Core Viewpoint - Tapestry (TPR) reported quarterly earnings of $1.03 per share, exceeding the Zacks Consensus Estimate of $0.89 per share, and showing an increase from $0.81 per share a year ago, indicating a strong performance in the high-end retail sector [1][2]. Financial Performance - The company achieved revenues of $1.58 billion for the quarter ended March 2025, surpassing the Zacks Consensus Estimate by 3.66% and up from $1.48 billion in the same quarter last year [2]. - Tapestry has consistently outperformed consensus EPS estimates over the last four quarters, with an earnings surprise of 15.73% in the latest report [1][2]. Stock Performance - Tapestry shares have increased approximately 14.4% since the beginning of the year, contrasting with a decline of -4.3% in the S&P 500 [3]. - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the market in the near future [6]. Future Outlook - The current consensus EPS estimate for the upcoming quarter is $1.01 on revenues of $1.65 billion, and for the current fiscal year, it is $4.92 on revenues of $6.88 billion [7]. - The outlook for the retail - apparel and shoes industry, where Tapestry operates, is currently in the bottom 37% of Zacks industries, which may impact stock performance [8].

Financial Performance & Outlook - Tapestry's Q3 revenue reached $1.58 billion, with an 8% increase compared to the previous year on a constant currency basis[58] - Coach brand experienced a 15% revenue growth on a constant currency basis[50, 58] - The company raised its FY25 revenue outlook to approximately $6.95 billion, a 4% increase versus the prior year on a reported basis[69] - Diluted adjusted EPS is projected to be around $5.00, representing a high-teens percentage growth compared to last year[69] - Adjusted free cash flow is expected to be approximately $1.3 billion[69] Brand Performance - Coach's operating income margin was 32.4% [58] - Kate Spade's revenue declined by 12%[58, 62] - Stuart Weitzman's net sales were $46 million, a decrease of 17%[58] - Tapestry has entered into an agreement to sell Stuart Weitzman to Caleres[66] Strategic Initiatives & Global Presence - North America accounted for 65% of revenue, while International accounted for 35%[71] - The company acquired over 12 million new customers in North America[50] - Digital channels accounted for 29% of sales[33] - The company expects to return over $2 billion to shareholders in FY25[78]

