4







Leverage Ratio (***) as of December 27, 2025









 






1.2







 
 
 
 
 
 
 
 
 
 


 
 
 
 
 
 
 
 
 
 


(*) Adjusted EBITDA is calculated as Net Income (Loss), excluding, Interest expense, net; Loss on extinguishment of debt; Provision for income taxes; Depreciation and amortization; Cloud computing amortization; Share-based compensation; Items affecting comparability including Acquisition and Divestiture Costs, Organizational Efficiency Costs and Impairment


(**) Total Debt Includes Current debt and Long-term debt as of December 27, 2025


(***) Leverage Ratio is calculated as Total Debt as of December 27, 2025 divided by Adjusted EBITDA for the trailing twelve months ended December 27, 2025


Schedule 9: Store Count by Brand



TAPESTRY, INC.


STORE COUNT


At September 27, 2025 and December 27, 2025


(unaudited)


 
 
 
 
 
 
 
 
 


 
 
As of
 
 
 
 
 
As of


Directly-Operated Store Count:
 
September 27, 2025
 
Openings
 
(Closures)
 
December 27, 2025


Coach
 
 
 
 
 
 
 
 


North America
 

326





 

5





 

(1






)





 

330







International
 

608





 

15





 

(4






)





 

619







 
 
 
 
 
 
 
 
 


Kate Spade
 
 
 
 
 
 
 
 


North America
 

188





 

—





 

—






 





 

188







International
 

170





 

2





 

(7






)





 

165








TAPESTRY, INC.


STORE COUNT


At June 28, 2025 and December 27, 2025


(unaudited)


 
 
 
 
 
 
 
 
 


Directly-Operated Store Count:
 
As of
June 28, 2025
 
Openings
 
(Closures)
 
As of
December 27, 2025


Coach
 
 
 
 
 
 
 
 


North America
 

324





 

8





 

(2






)





 

330







International
 

607





 

23





 

(11






)





 

619







 
 
 
 
 
 
 
 
 


Kate Spade
 
 
 
 
 
 
 
 


North America
 

189





 

—





 

(1






)





 

188







International
 

171





 

5





 

(11






)





 

165







 

View source version on businesswire.com: https://www.businesswire.com/news/home/20260205900512/en/
Tapestry, Inc.

Analysts and Investors:

Christina Colone

Global Head of Investor Relations

212/946-7252

ccolone@tapestry.com

Media:

Jennifer Leemann

Global Head of Communications

212/631-2797

jleemann@tapestry.com


Original: Tapestry, Inc. Reports Fiscal 2026 Second Quarter Results and Raises Full Year Outlook