Tapestry fell more than 15% in morning trading even after the owner of Coach and Kate Spade reported strong sales and earnings and provided fiscal year guidance roughly in line with analysts' expectations.

Analysts said the sell-off was likely driven by slower-than-expected sales growth at Coach. The handbag maker reported quarterly sales growth of 15% compared to consensus estimates of 15.5%.

Coach has been driving all the gains at Tapestry. Kate Spade continued to struggle with sales down 7% in the period. Investors are concerned that Coach's sales momentum will slow. But Citi analyst Paul Lejuez said that company estimates of low-teens sales growth for Coach in the current quarter "is a positive sign about the momentum of the brand."