0001140361-24-037418.txt : 20240815 0001140361-24-037418.hdr.sgml : 20240815 20240815064533 ACCESSION NUMBER: 0001140361-24-037418 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 15 CONFORMED PERIOD OF REPORT: 20240815 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20240815 DATE AS OF CHANGE: 20240815 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TAPESTRY, INC. CENTRAL INDEX KEY: 0001116132 STANDARD INDUSTRIAL CLASSIFICATION: LEATHER & LEATHER PRODUCTS [3100] ORGANIZATION NAME: 04 Manufacturing IRS NUMBER: 522242751 STATE OF INCORPORATION: MD FISCAL YEAR END: 0627 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-16153 FILM NUMBER: 241210562 BUSINESS ADDRESS: STREET 1: 10 HUDSON YARDS CITY: NEW YORK STATE: NY ZIP: 10001 BUSINESS PHONE: 2129468400 MAIL ADDRESS: STREET 1: 10 HUDSON YARDS CITY: NEW YORK STATE: NY ZIP: 10001 FORMER COMPANY: FORMER CONFORMED NAME: COACH INC DATE OF NAME CHANGE: 20000605 8-K 1 ef20034103_8k.htm 8-K
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549
 

 FORM 8-K
 
CURRENT REPORT
 
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
 
Date of report (Date of earliest event reported):          August 15, 2024
 
 
Tapestry, Inc.
  
 (Exact name of registrant as specified in its charter)
 
Maryland
  
1-16153
  
52-2242751
(State of Incorporation)
  
(Commission File Number)
  
(IRS Employer Identification No.)

 
 10 Hudson Yards, New York, NY 10001
  
  (Address of principal executive offices) (Zip Code)

 
(212) 946-8400
  
(Registrant’s telephone number, including area code)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
 
Emerging growth company ☐
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
 
Securities registered pursuant to Section 12(b) of the Act:
 
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock, $0.01 par value
TPR
New York Stock Exchange

Item 2.02
Results of Operations and Financial Condition.
 
On August 15, 2024, Tapestry, Inc. (“Tapestry” or the “Company”) issued a press release (the “Press Release”) in which the Company announced its financial results for its fourth fiscal quarter and full year ended June 29, 2024.  The Company also posted a slide presentation entitled “Investor Presentation” dated August 15, 2024 on the “Presentations & Financial Reports” investor section of its website (www.tapestry.com). A copy of the Press Release is furnished herewith as Exhibit 99.1. Information on the Company’s website is not, and will not be deemed to be, a part of this Current Report on Form 8-K or incorporated into any other filings the Company may make with the Securities and Exchange Commission.

The information in this Current Report on Form 8-K, including Exhibit 99.1, is being furnished to the Securities and Exchange Commission and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to liability under that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.

Item 9.01
Financial Statements and Exhibits.
 
(d)  Exhibits.  The following exhibits are being furnished herewith:

99.1    Text of Press Release, dated August 15, 2024

SIGNATURE
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
Dated:  August 15, 2024
    
 
TAPESTRY, INC.
     
   By:
/s/ David E. Howard
  
   
David E. Howard
   
General Counsel and Secretary

EXHIBIT INDEX
 
99.1
Text of Press Release, dated August 15, 2024


EX-99.1 2 ef20034103_ex99-1.htm EXHIBIT 99.1
Exhibit 99.1


CONTACTS:
Tapestry, Inc.
Media:
Andrea Shaw Resnick
Chief Communications Officer
212/629-2618
aresnick@tapestry.com
Analysts and Investors:
Christina Colone
Global Head of Investor Relations
212/946-7252
ccolone@tapestry.com

TAPESTRY, INC. REPORTS FOURTH QUARTER AND FULL YEAR FISCAL 2024 RESULTS


 •
Achieved Fiscal Year 2024 Reported Diluted EPS of $3.50 and Record non-GAAP Diluted EPS of $4.29, Exceeding the Company’s Outlook