Financial Performance - Net sales for the third quarter of fiscal 2025 reached $1,584.6 million, a 6.9% increase from $1,482.4 million in the same period of fiscal 2024[218]. - Gross profit for the third quarter of fiscal 2025 was $1,205.8 million, representing 76.1% of net sales, compared to 74.7% in the prior year[218]. - Operating income increased by 24.2% to $253.7 million in the third quarter of fiscal 2025, up from $204.3 million in the same quarter of fiscal 2024[218]. - Net income for the third quarter of fiscal 2025 was $203.3 million, a 45.9% increase from $139.4 million in the third quarter of fiscal 2024[218]. - Net sales increased by 6.9% or $102.2 million to $1.58 billion in Q3 fiscal 2025, with an 8.4% increase excluding currency impacts[228]. - Coach net sales rose by 12.9% or $147.9 million to $1.29 billion, driven by a $149.8 million increase in DTC sales[231]. - Gross profit increased by 8.9% or $98.4 million to $1.21 billion, with gross margin improving by 140 basis points to 76.1%[229]. - Operating income was reported at $253.7 million, an increase of 24.2% compared to the previous year[236]. - Net income for Q3 fiscal 2025 was $203.3 million, translating to $0.95 per diluted share[221]. - Net income rose 45.9% or $63.9 million to $203.3 million in Q3 FY2025 from $139.4 million in Q3 FY2024, with a diluted net income per share of $0.95[242][244]. Expenses and Charges - SG&A expenses rose by 5.4% or $49.0 million to $952.1 million, while as a percentage of net sales decreased to 60.1%[234]. - Acquisition and divestiture costs totaled $18.6 million, impacting operating income negatively by $23.6 million[223]. - SG&A expenses for Kate Spade decreased 7.6% or $13.2 million to $160.4 million in Q3 FY2025, while SG&A as a percentage of net sales increased 370 basis points to 65.5%[238]. - Corporate incurred charges affecting comparability of $109.0 million, leading to an 8.1% increase in SG&A expenses to $401.1 million[265]. - The company incurred total pre-tax charges of $268.4 million related to the terminated Capri Acquisition, impacting operating income and net income significantly[251]. Market and Economic Conditions - The macroeconomic environment remains challenging, with organizations revising global growth forecasts downwards due to trade tensions and geopolitical instability[210]. - Currency fluctuations resulted in a decrease of $22.5 million in net sales for the three months ended March 29, 2025, with a 20 basis point negative impact on operating margin[211]. Strategic Plans and Initiatives - The Company plans to focus on building lasting customer relationships and fueling fashion innovation as part of its 2025 growth strategy[203]. - The divestiture of the Stuart Weitzman Business is expected to generate $105.0 million in cash consideration, with the transaction anticipated to close in summer 2025[201]. - The company has a voluntary supply chain finance program to improve working capital efficiency, allowing suppliers to sell receivables on a non-recourse basis[297]. - The company expects total capital expenditures and cloud computing costs for fiscal 2025 to be approximately $160 million, with $35.7 million and $104.5 million spent during the three and nine months ended March 29, 2025, respectively[298]. Cash Flow and Financing - Net cash provided by operating activities decreased by $229.8 million to $769.8 million in the first nine months of fiscal 2025[283]. - Net cash provided by investing activities was $948.2 million in the first nine months of fiscal 2025, a $1.43 billion increase compared to a use of cash of $486.1 million in the same period of fiscal 2024[284]. - Net cash used in financing activities was $6.81 billion in the first nine months of fiscal 2025, a $12.54 billion increase compared to a source of cash of $5.73 billion in the same period of fiscal 2024[286]. - As of March 29, 2025, cash and cash equivalents decreased by $5.08 billion to $1.04 billion compared to $6.14 billion as of June 29, 2024[291]. - The company authorized a share repurchase program of up to $2.00 billion, with $800.0 million remaining from a previous program initiated in May 2022[299]. - The company completed an accelerated share repurchase agreement for $2.00 billion, receiving an initial delivery of 28,363,766 shares[300]. Brand Performance - Kate Spade net sales decreased by 12.7% or $35.8 million to $244.9 million, primarily due to lower DTC sales[231]. - Stuart Weitzman net sales fell by 17.7% or $9.9 million to $46.2 million, with a 17.2% decrease when excluding currency impacts[231]. - Coach's net sales rose by 8.5% or $328.5 million to $4.17 billion, driven by a $317.9 million increase in DTC sales[260]. - Kate Spade's net sales decreased by 9.6% or $99.8 million to $944.5 million, primarily due to a $105.5 million decline in DTC sales[260]. - Stuart Weitzman's net sales decreased by 11.2% or $21.3 million to $169.6 million, with SG&A expenses decreasing by 15.0% to $107.9 million[260][265]. Tax and Regulatory Considerations - The Company is committed to monitoring regulatory developments related to tax legislation, which may have a modest negative impact on its effective tax rate starting in fiscal 2026[214]. - The effective tax rate decreased to 14.9% in Q3 FY2025 from 17.7% in Q3 FY2024, with a non-GAAP effective tax rate of 16.4%[241].

Exhibit 99.1 CONTACTS: 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 TAPESTRY, INC. REPORTS FISCAL 2025 THIRD QUARTER RESULTS AND RAISES FULL YEAR OUTLOOK Achieved Record Third Quarter Revenue and EPS with Growth Exceeding Expectations Link to Download Tapestry's Q3 Earnings Presentation, Including Brand Highlights New York, May 8, 2025 – Tape ...

