Tapestry, the parent company of the Coach and Kate Spade brands, has reported revenue of $1.7bn for the first quarter (Q1) of the fiscal year 2026 (FY26), up 13% year-on-year on a reported basis and 12% at constant exchange rates.
Excluding the impact of the Stuart Weitzman brand, which it sold in August 2025, pro forma revenue was $1.69bn, reflecting growth of 16% nominally and at constant currency.
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For the quarter ended 27 September 2025, net income reached $275m, compared with $187m a year earlier.
Earnings per diluted share were $1.28, versus $0.79 in the same period of the previous year.
Gross profit for the quarter was $1.3bn, with a gross margin of 76.3%, up from $1.13bn and 75.3% a year before.
Operating income came in at $328m, delivering a margin of 19.3%, compared with operating income of $252m and a 16.7% margin in the comparable period of 2024.
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By GlobalDataThe company added more than 2.2 million new customers worldwide during the quarter, with Gen Z accounting for around 35% of these additions.
Tapestry raised its full-year FY26 guidance. It now projects revenue of $7.3bn, implying 4% to 5% growth year-on-year on a reported basis. Excluding Stuart Weitzman, pro forma revenue growth is expected at between 7% and 8% nominal.
The company anticipates operating margin expansion of around 50 basis points versus 2024, and forecasts diluted earnings per share of $5.45 to $5.60, representing 7% to 10% growth – above its previous outlook of $5.30 to $5.45.
The company declared a quarterly cash dividend of $0.40 per share and continues to expect a total FY26 dividend of $1.60 per share.
Share repurchases are now expected to total about $1bn in FY26, up from an earlier plan of $800m.
In the first quarter, Tapestry bought back more than 4.7 million shares for $500m at an average price of $106 per share.
Joanne Crevoiserat, CEO of Tapestry, stated: “Our first quarter outperformance marked a powerful start to this next chapter. Through focused execution of our strategies, we brought creativity and craftsmanship to our customers around the world, achieving revenue and earnings increases ahead of expectations.
“From this position of strength, we are raising our full year outlook, reinforcing that our advantages are structural and sustainable.”