•
Drove Operational Outperformance, Highlighted by Gross Margin Expansion of 250 Basis Points and Robust Operating and Free Cash Flow of Over $1.1 Billion in Fiscal Year 2024


•
Delivered Record Annual Revenue at the Coach Brand

Link to Download Tapestry’s Q4 and Fiscal Year Earnings Presentation, Including Brand Highlights

New York, August 15, 2024 – Tapestry, Inc. (NYSE: TPR), a house of iconic accessories and lifestyle brands consisting of Coach, Kate Spade, and Stuart Weitzman, today reported results for the fourth quarter and year ended June 29, 2024.

10 HUDSON YARDS, NEW YORK, NY 10001 TELEPHONE 212 594 1850  FAX 212 594 1682  WWW.TAPESTRY.COM
Joanne Crevoiserat, Chief Executive Officer of Tapestry, Inc., said, “Our fourth quarter results exceeded expectations, capping a successful year.  This is a testament to our passionate global teams whose creativity and exceptional execution continue to fuel our brands and business. Importantly, through an unwavering focus on powering innovation and consumer connections, we meaningfully advanced our strategic agenda in fiscal year 2024, delivering strong financial results against a dynamic backdrop.  From this position of strength, we have a bold vision for the future and a steadfast commitment to drive growth and shareholder value for years to come.”

Tapestry, Inc. Financial & Strategic Highlights

The Company advanced its strategic priorities throughout the year, resulting in constant currency topline gains, significant gross margin expansion, double-digit adjusted EPS growth, and robust cash flow generation in FY24 despite the complex global economic and consumer environment.  Highlights include:

Build Lasting Customer Relationships


 •
Drove customer engagement, acquiring over 6.5 million new customers during the year in North America alone, over half of which were Gen Z and Millennials.

Power Global Growth
 

 •
Delivered 1% constant currency revenue growth in FY24, including a record year at Coach, which surpassed $5 billion in sales;
 

 •
Achieved International topline growth of 6% at constant currency in FY24, which included revenue gains in Europe (+14%), Other Asia (+9%), Japan (+5%), and Greater China (+3%) compared to the prior year;
 

 •
Realized a 1% sales decline in North America in the fiscal year, while delivering higher operating margin and profit dollars in the region compared to last year driven by gross margin expansion;
 

 •
Delivered double-digit adjusted earnings per diluted share growth in the fiscal year, ahead of expectations which included operational outperformance as well as a benefit from a lower tax rate;
 
2

 •
Generated robust operating and free cash flow of over $1.1 billion in FY24, fueling the Company’s strategic growth agenda.
 
Deliver Compelling Omni-Channel Experiences
 

 •
Achieved Direct-to-Consumer sales in-line with prior year on a constant currency basis in FY24; wholesale revenue increased led by International, including growth on Digital platforms;
 

 •
Drove global brick and mortar sales growth at constant currency in FY24, fueled by higher productivity per square foot; launched immersive retail experiences and new concepts globally, which helped to drive awareness and engagement among younger customer cohorts;
 

 •
Maintained strong Digital positioning, with revenue more than three times above pre-pandemic levels, or nearly 30% of sales in the fiscal year.

Fuel Fashion Innovation and Product Excellence
 

 •
Delivered compelling and distinctive assortments to consumers, with notable momentum at Coach, which drove handbag revenue growth and AUR gains in the fiscal year;
 

 •
Remained disciplined brand-builders and operators, underscored by strong gross margin expansion of 250 basis points in the fiscal year, which included lower freight expense, operational outperformance, and FX tailwinds;
 

 •
Leveraged Tapestry’s customer engagement platform to embed data-driven insights across go-to-market processes, enabling agility and diligent inventory management.

Overview of Fiscal 2024 Fourth Quarter Financial Results


 •
Net sales totaled $1.59 billion compared to $1.62 billion in the prior year period, representing a decline of 2% on a reported basis.  Excluding a currency headwind of approximately 170 basis points, sales were approximately even with the prior year.

