실적분석 2026년 8월 13일

Tapestry ($TPR) FY2026 Q4 Earnings Analysis — Profit and Revenue Beats met with growth-slowdown caution, shares plunge after-hours

Earnings Scorecard

Revenue: $1.877 billion (+9% YoY, vs. $1.867 billion estimate) ✅ Beat

EPS: Adjusted $1.32 (vs. $1.27 estimate) ✅ Beat

Guidance: Newly issued — FY2027 revenue of $8.40–$8.50 billion (mid-single-digit growth), adjusted EPS of $7.80–$7.90

Stock reaction: After-hours -7.64% ($142) — as of 08-13 20:44 KST

Positives

Coach out front: Coach revenue of $1.64 billion, +15% YoY (+14% on a constant-currency basis)

Margin expansion: Adjusted gross margin 78.1% (+1.8 percentage points), adjusted operating margin 19.3% (+2.5 percentage points)

Greater China & Europe: Greater China revenue +33% (+28% constant-currency), Europe +22%

Coach's handbag-led demand was the pillar of the quarter's results. The company said it hit the revenue, margin, and EPS targets set at Investor Day two years ahead of plan.

Negatives

Kate Spade: Revenue of $235 million, down 7% YoY

Slowdown signal: FY2027 revenue guidance of mid-single-digit growth, a sharp deceleration from this year's 14%

Japan weakness: Japan revenue down 11% (-4% constant-currency), with tariff costs also weighing on margins

The brand-portfolio imbalance persists. The market reacted first to the signal that sustaining this year's double-digit growth will be difficult.

What the Company Said

CEO Joanne Crevoiserat said the Q4 results capped off a year of strong performance, explaining that intentional choices and disciplined execution have made the organization stronger. She emphasized that the FY2027 outlook — mid-single-digit revenue growth and low-double-digit EPS growth — is on the same trajectory as the long-term commitments.

Market Reaction and What to Watch Next

The print itself topped estimates, but the guidance stepping down to mid-single-digit growth after this year's 14% and Kate Spade's softness fueled a "growth peak" narrative and triggered profit-taking.

Watch whether FY2027 Q1 revenue (high-single-digit growth) and adjusted EPS (around $1.55) line up with guidance.

Whether the decline in Kate Spade revenue narrows, and whether Coach's dependence on the portfolio deepens further, will be key.

Monitor whether the margin defense incorporating tariffs and duties is actually maintained.