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TAPESTRY $TPR Q1’27 EARNINGS HIGHLIGHTS 🔹 Revenue: $1.89B (Est. $1.86B) 🟢; +11% YoY 🔹 Adj. EPS: $1.82 (Est. $1.57) 🟢; +32% YoY 🔹 Non-GAAP Gross Margin: 78.7%; +220 bps YoY Raises FY27 Guide: 🔹 Revenue: ~$8.5B-$8.6B (Est. $8.54B) 🟡 🔹 EPS: $8.25-$8.35 (Est. $7.97) 🟢 🔹 Adjusted FCF: ~$1.7B; unchanged 🔹 Oper Margin Expansion: ~100 bps; from ~50 bps 🔹 Net Interest Expense: ~$60M; from ~$55M 🔹 Tax Rate: ~18%; from ~18.5% Q2 Guide: 🔹 EPS: ~$3.05 (Est. $3.02) 🟢 🔹 Revenue Growth: ~5% to 6% constant currency Segment Net Revenue: 🔹 Coach: $1.66B; +16% YoY 🔹 Kate Spade: $233M; -10% YoY Announcements: 🔹 New Consumers: 2.6M added; ~35% Gen Z Other Q1 Metrics: 🔹 DTC Revenue Growth: +9% pro forma 🔹 Operating Cash Flow: $197M; +74% YoY 🔹 Adjusted FCF: $56M; -46% YoY Key Updates: 🔹 Prior Guidance: FY27 revenue $8.4B-$8.5B; EPS $7.80-$7.90 🔹 Capital Return: ~$2.0B expected in FY27, up from prior guidance; ~$700M returned in Q1 🔹 Share Repurchases: $1.7B in FY27, +$350M vs prior guidance 🔹 Distribution Network Optimization: $15M charge Comments: 🔸 “Building on this outperformance, we are raising our full year outlook, reflecting our confidence in the durability of our growth.”