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Tapestry (TPR) Q4 2025 earnings

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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California pushes back on Trump’s CDC with West Coast Health Alliance

SACRAMENTO — With the U.S. Centers for Disease Control and Prevention in turmoil as vaccine skeptics gain influence in the Trump administration, California is partnering with Washington and Oregon to form a pact that will offer its own public health recommendations.
Govs. Gavin Newsom of California, Tina Kotek of Oregon and Bob Ferguson of Washington announced Wednesday the creation of the West Coast Health Alliance, which they said will provide science-based recommendations at a time when the nation’s top public health agency is reversing long-standing vaccine guidance.
Robert F. Kennedy Jr. , the secretary of the U.S. Department of Health and Human Services and a loyal Trump ally, has dismissed top scientific advisors and fired top leadership at the CDC, moves that have shaken public confidence in its direction. And Kennedy has warned that more turnover could be coming.
“President Trump’s mass firing of CDC doctors and scientists — and his blatant politicization of the agency — is a direct assault on the health and safety of the American people,” the three governors said in a joint statement Wednesday. “The CDC has become a political tool that increasingly peddles ideology instead of science, ideology that will lead to severe health consequences.”
The rebuke from the West Coast states reveals the escalating concerns about the life-and-death consequences of the Trump administration’s healthcare agenda. For decades, the CDC has been the nation’s trusted authority on vaccines — setting childhood immunization schedules, guiding which shots adults should receive and shaping state health policies across the country.
The states said the focus of their health alliance will be on providing evidence-based recommendations about who should receive immunizations while ensuring the public has access to credible information about the safety and efficacy of vaccines.
It’s not the first time the three states have partnered to counter upheaval within the federal public health agency. In June, the states condemned Kennedy’s decision to remove all 17 members of the CDC’s Advisory Committee on Immunization Practices. Among the replacements named by Kennedy are appointees who spread vaccine misinformation and relayed conspiracy theories during the COVID-19 pandemic, according to the Associated Press.
Kennedy said the change would improve public trust by ensuring members of the committee didn’t have “any specific pro- or anti-vaccine agenda.”
Polling suggests the opposite effect. A Kaiser Family Foundation poll last month found Americans across the political spectrum are increasingly uncertain about public health guidance and whether new recommendations from the administration will make them more or less safe.
Experts say that not only are vaccines crucial for the health of individuals and the community but they also ultimately save money — preventing sickness and the rise in healthcare costs that would accompany widespread disease outbreaks.
Andrew Nixon, director of communications at Health and Human Services, told The Times that it was in fact California and Washington that had undermined trust in public health with their response to the coronavirus pandemic, and he pushed back against attempts to create a shadow CDC.
“Democrat-run states that pushed unscientific school lockdowns, toddler mask mandates and draconian vaccine passports during the COVID era completely eroded the American people’s trust in public health agencies,” he said.
Nixon said the CDC’s vaccine advisory committee “remains the scientific body guiding immunization recommendations in this country, and HHS will ensure policy is based on rigorous evidence and Gold Standard Science, not the failed politics of the pandemic.”
The clash over vaccine guidance comes as a new wave of COVID takes hold and flu season nears. In California, some county-level health officials are recommending that residents take greater precautions, such as temporarily wearing masks in indoor public settings. The CDC estimates that as of last week, COVID infections were growing or probably growing in 30 states and the District of Columbia.
The increase comes as federal guidance is making it more difficult for people to receive the COVID vaccine. The Food and Drug Administration, which falls under Kennedy’s purview, now requires adults 65 and younger and otherwise healthy — who say they don’t have an underlying health issue — to consult with a healthcare provider before getting the shot. Similarly, the CDC requires parents of healthy children to talk to a healthcare provider before their child can receive the COVID vaccine, a barrier the American Academy of Pediatrics called “deeply troubling.”
