FY26 · Ended Jun 27, 2026 · View SEC filing
Coach earns more than the whole group
Coach's own profit exceeds Tapestry's operating income, so one brand pays for head office and covers Kate Spade's loss.
For investorsWhat Tapestry's margins depend on from here
For foundersThe full-price playbook behind Coach
Sales grew by a third in seven years while the cost of goods fell, so each sales dollar now carries far less product cost.
Sales rose 14.2% over a largely fixed base of stores and head office, so operating costs took a smaller share.
With 87% of sales through its own channels, Tapestry still turns most operating cash into free cash, because it owns none of its stores.
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Business Lens describes Tapestry from its own filings with the SEC. It is not a view on its shares, a target, or advice to buy, sell or hold anything; figures are as filed and may be restated by the company later. The filing is linked above.
