Tapestry forecasts annual profit below estimates on tariff pain, shares plunge
(Reuters) -Tapestry forecast annual profit below estimates on Thursday, as the Coach handbag maker grapples with higher tariff costs, sending the company’s shares down 8% in premarket trading. The company estimates a $160-million hit from the U.S. import duties, which could result in an about 230-basis-point impact on its fiscal 2026 operating margin. Tapestry primarily…