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Shares of Tapestry Inc. tumbled 12.6% in premarket trade Thursday, after the parent of Coach and Kate Spade brands reported fiscal second-quarter earnings and sales that missed expectations, amid a surprise decline in Kate Spade sales. Net income for the quarter to Dec. 29 rose to $254.8 million, or 88 cents a share, from $63.2 million, or 22 cents a share, in the same period a year ago, which included a negative impact from tax reform. Excluding non-recurring items, adjusted earnings per share was flat at $1.07, but below the FactSet consensus of $1.11. Sales rose 1% to $1.80 billion, but missed the FactSet consensus of $1.86 billion. Coach sales increased 2% to $1.25 billion and Stuart Weitzman sales rose 3% to $124 million, both meeting expectations, while Kate Spade sales fell 1% to $428 million versus expectations of an 11% rise to $485 million. For fiscal 2019, the company expects adjusted EPS of $2.55 to $2.60, below the FactSet consensus of $2.78. Revenue is expected to rise in the low-to-mid-single digit range, while the FactSet consensus of $6.16 billion implies 4.7% growth. The stock has dropped 7.4% over the past three months through Wednesday, while the S&P 500 has declined 2.9%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.