Coach Owner Tapestry Plunges Most Since 2012 Amid Forecast Cut

(Bloomberg) -- Tapestry Inc. plunged as much as 18 percent -- the most intraday since 2012 -- after becoming the latest consumer-facing company to sound a wider alarm. The company cited “an increasingly volatile macroeconomic and geopolitical backdrop” as it missed both its own and analysts’ expectations in the latest quarter and cut its guidance.

• The owner of Coach and Kate Spade projects earnings per diluted share in the range of $2.55 to $2.60 this fiscal year, down from the $2.75 to $2.80 it saw previously.

Key Insights

Market Reaction

• Shares fell as much as 18 percent to $32.26. They’d climbed 16 percent this year through Wednesday’s close, outpacing the S&P 500.
• Read the statement here.

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