Core Viewpoint - Tapestry (TPR) is expected to report quarterly earnings of $0.89 per share, a 9.9% increase year-over-year, with revenues projected at $1.53 billion, reflecting a 3.1% year-over-year increase [1] Earnings Estimates - The consensus EPS estimate has been revised 0.6% higher in the last 30 days, indicating analysts' collective reevaluation of their initial estimates [2] - Revisions to earnings projections are crucial for predicting investor behavior and are linked to short-term stock price performance [3] Key Metrics Projections - Analysts estimate 'Net Sales- Coach' at $1.22 billion, a 6.8% increase from the prior year [5] - 'Net Sales- Stuart Weitzman' is forecasted at $51.92 million, a decrease of 7.5% year-over-year [5] - 'Net Sales- Kate Spade' is projected at $252.63 million, indicating a 10% decline from the previous year [5] Geographic Sales Estimates - 'Geographic Net Sales- North America' is expected to reach $881.72 million, a 0.9% increase year-over-year [6] - 'Geographic Net Sales- Greater China' is projected at $282.77 million, reflecting a 4.4% year-over-year increase [6] - 'Geographic Net Sales- Greater China- Coach' is estimated at $258.09 million, a 6.1% increase from the prior year [6] Additional Geographic Sales Insights - 'Geographic Net Sales- Other Asia- Coach' is expected to be $207.67 million, a 3.3% increase year-over-year [7] - 'Geographic Net Sales- Other- Coach' is projected at $103.54 million, indicating a significant 27.8% increase from the prior year [7] - 'Geographic Net Sales- North America- Kate Spade' is estimated at $186.23 million, a 14.1% decrease year-over-year [8] Performance Overview - Tapestry shares have increased by 15.6% in the past month, outperforming the Zacks S&P 500 composite, which rose by 0.4% [9]

Core Viewpoint - Wall Street anticipates a year-over-year increase in earnings for Tapestry, with a focus on how actual results compare to estimates, which could significantly impact the stock price [1][2]. Earnings Expectations - Tapestry is expected to report earnings of $0.89 per share, reflecting a +9.9% change year-over-year, with revenues projected at $1.53 billion, up 3.1% from the previous year [3]. - The earnings report is scheduled for May 8, 2025, and could lead to stock price movements depending on whether the results exceed or fall short of expectations [2]. Estimate Revisions - The consensus EPS estimate has been revised 0.6% higher in the last 30 days, indicating a collective reassessment by analysts [4]. - The Most Accurate Estimate aligns with the Zacks Consensus Estimate, resulting in an Earnings ESP of 0%, suggesting no recent differing analyst views [10][11]. Earnings Surprise Prediction - The Zacks Earnings ESP model indicates that a positive or negative reading can predict deviations from consensus estimates, with positive readings being more reliable [6][7]. - Stocks with a positive Earnings ESP and a Zacks Rank of 1, 2, or 3 have shown a nearly 70% success rate in delivering positive surprises [8]. Historical Performance - Tapestry has consistently beaten consensus EPS estimates, achieving this in the last four quarters, including a +14.94% surprise in the most recent quarter [12][13]. Conclusion - While Tapestry does not currently appear to be a strong candidate for an earnings beat, investors should consider other influencing factors before making investment decisions [16].

Economic Overview - Low to middle-income consumers are reducing spending to pay down credit card debt, while affluent consumers continue to spend selectively [1][2] - The economy is divided, with strong revenue and earnings growth reported by many companies despite market uncertainty [2] Company Analysis: Tapestry Inc. (TPR) - Tapestry is known for luxury accessories and lifestyle products, with a current stock price of $70.65 and a price target of $78.00, indicating a 12% upside potential [3][5] - The company reported record earnings per share of $2 in Q2 FY2025 and achieved a net paydown yield of 38% over the last 12 months [4][5] - Analysts have a Moderate Buy rating on TPR, with some price targets adjusted but remaining above the consensus price [5][6] Company Analysis: On Holding AG (ONON) - On Holding specializes in high-end footwear and apparel, with a current stock price of $48.11 and a price target of $58.77, suggesting a 23% increase potential [7][10] - The company uses over 30% recycled or renewable materials in its products, appealing to younger consumers [8] - Despite a recent double beat in earnings, ONON stock is down over 13% in 2025 due to concerns over exposure to China amid tariff issues [9][10] Company Analysis: Viking Holdings Ltd. (VIK) - Viking Holdings, a newcomer in the luxury cruise market, has a current stock price of $41.02 and a price target of $46.89, indicating potential growth [12] - The company is 88% booked for 2025 and does not anticipate cancellations due to market weakness, suggesting resilience in the cruise line industry [14] - Despite volatility typical of newly public companies, VIK stock has increased nearly 50% since its launch [14]

