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Tapestry (TPR) investor relations material
Tapestry Q1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q1 2026 earnings summary6 Nov, 2025
Executive summary
Achieved record Q1 revenue of $1.7 billion, up 16% year-over-year pro forma, led by Coach's 21–22% growth and strong gains in North America, Europe, and Greater China.
Adjusted operating margin expanded by 200 basis points (non-GAAP), with EPS up 35% to $1.38, exceeding expectations.
Over 2.2 million new customers acquired globally, with Gen Z as a key driver.
Completed the sale of Stuart Weitzman in August 2025; results excluded from non-GAAP and pro forma figures.
Raised full-year outlook for both revenue and earnings, citing sustainable advantages and robust cash flow.
Financial highlights
Pro forma net sales: $1.69 billion (+16% vs. LY); gross profit: $1.29 billion (76.5% margin); operating income: $354 million (20.9% margin); EPS: $1.38 (+35% vs. LY).
Coach: $1.43 billion net sales (+21–22% vs. LY), 78.8% gross margin, $489 million operating income (34.1–34.2% margin).
Kate Spade: $260 million net sales (-8% to -9% vs. LY), 64.1% gross margin, $6 million operating income (2.1–2.2% margin).
North America sales up 18%, Europe 32%, Greater China 19%, and other Asia 3%.
Adjusted free cash flow for Q1: $102.7–$103 million.
Outlook and guidance
Fiscal 2026 revenue expected at $7.3 billion, representing 7–8% pro forma growth.
EPS guidance raised to $5.45–$5.60, up 7–10% year-over-year.
Adjusted free cash flow forecasted at $1.3 billion; CapEx and cloud computing costs projected at $200 million.
$1.3 billion in shareholder returns planned for FY26 via dividends and share repurchases.
Management expects to mitigate tariff and currency headwinds through pricing and cost actions.
Q1 operating margin drivers beyond SW divestiture
Kate Spade's strategy to reverse revenue decline
How does increased buyback align with Amplify plan
Detail tariff mitigation strategies beyond 30% target
Kate Spade: Key drivers for H2 sequential improvement
Coach unit growth: Drivers and H2 sustainability
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Frequently asked questions
Luxury Fashion
Tapestry Inc. is an American multinational luxury fashion holding company. Tapestry's portfolio includes several high-profile brands, notably Coach, Kate Spade New York, and Stuart Weitzman. These brands are focused on quality, craftsmanship, and unique designs in luxury handbags, accessories, footwear, and ready-to-wear fashion. Tapestry operates in several international markets, emphasizing a balance between heritage and innovation in fashion design. The company is headquartered in NYC, and its shares are listed on the NYSE.
From Coach to Tapestry
Tapestry was established in 1941 as a family-run workshop in Manhattan under the name Coach, and initially focused on producing quality leather goods. Coach gained a stellar reputation for its craftsmanship and style in the handbag and accessories sector, and over the years grew into a massive company. Coach acquired Stuart Weitzman in 2015 and Kate Spade & Company in 2017, and subsequently also rebranded itself as Tapestry. In 2023 the company also acquired Capri Holdings, further expanding its portfolio of brands.
High-end Products
Tapestry operates as a house of modern luxury lifestyle brands, producing a diverse range of products. The company's portfolio encompasses a variety of high-end items, primarily focusing on fashion accessories, handbags, and leather goods. Additionally, Tapestry's product lines extend to footwear, ready-to-wear apparel, jewelry, fragrances and lifestyle accessories. The company has a similar view on craftsmanship and heritage as other similar companies in the industry do, with some examples being LVMH and Kering, and is evident across its product range where it aims to blend classic aesthetics with contemporary designs. Tapestry's products are known for their high-quality materials, attention to detail, and distinctive styling.
The Brands
Tapestry, Inc. owns and operates several prominent brands in the luxury fashion sector. These include Coach, a renowned brand specializing in handbags, leather goods, and accessories. Stuart Weitzman focuses on high-end shoes, while Kate Spade offers handbags, clothing, accessories, and home goods. As previously mentioned, the company has purchased Capri Holdings and through it, Tapestry owns Versace, Michael Kors, and Jimmy Choo.
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