3

 •
Gross profit totaled $1.19 billion, while gross margin was 74.9%, which included operational improvements, a benefit of approximately 90 basis points from lower freight expense, as well as FX tailwinds.  This compared to prior year gross profit of $1.17 billion, representing a gross margin of 72.4%.


•
SG&A expenses totaled $956 million and represented 60.1% of sales on a reported basis.  On a non-GAAP basis, SG&A expenses totaled $929 million and represented approximately 58.4% of sales.  In the prior year period, SG&A expenses on both a reported and non-GAAP basis totaled $899 million, representing 55.5% of sales.


•
Operating income was $235 million on a reported basis, while operating margin was 14.8%.  On a non-GAAP basis, operating income was $262 million, while operating margin was 16.5%.  This compares to reported and non-GAAP operating income of $274 million and a 16.9% operating margin in the prior year period.


•
Net interest expense was $31 million on a reported basis, reflecting the incremental debt incurred related to the financing of the proposed acquisition of Capri Holdings Limited.  On a non-GAAP basis, net interest income was $3 million.  This compared to net interest expense of $6 million in the prior year period on both a reported and non-GAAP basis.


•
Other expense was $4 million, primarily due to an FX loss associated with the movement of the U.S. Dollar within the quarter.  This compared to other expense of $1 million in the prior year period.


•
Net income was $159 million, with earnings per diluted share of $0.68.  On a non-GAAP basis, net income was $217 million, with earnings per diluted share of $0.92.  In the prior year period, net income was $224 million, with earnings per diluted share of $0.95 on both a reported and non-GAAP basis.  The tax rate for the quarter was 20.7% on a reported basis and 16.8% on a non-GAAP basis.  In the prior year period, the tax rate was 16.0% on both a reported and non-GAAP basis.

4
Overview of Fiscal 2024 Full Year Financial Results


 •
Net sales totaled $6.67 billion as compared to $6.66 billion in the prior year. Excluding a headwind of approximately 110 basis points from currency, revenue increased 1% versus last year.


•
Gross profit totaled $4.89 billion, while gross margin was 73.3%, which reflected a benefit of 130 basis points from lower freight expense, as well as operational improvements and FX tailwinds. This compared to prior year gross profit of $4.71 billion, representing a gross margin of 70.8%.


•
SG&A expenses totaled $3.75 billion and represented 56.2% of sales. On a non-GAAP basis, SG&A expenses totaled $3.64 billion and represented approximately 54.5% of sales.  In the prior year, SG&A expenses on both a reported and non-GAAP basis totaled $3.54 billion, representing 53.1% of sales.


•
Operating income was $1.14 billion on a reported basis, while operating margin was 17.1%. On a non-GAAP basis, operating income was $1.25 billion, while operating margin was 18.7%.  This compares to reported and non-GAAP operating income of $1.17 billion and a 17.6% operating margin in the prior year.


•
Net interest expense was $125 million on a reported basis, reflecting the incremental debt incurred related to the financing of the proposed acquisition of Capri Holdings Limited.  On a non-GAAP basis, net interest expense was $8 million. This compared to net interest expense of $28 million in the prior year on both a reported and non-GAAP basis.


•
Other expense was $3 million, primarily due to an FX loss associated with the movement of the U.S. Dollar. This compared to other expense of $2 million in the prior year.
5

 •
Net income was $816 million, with earnings per diluted share of $3.50.  On a non-GAAP basis, net income was $1.00 billion, with earnings per diluted share of $4.29.  In the prior year, net income was $936 million, with earnings per diluted share of $3.88 on both a reported and non-GAAP basis.  The tax rate for the year was 19.4% on a reported basis and 19.2% on a non-GAAP basis.  In the prior year, the tax rate was 18.1% on both a reported and non-GAAP basis.