国产女包的"有限"突围。 文 ｜ 张晶 编辑 ｜ 薇薇子 来源｜ 潮生TIDE（ID： chaoshengTIDE） 封面来源 ｜ 受访者提供 以下文章来源于潮生TIDE ，作者张晶、薇薇子 潮生TIDE . 36氪旗下生活方式内容品牌。潮来潮去，生活不息。 买包"新变量" 起步于轻奢，迷恋过大牌，止步于珑骧，这曾经是大多数女性买包的进阶之路。但是现在，这条路径有了新的变量——国产包，它可以是买包的起点，也 可以是终点。 36岁的小满就是非常典型的这类女性：她起步于轻奢，迷恋过大牌，又转投国产女包。 没有人否认，包包有很强的社交属性。十多年前，她刚参加工作，轻奢之王COACH就是她能"够得上"的奢侈品，"买COACH也是想证明自己有能力买奢 侈品。" 那个时候，小满托出国的朋友去COACH店里扫货。她背着几个COACH包包几乎横扫各大社交场合。 十多年后的今天，她再背COACH就会有些"掉价"。这种廉价感，绝不仅仅是因为COACH奥莱泛滥的原因， 更重要的是，她"够到了"包包阶层中更高端 的LV，就绝不会再折回去背COACH，有人称COACH的这种感觉为"爬坡感"。 所以，在工作场合不再使用一眼就能被识别的大 ...

Core Insights - Tapestry, Inc. (TPR) has seen a significant share price increase of 56.2% over the past year, outperforming the Zacks Retail-Apparel and Shoes industry's decline of 6.8% and the broader Retail-Wholesale sector's growth of 11.3% [1][2]. Performance Overview - TPR stock closed at $63.78, which is 29.8% below its 52-week high of $90.85 reached on February 18, 2025 [2]. - The company is currently trading at a low forward 12-month P/E ratio of 12.16, compared to the industry average of 13.98 and the sector's 21.99, indicating potential for attractive entry points for investors [5]. Growth Drivers - Tapestry's digital and direct-to-consumer (DTC) channels have shown robust performance, with DTC sales increasing by 4%, driven by digital revenue growth and steady physical retail performance [8]. - Coach, a key brand for Tapestry, reported an 11% increase in revenues and a 270-basis-point improvement in gross margin in the fiscal second quarter [10]. - Tapestry's international growth strategy is yielding results, with Europe experiencing a 42% year-over-year revenue increase, and Greater China returning to growth with a 2% sales increase [12][13]. Financial Outlook - Tapestry has raised its fiscal 2025 revenue guidance to exceed $6.85 billion, reflecting a 3% year-over-year increase, and has adjusted its EPS estimate to a range of $4.85 to $4.90, indicating a 13-14% year-over-year improvement [14][15]. - The Zacks Consensus Estimate for Tapestry's current fiscal year earnings has increased to $4.92 per share, with projected sales of $6.88 billion, implying year-over-year growth of 3.1% [16].

Company Overview - Tapestry (TPR) shares increased by 11% to close at $67.28, following a notable trading volume, despite a 15.8% loss over the past four weeks [1] - The company is expected to report quarterly earnings of $0.88 per share, reflecting an 8.6% year-over-year increase, with revenues projected at $1.53 billion, up 2.9% from the previous year [3] Market Context - U.S. stocks experienced a significant rally after President Trump announced a 90-day pause on reciprocal tariffs for all nations except China, which may have positively influenced Tapestry's stock performance [2] - Tapestry's growth is attributed to Coach's strong performance, successful international expansion, and effective direct-to-consumer and digital strategies [2] Earnings Estimates and Trends - The consensus EPS estimate for Tapestry has remained unchanged over the last 30 days, indicating stability in earnings expectations [4] - Trends in earnings estimate revisions are closely correlated with near-term stock price movements, suggesting that monitoring Tapestry's earnings revisions is crucial for assessing future stock performance [3][4] Industry Comparison - Tapestry belongs to the Zacks Retail - Apparel and Shoes industry, where another company, Designer Brands (DBI), saw a 16.2% increase in its stock price, closing at $3.08, despite a -24.7% return over the past month [4] - Designer Brands' consensus EPS estimate has drastically changed by -97.2% over the past month, indicating potential challenges within the industry [5]