Tapestry (NYSE: TPR) 2Q19 Results: Improved Margin Performance at Coach but Revenues Miss Consensus

Executive Summary

• Tapestry reported flat 2Q19 EPS on a modest 0.9% sales increase.
• The Coach brand proved nicely profitable with a 30.3% adjusted operating margin while Kate Spade and Stuart Weitzman were in transition with early indications of traction.
• Revenue and EPS guidance modestly reduced reflecting 2Q19 results and the unstable global environment.