TPR: 4Q Preview - Raising Numbers, Buyers into Print; Coach Trajectory Intact, $165 PT

研报英文原文证据摘录

TPR: 4Q Preview - Raising Numbers, Buyers into Print; Coach Trajectory Intact, $165 PT

th According to Plan. While moderating from 3Q, we see the NA largely Prior NC NC NC 1.23 E 6.96 E

progressing to plan - with continued investments in top-of-funnel marketing and 2027E 1.52 E 3.08 E 1.83 E 1.46 E 7.90 E

customer acquisition driving new customers coupled with improving retention and Prior 1.49 E 3.02 E 1.80 E 1.38 E 7.70 E

supporting full-priced sales. As such, we raise 4Q Coach NA rev growth to +13% (from

3 Yr EPS CAGR from current year (unless otherwise noted): 3 Yr EPS

+11% prior), largely in-line with where we believe buyside expectations are (+LDD). The CAGR base is latest completed calendar year Source: Company Data,

main callout we are making is that the brand's NA trajectory remains very healthy. WellsNA = NotFargoAvailable,SecuritiesNCestimates,= No Change,and Factset.NE = No Estimate

International Driving Upside. We see overseas becoming a bigger driver than investors Ike Boruchow

expect. Notably, Coach International CC revs have accelerated in 3 straight quarters Equity Analyst | Wells Fargo Securities, LLC Ike.Boruchow@wellsfargo.com | 212-214-8024

(+34% in 3Q), and we believe there is further runway for growth, primarily via China (which

Paul Kearneyis trending +40-45% the prior 6 months). We raise our 4Q Coach International revs to

Associate Equity Analyst | Wells Fargo Securities, LLC

+20% (from +16% prior). All-in, our Coach revs move above guide to +16% (from +13% Paul.D.Kearney@wellsfargo.com | 212-214-4837

prior), taking our 4Q EPS above guide/Street to $1.32 (Street $1.25). Robert Bischoff

Thoughts on Initial Guide. We expect TPR's initial FY27 plan to be +MSD revs and margin Robert.Bischoff@wellsfargo.com | 305-329-6777