Summary of Revenue Information (Unaudited) – in USD millions

         
% Change
          
% Change
  
   
Quarter Ended
June 29, 2024
    
Reported
    
Constant
Currency
    
Year Ended June
29, 2024
    
Reported
    
Constant
Currency
  
Brand
                                    
Coach
    
1,250.4
      
0
%
    
2
%
    
5,095.3
      
3
%
    
4
%
Kate Spade
    
290.1
      
-6
%
    
-5
%
    
1,334.4
      
-6
%
    
-5
%
Stuart Weitzman
    
50.6
      
-19
%
    
-19
%
    
241.5
      
-14
%
    
-13
%
                                                 
Region
                                                
North America
    
1,020.4
      
-1
%
    
-1
%
    
4,314.0
      
-1
%
    
-1
%
Greater China (1)
    
232.4
      
-13
%
    
-10
%
    
1,012.6
      
0
%
    
3
%
Japan
    
127.4
      
-9
%
    
2
%
    
554.4
      
-3
%
    
5
%
Other Asia (2)
    
86.2
      
9
%
    
12
%
    
348.5
      
7
%
    
9
%
Europe
    
92.3
      
26
%
    
26
%
    
326.6
      
17
%
    
14
%
Other (3)
    
32.4
      
11
%
    
10
%
    
115.1
      
4
%
    
3
%
                                                 
Tapestry
    
1,591.1
      
-2
%
    
0
%
    
6,671.2
      
0
%
    
1
%

(1) Greater China includes mainland China, Hong Kong SAR and Macao SAR, and Taiwan.
(2) Other Asia includes Malaysia, Australia, New Zealand, South Korea, Singapore, and other countries within Asia.
(3) Other primarily represents royalties earned from the Company’s licensing partners and sales in the Middle East.

Balance Sheet and Cash Flow Highlights


 •
Cash, cash equivalents and short-term investments totaled $7.20 billion and total borrowings outstanding were $7.24 billion, reflecting $6.1 billion in senior notes issued in November 2023 to fund the proposed acquisition of Capri Holdings Limited, as well the paydown of the Company’s $450 million term loan in the fiscal fourth quarter.


•
Inventory of $825 million was favorable to expectations and 10% below the prior year’s ending inventory of $920 million, reflecting strong inventory control as well as a shift in receipt timing into the fiscal first quarter of 2025.

6

 •
Cash flow from operating activities for the fiscal year was an inflow of $1.26 billion compared to an inflow of $975 million in the prior year. Free cash flow for the fiscal year was an inflow of $1.15 billion compared to an inflow of $791 million in the prior year.  Excluding deal-related costs, free cash flow for the fiscal year was $1.28 billion.


•
CapEx and implementation costs related to Cloud Computing for the fiscal year were $144 million versus $261 million a year ago.

Dividend

As anticipated, the Board of Directors approved the return of $321 million to shareholders in Fiscal 2024 through dividend payments, for an annual dividend rate of $1.40 per common share, which represented an increase of 17% versus prior year and a dividend payout ratio of 39% on a reported basis.

In Fiscal 2025, Tapestry expects to maintain its annual dividend rate of $1.40 per common share, and the Company’s Board of Directors declared a quarterly cash dividend of $0.35 per common share payable on September 23, 2024, to shareholders of record as of the close of business on September 6, 2024.

Acquisition of Capri Holdings Limited

On August 10, 2023, Tapestry, Inc. announced a definitive agreement to acquire Capri Holdings Limited, establishing a powerful global house of iconic luxury and fashion brands. Importantly, this transaction will bring significant benefits to the combined Company’s customers, employees, partners, and shareholders around the world.  Further, the acquisition builds on Tapestry’s track record as a consumer-centric brand-builder and disciplined operator and accelerates its strategic and financial growth agenda.