The American Academy of Pediatrics issued its own COVID vaccine guidance, countering what the CDC recommended, that says all young children 6 months to 23 months should be vaccinated, as well as certain high-risk older children. The group has also said that older children should be offered the vaccine if their parents request it.
Earlier this year, the CDC changed its vaccine schedule from recommending the COVID vaccine to all pregnant women to offering “no guidance” as to whether healthy pregnant women should get the vaccine. In response, the American College of Obstetricians and Gynecologists recommended that people receive the updated COVID-19 vaccine at any point during their pregnancy.
It’s not the first time California has created a state safeguard to vet federal vaccine recommendations. In 2020, Newsom created a group of physicians and scientists working at the California Department of Public Health to independently review all newly created FDA-approved COVID vaccines, which were developed during President Trump’s first term in office. The concern at the time was that the White House would rush the approvals under an initiative dubbed Operation Warp Speed.
Three other states — Washington, Oregon and Nevada — quickly joined California’s initiative, which was renamed the Western States Scientific Safety Review Workgroup and reviewed subsequent versions of the COVID vaccines. The review group returned saying the vaccines were safe and effective.
Now, amid mounting turmoil at the CDC, California is reviving that playbook, saying the public needs credible information about the safety and efficacy of vaccines. The three-state effort follows more than 1,000 current and former U.S. Health and Human Services officials calling on Kennedy to resign.
Kennedy is expected to face a bipartisan grilling from the Senate Finance Committee on Thursday morning, where he had already been scheduled to testify on the president’s healthcare agenda for the coming year. Sen. Bill Cassidy, a Republican from Louisiana and a member of the committee, has vowed “oversight” over Kennedy and the agency after expressing concern over his skeptical approach to vaccine policy.
Peter Chin-Hong, an infectious disease expert at UC San Francisco, said that although California’s health alliance with Oregon and Washington is, for now, largely symbolic — providing an alternative voice to the CDC — it does risk adding to the polarization of healthcare. It’s paramount, he said, that healthcare practitioners from across the political spectrum come together.
Chin-Hong said other state alliances are also forming, including eight states in the Northeast and a group of healthcare systems in the upper Midwest.
“What you are seeing is people standing up for science — coming together and bringing people together to give a counter argument to what the CDC is saying,” Chin-Hong said.
But things may become more difficult when it comes to funding vaccination programs. He said insurance companies typically follow CDC guidance. If the federal government is not recommending vaccines, it’s unclear how they’ll be covered.
Still, Chin-Hong noted the challenges of political division and community resistance surrounding immunizations, pointing to Florida’s announcement that vaccines will no longer be mandated in public schools.
“It’s all so bananas,” he said. “It’s like today is ‘opposite day’ and we’re all in some Dr. Seuss story where nothing is what it seems.”
Jake Scott, an infectious disease physician and clinical associate professor at Stanford School of Medicine, said the alliance could put the three states at risk of retaliation by Trump and his allies.
“We’ve already seen how this administration uses federal agencies to go after states that won’t fall in line,” Scott said. “These states are likely looking at reduced federal funding, regulatory harassment, you name it. But honestly, what’s the alternative? The cost of just letting preventable diseases spread, of completely losing public trust in vaccines, of throwing out decades of medical evidence — that would be catastrophic. From a medical perspective, these states really don’t have a choice here, regardless of the political fallout.”
Times staff writer Rong-Gong Lin contributed to this report.
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US Open live: Latest scores as Iga Swiatek battles Amanda Anisimova after Novak Djokovic sets up Carlos Alcaraz blockbuster

