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Tapestry (TPR) Q4 2025 earnings

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People walk past a Coach store on Madison Avenue in New York.

Carlo Allegri | Reuters

Shares of Coach and Kate Spade parent Tapestry plunged Thursday after the company said tariffs will bite into its profits even as sales grow.

The handbag, shoe and accessory maker said costs from higher duties will total $160 million for its coming fiscal year and drag on its profits. It said it expects full-year fiscal 2026 earnings of $5.30 to $5.45 per share, while analysts polled by FactSet were looking for $5.49.

On the company’s earnings call, Chief Financial Officer Scott Roe said sales trends have been strong. Yet he said the company is “facing greater than previously expected profit headwinds from tariffs and duties, with the earlier than expected ending of de minimis exemptions being a meaningful factor.”

Along with raising tariffs on imports from many countries, President Donald Trump suspended the de minimis rule, which allowed items worth $800 or less to enter the U.S. duty-free.

Tapestry expects its sales to grow in the fiscal year, however. The company said it expects revenue of about $7.2 billion, excluding Stuart Weitzman, which would represent low single-digit growth compared to the prior year. Tapestry agreed earlier this year to sell the shoe brand to Dr Scholl’s footwear owner Caleres for $105 million.

Tapestry’s fiscal 2025 fourth-quarter earnings and revenue also topped Wall Street’s expectations.

In recent weeks, retailers and consumer brands have offered a clearer picture of how they’re trying to mitigate higher costs from tariffs — including many that went into effect earlier this month after delays and extensions. Trump on Monday pushed back high tariffs on China for another 90 days.

Among those strategies, companies are moving manufacturing to other countries, raising prices on some items they sell, trimming promotions and focusing on trendy items that shoppers are more likely to buy.

Crocs CEO Andrew Rees, for instance, told investors on an earnings call earlier this month that it is reducing orders for the back half of the year after seeing weaker demand from retailers that carry its shoes. It also is taking back some of the older inventory from its Heydude shoe brand from retailers and giving partners newer stock.

Yet Tapestry’s Roe said the company’s conservative outlook “has nothing to do with the trajectory of our business.”

He said demand hasn’t slowed, and has even accelerated so far in the current quarter. But he added, “We feel like being prudent at this early stage in our full-year guidance is the right position.”

He said Tapestry is focused on ways to blunt the cost of tariffs, including leaning on its manufacturing in many different parts of the globe and looking for ways to operate more efficiently.

Major U.S. retailers are sharing their latest sales updates and outlooks in the coming weeks. Walmart, Home Depot and Target are all scheduled to report quarterly earnings next week.



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EU slaps Google with €2.95B fine despite Trump trade threat – POLITICO

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The Commission’s multibilllion-euro fine falls short of the €4.34 billion fine the EU executive slapped on Google in 2018 over abuse of dominance related to Android mobile devices, but is higher than the €2.42 billion fine the firm faced for favoring its own comparison-shopping service in 2017.

The Commission’s decision comes as a parallel case before the U.S. courts will soon come to trial.

In April, a U.S. federal judge found that Google had illegally maintained a monopoly in display search advertising, and a trial is scheduled to begin Sept. 22.

The U.S. government is seeking a divestment of Google’s assets in that trial.

In a statement, Google’s Global Head of Regulatory Affairs Lee-Anne Mulholland said that the firm will appeal the Commission’s decision.

“It imposes an unjustified fine and requires changes that will hurt thousands of European businesses by making it harder for them to make money,” said Mulholland.

This story has been updated.





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New York Times: Unsuccessful 2019 Navy SEAL mission left unarmed North Koreans dead

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A 2019 mission in North Korea, which intended to have Navy SEALs plant an electronic device to intercept communications of the country’s leader Kim Jong Un, resulted in an unsuccessful operation that left unarmed North Koreans dead, according to a report from the New York Times on Friday.

The mission, which took place during President Donald Trump’s first term, required the president’s direct approval, the Times reports, and came amid high-level nuclear talks between the US and North Korea.

The White House and Pentagon declined to comment. CNN has also reached out to the ​US Special Operations Command and North Korea’s permanent mission to the United Nations in New York for comment on the report.