On April 22, 2024, the Federal Trade Commission (FTC) filed a lawsuit in an attempt to block the proposed acquisition.  The Company is confident in the merits and pro-competitive, pro-consumer nature of this transaction and looks forward to presenting its strong legal arguments in court, working expeditiously to close the transaction in calendar year 2024.

7
Non-GAAP Reconciliation

During the fiscal fourth quarter of 2024, the Company recorded certain items that decreased pre-tax income by $60 million, net income by $58 million, and earnings per diluted share by approximately $0.24.  For the full fiscal year, the Company recorded certain items that decreased pre-tax income by $227 million, net income by $184 million, and earnings per diluted share by approximately $0.79.   These items relate to costs associated with the proposed acquisition of Capri Holdings Limited, primarily financing charges and professional fees.

Please refer to Financial Schedules 3 and 4 included herein for a detailed reconciliation of the Company’s reported GAAP to non-GAAP results.

Financial Outlook 

Tapestry expects the following for Fiscal 2025 on a non-GAAP basis:


 •
Revenue in the area of $6.7 billion, representing growth compared to the prior year on a reported basis, including approximately 50 basis points of currency pressure.  On a constant currency basis, revenue is expected to increase approximately 1% versus prior year;


•
Operating margin expansion in the area of 50 basis points compared to prior year;


•
Net interest income of approximately $20 million;


•
Tax rate of approximately 19%;


•
Weighted average diluted share count of approximately 238 million shares;


•
Earnings per diluted share of $4.45 to $4.50, representing mid-single digit growth compared to the prior year.  This incorporates a negative impact of $0.35 related to the suspension of share repurchase activity due to the proposed acquisition of Capri Holdings Limited, as previously outlined, and an estimated currency headwind of approximately $0.20 versus the Company’s Fiscal 2025 EPS target as provided at its Investor Day in 2022;

8

 •
Free cash flow of approximately $1.1 billion, excluding deal-related costs.

Please note this outlook assumes the following:


 •
No revenue, net interest, or earnings impact related to the proposed acquisition of Capri Holdings Limited;


•
No further appreciation of the U.S. Dollar; information provided based on spot rates at the time of forecast;


•
No material worsening of inflationary pressures or consumer confidence;


•
No benefit from the potential reinstatement of the Generalized System of Preferences (“GSP”); and


•
No impact related to any potential policy changes resulting from the outcome of U.S. Presidential election in November 2024.

Given the dynamic nature of these and other external factors, financial results could differ materially from the outlook provided.

Financial Outlook - Non-GAAP Adjustments:
The Company is not able to provide a full reconciliation of the non-GAAP financial measures to GAAP presented in this release and on the Company’s conference call because certain material items that impact these measures, such as the timing and exact amount of acquisition, financing, purchase accounting and integration-related charges and Company costs associated with the acquisition of Capri Holdings Limited have not yet occurred and cannot be reasonably estimated at this time. Accordingly, a reconciliation of the Company’s non-GAAP financial measure guidance to the corresponding GAAP measure is not available without unreasonable effort.

9
Conference Call Details

The Company will host a conference call to review these results at 8:00 a.m. (ET) today, August 15, 2024.  Interested parties may listen to the conference call via live webcast by accessing www.tapestry.com/investors or calling 1-866-847-4217 or 1-203-518-9845 and providing the Conference ID 2329867.  A telephone replay will be available starting at 12:00 p.m. (ET) today for a period of five business days. To access the telephone replay, call 1-800-283-4641 or 1-402-220-0851. A webcast replay of the earnings conference call will also be available for five business days on the Tapestry website.  In addition, presentation slides have been posted to the Company’s website at www.tapestry.com/investors.

Upcoming Events

The Company expects to report fiscal 2025 first quarter results on Thursday, November 7, 2024.

To receive notification of future announcements, please register at www.tapestry.com/investors (“Subscribe to E-Mail Alerts”).

About Tapestry, Inc.

