$TPR · TAPESTRY, INC.
Tapestry reported Q1 FY2027 (ended September 26, 2026) results: net sales of $1.89B, up 11% reported and 12% pro forma, led by 16% Coach growth. GAAP diluted EPS was $1.76 (+38%) and non-GAAP EPS $1.82 (+32%). Gross margin expanded 230 bps GAAP to 78.6%; operating margin rose 310 bps to 22.4%. The company raised FY27 guidance to revenue of $8.5–$8.6B, EPS of $8.25–$8.35, and increased capital return outlook to $2.0B including $1.7B in buybacks.
- Coach net sales rose 16% to $1,661M; Kate Spade fell 10% to $233M.
- Greater China revenue grew 39% constant currency; Europe up 22%.
- Returned ~$700M to shareholders in Q1, including $600M repurchasing 4.6M shares at ~$130.
- FY27 buyback target raised $350M to $1.7B; total capital return outlook now $2.0B.
- Operating cash flow was $197M inflow vs $113M a year ago; leverage ratio 1.1x.
Extended-hours last trade $135.82, up 8.37% vs the $125.33 regular close, reflecting a strong positive reaction to the beat and raised guidance.
A broad beat with raised full-year guidance and a $350M buyback increase signals durable growth momentum led by Coach.
Coach's 16% growth and 39% Greater China surge stand out against a soft global luxury backdrop, with Kate Spade still contracting 10%.
Outlook assumes no material worsening of inflation or consumer confidence and embeds a low-to-mid-20% tariff rate; results could differ materially from guidance.