FIRST SET! Alex de Minaur strikes first in semi-final
Alex de Minaur serves it out to take the opening set 6-4 against Felix Auger-Aliassime.
A good serving day for De Minaur so far, but Auger-Aliassime is being held back by his unforced error count, which is already up to 15.
Could be a long one, though.
Auger-Aliassime *4-6, 0-0 De Minaur
Jamie Braidwood3 September 2025 17:34
Amanda Anisimova and Iga Swiatek set for second-ever meeting after historic Wimbledon final
Amanda Anisimova and Iga Swiatek have only faced each other once, you might remember it?
The Wimbledon final this year: 6-0 6-0 to the Pole.
How that affects Anisimova will be fascinating.
Jack Rathborn3 September 2025 17:30
Auger-Aliassime and De Minaur set for bruising encounter
In the early contest on Arthur Ashe Stadium, Auger-Aliassime has taken the lead over Alex De Minaur.
Demon on the backfoot as the Canadian uses his power to muscle into a 3-2 lead in the first set.

Jack Rathborn3 September 2025 17:03
Swiatek battles US favourite Anisimova on Arthur Ashe Stadium
Early US Open matches on Wednesday Opening up on Arthur Ashe Stadium today is Felix Auger-Aliassime against Alex De Minaur, which is underway, then Amanda Anisimova faces Iga Swiatek, likely at around 6:30pm BST.
While Luis Miguel of Brazil takes on the No 9 seed and home favourite Jack Kennedy in Round 3 of the boys’ singles on Louis Armstrong Stadium.
The Grandstand has a boys’ singles match with Great Britain’s Oliver Bonding, No 14 seed, facing off against No 2 seed Andres Santamarta Roig.
And another Briton, Hannah Klugman, No 2 seed, faces Julie Pastikova on Stadium 17.
Jack Rathborn3 September 2025 16:57
How Novak Djokovic tormented and embarrassed Taylor Fritz to extend US Open nightmare
A few moments after his latest defeat to Novak Djokovic, Taylor Fritz faced up to the statistics, even though he knew they would not make for pretty reading. The American had just lost to Djokovic for the 11th time in their 11th meeting and the fact it was his closest yet was no consolation.
Not after exiting the US Open at the quarter-final stage, continuing the drought for American men in the men’s singles, or after double-faulting on the third match point and handing Djokovic an escape from an even later night.
There was something else that would haunt Fritz more, and those were the chances he had to take charge of the quarter-final when Djokovic was vulnerable.
Jack Rathborn3 September 2025 16:53
Carlos Alcaraz details unorthodox preparation for US Open semi-final against Novak Djokovic
He celebrated his triumph with a golf swing to the crowd directed at fellow Spaniard Sergio Garcia, before revealing he’ll be hitting the course with the former Masters champion in preparation for a blockbuster semi-final against Novak Djokovic.
Jack Rathborn3 September 2025 16:52
Novak Djokovic’s ‘KPop Demon Hunters’ celebration dance at US Open explained
Novak Djokovic pulled out a dance in celebration after his victory over Taylor Fritz at the US Open 2025 for his daughter’s birthday.
The Serbian, who has advanced to the semi-finals aged 38 and extended his dominant record over the American to 11-0, unveiled some dance moves to music from the hit movie “KPop Demon Hunters”.
Djokovic detailed how his daughter, Tara, who turned 8 on Tuesday, was a huge fan of the Netflix smash hit film.
Jack Rathborn3 September 2025 16:52
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Amanda Anisimova upsets Iga Swiatek to reach US Open semis

NEW YORK — Amanda Anisimova upset Iga Swiatek 6-4, 6-3 in the US Open quarterfinals Wednesday, less than two months after losing to the six-time Grand Slam champion in the Wimbledon final by a 6-0, 6-0 score.
The No. 8-seeded Anisimova reached her third major semifinal and first at Flushing Meadows.
“To come back from Wimbledon like that is really special to me,” said Anisimova, who was born in New Jersey and grew up in Florida. “I feel like I worked so hard to try and turn around from that. … Today is really special.”
The powerful strokes and poise she displayed in Arthur Ashe Stadium against No. 2 Swiatek — the 2022 US Open champion — were such a striking contrast to what happened at the All England Club’s Centre Court on July 12.
That title match lasted just 57 minutes, and Anisimova only managed to win 24 points that day, a total she eclipsed about midway through the first set this time. Anisimova cried during her runner-up speech during the trophy ceremony at Wimbledon; on Wednesday, she was all smiles while addressing thousands of supportive spectators who kept interrupting her on-court interview with cheers.
“Playing here is so freaking special,” Anisimova said, “and I’ve been having the run of my life here.”
On Thursday, Anisimova will try to reach a second consecutive major final. She’ll face four-time Grand Slam champion Naomi Osaka — who eliminated Coco Gauff on Monday — or Karolina Muchova in the semifinals.
After one game against Swiatek in the quarterfinals Wednesday, Anisimova might have been forgiven for thinking, “Oh, no. Not this again.”
That’s because Anisimova served first and got broken immediately when she lost three points in a row by missing forehands — one into the net, one wide, one long.
But Anisimova broke right back and soon was the one dictating points with her strong, flat groundstrokes that wound up contributing to 23 total winners, 10 more than Swiatek accumulated. Anisimova also played quite cleanly, making just 12 unforced errors.
In the second set, Anisimova fell behind again, this time 2-0. But she again regrouped and quickly gained the upper hand. Swiatek was the one looking increasingly frustrated, shaking her head or slumping her shoulders between points, spreading her arms wide and looking to her coach for advice, and leaning back in her changeover chair as if pondering what, exactly, she could do differently.
When Swiatek double-faulted to trail 5-3 in the second set, that allowed Anisimova to serve out the victory.
“From the get-go, I was trying to fire myself up,” Anisimova said. “She is one of the toughest players I’ve ever played. I knew I was going to have to dig deep.”
After taking down world No. 1 Aryna Sabalenka in the Wimbledon semifinals, Anisimova is the first American woman to defeat a WTA Top-2 player in back-to-back majors since Serena Williams in 2012 at Wimbledon and the US Open.
Having just turned 24 on Sunday, Anisimova is also the youngest woman to reach a major semifinal on all three surfaces since 23-year-old Simona Halep at the 2015 US Open.
ESPN Research and The Associated Press contributed to this report.
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