Tapestry (Coach)

Global fashion groups · TPR

The Japan read

From the company's own filing for FY2026 full year (to June) · reported 2026-08-13 · the filing

−7.0%Japan salesConstant currency, pro forma (excluding Stuart Weitzman); −10% as reported.

JapanJapan was Tapestry's only shrinking region: pro forma net sales fell 7% at constant currency (10% reported) to $465.7m for the year, and 4% (11% reported) to $105.0m in the fourth quarter.
JapanThe annual report shows Japan sales falling for a second straight year — $554.4m in fiscal 2024, $514.8m in 2025, $465.7m in 2026 — even as long-lived assets in Japan rose to $113.9m from $105.1m.

Other callouts in the filing

One-offFourth-quarter gross profit included $98.2m of recognised US tariff (IEEPA) refunds — $66.0m at Coach, $32.2m at Kate Spade — which Tapestry strips out of its non-GAAP figures.
BasisAll regional figures, Japan included, are pro forma: they exclude Stuart Weitzman, sold on 4 August 2025, whose sales dropped to $14.6m from $215.1m.
OutlookFor fiscal 2027 Tapestry guides to revenue of $8.4–8.5bn (mid-single-digit growth), about 50bp of operating-margin expansion and EPS of $7.80–7.90, excluding a 53rd week worth about one extra point of growth.

floortok's reading of the filing, in our own words. Figures are the company's own; where a growth rate is our arithmetic, it says so.

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floortok holds 2 reported periods for this company.

FY2026 full year (to June)

Reported 2026-08-13

Revenue$8.0bn+14.0%

Operating profit$1.9bn+361.0%

Net income$1.5bn+734.0%

Japan−7.0%Constant currency, pro forma (excluding Stuart Weitzman); −10% as reported.

Coach's owner closed fiscal 2026 with revenue up 14% to $8.00bn and GAAP net income more than eightfold higher, lifted mainly by the absence of the prior year's $854.8m Kate Spade impairment. Japan was the one region to shrink for the year, down 7% in constant currency, even as Greater China grew 35%.

Q3 FY2026 (to March) · Quarter alone

Reported 2026-05-07

Revenue$1.9bn+21.0%

Operating profit$0.4bn+69.0%

Net income$0.3bn+69.0%

Coach's owner had a strong quarter to March 2026 — revenue up 21% and operating margin up more than 6 points — and raised its full-year outlook. But Japan was the one region to shrink, down 10%, even as Greater China surged 61%.

JapanJapan was the one region to shrink, down 10%, even as Greater China surged 61%.
OutlookThe company raised its full-year outlook.