Our global house of brands unites the magic of Coach, kate spade new york and Stuart Weitzman. Each of our brands are unique and independent, while sharing a commitment to innovation and authenticity defined by distinctive products and differentiated customer experiences across channels and geographies. We use our collective strengths to move our customers and empower our communities, to make the fashion industry more sustainable, and to build a company that’s equitable, inclusive, and diverse. Individually, our brands are iconic. Together, we can stretch what’s possible. To learn more about Tapestry, please visit www.tapestry.com. For important news and information regarding Tapestry, visit the Investor Relations section of our website at www.tapestry.com/investors. In addition, investors should continue to review our news releases and filings with the SEC. We use each of these channels of distribution as primary channels for publishing key information to our investors, some of which may contain material and previously non-public information. The Company’s common stock is traded on the New York Stock Exchange under the symbol TPR.

10
This information to be made available in this press release may contain forward-looking statements based on management’s current expectations. Forward-looking statements include, but are not limited to, the statements under  “Financial Outlook,” statements regarding long term performance, statements regarding the Company’s capital deployment plans, including anticipated annual dividend rates and share repurchase plans, and statements that can be identified by the use of forward-looking terminology such as “may,” “will,” “can,” “should,” “expect,” “expectation,” “proposed acquisition,” “looks forward to,” “working expeditiously,” “potential,” “intend,” “estimate,” “continue,” “guidance,” “forecast,” “outlook,” “commit,” “anticipate,” “goal,” “leveraging,” “create,” accelerating,” “expand,” “unlock,” “generate,” “enhancing,”  “innovation,” “drive,” “targeting,” “assume,” “plan,” “effort,” “progress,” “confident,”  “future,” “uncertain,” “achieve,” “strategic,”  “growth,” “vision,” “we can stretch what’s possible,” or comparable terms. Future results may differ materially from management’s current expectations, based upon a number of important factors, including risks and uncertainties such as the impact of economic conditions, recession and inflationary measures, risks associated with operating in international markets and our global sourcing activities, the impact of the Covid-19 pandemic, the ability to anticipate consumer preferences and retain the value of our brands, including our ability to execute on our e-commerce and digital strategies, the ability to successfully implement the initiatives under our 2025 growth strategy, the effect of existing and new competition in the marketplace, the satisfaction of the conditions precedent to consummation of the proposed acquisition of Capri Holdings Limited (“Capri”), including the ability to secure regulatory approval in the United States on the terms expected, at all or in a timely manner, our ability to achieve intended benefits, cost savings and synergies from acquisitions including our proposed acquisition of Capri, the outcome of the antitrust lawsuit by the Federal Trade Commission against us and Capri related to the consummation of the proposed acquisition, our ability to control costs, the effect of seasonal and quarterly fluctuations on our sales or operating results; the risk of cybersecurity threats and privacy or data security breaches, our ability to satisfy our outstanding debt obligations or incur additional indebtedness, the risks associated with climate change and other corporate responsibility issues,  the impact of tax and other legislation, the risks associated with potential changes to international trade agreements and the imposition of additional duties on importing our products, our ability to protect against infringement of our trademarks and other proprietary rights, and the impact of pending and potential future legal proceedings, etc. In addition, purchases of shares of the Company’s common stock will be made subject to market conditions and at prevailing market prices. Please refer to the Company’s latest Annual Report on Form 10-K and its other filings with the Securities and Exchange Commission for a complete list of risks and important factors. The Company assumes no obligation to revise or update any such forward-looking statements for any reason, except as required by law.