According to the Times, SEAL Team Six’s Red Squadron rehearsed for months for a plan that would require the Navy to slip a nuclear-powered submarine into North Korean waters, alongside two mini-subs of SEALs who would motor along the shore before swimming to the target to install the electronic device.

The SEAL Team Six, which is a secretive US military unit formed in 1980, has worked on a range of secret, dangerous and high-risk missions, including carrying out the operation that killed Osama bin Laden in Pakistan in 2011.

The Times reports when a North Korean boat, which evidence later suggested were two or three North Korean civilians diving for shellfish, approached in the water during the operation, the SEALs opened fire and killed them. The report also states the Trump administration did not notify key members of Congress.

The relationship between the United States and North Korea, a country that is highly isolated, has been rocky over the years. Trump issued an ultimatum to North Korea in 2017 to not make any more threats against the US or they will “face fire and fury like the world has never seen.” His warning came as US intelligence analysts assessed North Korea had produced a miniaturized nuclear warhead at the time.

Kim and Trump would go on to exchange a series of flatteries and letters in 2018 and 2019 after the significant tensions in 2017. They then would participate in a series of unprecedented summits in 2018 with fulsome declarations of a new friendship but vague pledges of nuclear disarmament.

In 2019, Trump would make history as the first sitting US leader to set foot in the hermit kingdom, when he shook hands with Kim and took 20 steps into North Korea. Biden’s administration, meanwhile, would take a different strategy, CNN reported at the time, focused on shows of strength and unity with South Korea as well as incremental progress toward denuclearization.

This story has been updated with additional information.





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Tech CEOs Praise Donald Trump at White House Dinner

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The scene opens confusingly. The camera zooms too close to the president’s face; the table at which the tech executives are seated seems far too long. Mark Zuckerberg is there, and Bill Gates and Tim Cook and Satya Nadella and Sam Altman and on and on, a baker’s dozen or so of Silicon Valley’s most powerful people—cutthroat competitors all—united here to pledge allegiance to Donald Trump.

The introduction from Trump is characteristically both overgilded and confusing: “It’s an honor to be here with this group of people. They’re leading a revolution in business and in genius and every other word.” And then, about 90 seconds in, the pandering begins.

This was Donald Trump’s dinner with tech leaders at the State Dining Room in the White House on Thursday evening, broadcast in part for all to see on C-SPAN. It’s in many ways a remarkable document, the culmination of months of Big Tech cozying up to the administration.

One by one, Trump asked the executives how much they were investing in the United States. One by one, they obliged, praising Trump’s leadership along the way. The president has run this play previously with his cabinet members, powerful people tripping over themselves in the race toward Trump’s good graces. But there was an eeriness to see that same dynamic among Big Tech’s braintrust, like passing a camera around to take turns wishing a distant, unloved uncle a very happy Thanksgiving.

“It’s going to be something like $600 billion through ‘28,” said Zuckerberg about Meta’s domestic infrastructure investments. Sergey Brin congratulated Trump on “applying pressure” in Venezuela, two days after a US drone operator extrajudiciously murdered 11 people on an alleged drug cartel boat.

Everyone else praised the administration’s AI policy. Microsoft’s Nadella shouted out Melania Trump in particular for her leadership in “skilling and economic opportunity that comes with AI.”(The first lady launched a Presidential Artificial Intelligence Challenge last month, and hosted an education-themed AI task force meeting prior to the dinner on Thursday.) Google CEO Sundar Pichai and AMD CEO Lisa Su praised the Trump administration’s AI initiatives.

“I want to thank you for setting the tone such that we could make a major investment in the United States,” said Cook, referring to Apple’s pledge to put $600 billion into US manufacturing. Given that Apple made that commitment under threat of crippling tariffs on smartphones, it was a bit like thanking the school bully for setting the tone such that you can give him your lunch money.

For enthusiasm it was hard to beat Oracle CEO Safra Catz, who had previously served as a member of Trump’s transition team. “You’ve unleashed American innovation and creativity, all the work you’re doing in basically every cabinet post in addition to what’s coming out of the White House is making it possible for America to win,” Catz said. “I think this is the most exciting time in America ever.” And with that, after a quick joke about his rumored demise, Trump opened up the floor to questions from the media. If you watch closely, you can catch Zuckerberg giving someone across the table an eyebrow raise for the ages.



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