11
Schedule 1:  Consolidated Statements of Operations

TAPESTRY, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
For the Quarter and Year Ended June 29, 2024 and July 1, 2023
(in millions, except per share data)

   
(unaudited)
    
(unaudited)
    
(audited)
  
   
QUARTER ENDED
    
YEAR ENDED
  
   
June 29, 2024
    
July 1, 2023
    
June 29, 2024
    
July 1, 2023
  
                         
Net sales
  
$
1,591.1
    
$
1,619.5
    
$
6,671.2
    
$
6,660.9
  
Cost of sales
    
399.9
      
446.8
      
1,781.7
      
1,946.0
  
Gross profit
    
1,191.2
      
1,172.7
      
4,889.5
      
4,714.9
  
Selling, general and administrative expenses
    
956.2
      
899.1
      
3,749.4
      
3,542.5
  
Operating income (loss)
    
235.0
      
273.6
      
1,140.1
      
1,172.4
  
Interest expense, net
    
30.5
      
6.2
      
125.0
      
27.6
  
Other expense (income)
    
3.7
      
0.6
      
3.2
      
1.7
  
Income (loss) before provision for income taxes
    
200.8
      
266.8
      
1,011.9
      
1,143.1
  
Provision (benefit) for income taxes
    
41.5
      
42.7
      
195.9
      
207.1
  
Net income (loss)
  
$
159.3
    
$
224.1
    
$
816.0
    
$
936.0
  
Net income (loss) per share:
                                
Basic
  
$
0.69
    
$
0.97
    
$
3.56
    
$
3.96
  
Diluted
  
$
0.68
    
$
0.95
    
$
3.50
    
$
3.88
  
Shares used in computing net income (loss) per share:
                                
Basic
    
230.0
      
230.2
      
229.2
      
236.4
  
Diluted
    
234.7
      
235.4
      
233.2
      
241.3
  

12
Schedule 2:  Detail to Net Sales

TAPESTRY, INC.
DETAIL TO NET SALES
For the Quarter and Year Ended June 29, 2024 and July 1, 2023
(in millions)
(unaudited)

   
QUARTER ENDED
              
   
June 29, 2024
    
July 1, 2023
    
% Change
    
Constant Currency %
Change
  
                         
Coach
  
$
1,250.4
    
$
1,247.4
      
—
%
    
2
%
Kate Spade
    
290.1
      
309.5
      
(6
)%
    
(5
)%
Stuart Weitzman
    
50.6
      
62.6
      
(19
)%
    
(19
)%
Total Tapestry
  
$
1,591.1
    
$
1,619.5
      
(2
)%
    
—
%

   
YEAR ENDED
                  
   
June 29, 2024
    
July 1, 2023
    
% Change
    
Constant Currency %
Change
  
                                 
Coach
  
$
5,095.3
    
$
4,960.4
      
3
%
    
4
%
Kate Spade
    
1,334.4
      
1,418.9
      
(6
)%
    
(5
)%
Stuart Weitzman
    
241.5
      
281.6
      
(14
)%
    
(13
)%
Total Tapestry
  
$
6,671.2
    
$
6,660.9
      
—
%
    
1
%

13
Schedules 3 & 4:  Consolidated Segment Data and GAAP to Non-GAAP Reconciliation

TAPESTRY, INC.
CONSOLIDATED SEGMENT DATA AND
GAAP TO NON-GAAP RECONCILIATION
(in millions, except per share data)
(unaudited)

   
For the Quarter Ended June 29, 2024
    
For the Year Ended June 29, 2024
  
   
Items Affecting Comparability
    
Items Affecting Comparability
  
   
GAAP Basis
(As Reported)
    
Acquisition Costs
    
Non-GAAP Basis
(Excluding Items)
    
GAAP Basis
(As Reported)
    
Acquisition Costs
    
Non-GAAP Basis
(Excluding Items)
  
                                     
Gross Profit
                                    
Coach
    
969.0
      
—
      
969.0
      
3,875.4
      
—
      
3,875.4
  
Kate Spade
    
194.3
      
—
      
194.3
      
871.2
      
—
      
871.2
  
Stuart Weitzman
    
27.9
      
—
      
27.9
      
142.9
      
—
      
142.9
  
Gross profit
  
$
1,191.2
    
$
—
    
$
1,191.2
    
$
4,889.5
    
$
—
    
$
4,889.5
  
                                                 
SG&A expenses
                                                
Coach
    
580.2
      
—
      
580.2
      
2,224.3
      
—
      
2,224.3
  
Kate Spade
    
170.4
      
—
      
170.4
      
738.6
      
—
      
738.6
  
Stuart Weitzman
    
37.2
      
—
      
37.2
      
164.1
      
—
      
164.1
  
Corporate
    
168.4
      
27.0
      
141.4
      
622.4
      
109.9
      
512.5
  
SG&A expenses
  
$
956.2
    
$
27.0
    
$
929.2
    
$
3,749.4
    
$
109.9
    
$
3,639.5
  
                                                 
Operating income (loss)
                                                
Coach
    
388.8
      
—
      
388.8
      
1,651.1
      
—
      
1,651.1
  
Kate Spade
    
23.9
      
—
      
23.9
      
132.6
      
—
      
132.6
  
Stuart Weitzman
    
(9.3
)
    
—
      
(9.3
)
    
(21.2
)
    
—
      
(21.2
)
Corporate
    
(168.4
)
    
(27.0
)
    
(141.4
)
    
(622.4
)
    
(109.9
)
    
(512.5
)
Operating income (loss)
  
$
235.0
    
$
(27.0
)
  
$
262.0
    
$
1,140.1
    
$
(109.9
)
  
$
1,250.0
  
                                                 
Interest expense, net
    
30.5
      
33.0
      
(2.5
)
    
125.0
      
116.7
      
8.3
  
                                                 
Provision for income taxes
    
41.5
      
(2.2
)
    
43.7
      
195.9
      
(42.4
)
    
238.3
  
Net income (loss)
  
$
159.3
    
$
(57.8
)
  
$
217.1
    
$
816.0
    
$
(184.2
)
  
$
1,000.2
  
Net income (loss) per diluted common share
  
$
0.68
    
$
(0.24
)
  
$
0.92
    
$
3.50
    
$
(0.79
)
  
$
4.29
  

14
TAPESTRY, INC.
CONSOLIDATED SEGMENT DATA AND
GAAP TO NON-GAAP RECONCILIATION
(in millions, except per share data)
(unaudited)

   
For the Quarter Ended
July 1, 2023
    
For the Year Ended
July 1, 2023
  
   
GAAP Basis
(As Reported)(1)
    
GAAP Basis
(As Reported)(1)
  
             
Gross Profit
            
Coach
    
936.4
      
3,647.1
  
Kate Spade
    
199.1
      
900.1
  
Stuart Weitzman
    
37.2
      
167.7
  
Gross profit
  
$
1,172.7
    
$
4,714.9
  
                 
SG&A expenses
                
Coach
    
541.1
      
2,117.2
  
Kate Spade
    
184.3
      
785.1
  
Stuart Weitzman
    
40.3
      
174.4
  
Corporate
    
133.4
      
465.8
  
SG&A expenses
  
$
899.1
    
$
3,542.5
  
                 
Operating income (loss)
                
Coach
    
395.3
      
1,529.9
  
Kate Spade
    
14.8
      
115.0
  
Stuart Weitzman
    
(3.1
)
    
(6.7
)
Corporate
    
(133.4
)
    
(465.8
)
Operating income (loss)
  
$
273.6
    
$
1,172.4
  
                 
Interest expense, net
    
6.2
      
27.6
  
                 
Provision for income taxes
    
42.7
      
207.1
  
Net income (loss)
  
$
224.1
    
$
936.0
  
Net income (loss) per diluted common share
  
$
0.95
    
$
3.88
  

(1) There were no items affecting comparability in the fourth quarter and fiscal year ended on July 1, 2023

Management utilizes non-GAAP and constant currency measures to conduct and evaluate its business during its regular review of operating results for the periods affected and to make decisions about Company resources and performance. The Company believes presenting these non-GAAP measures, which exclude items that are not comparable from period to period, is useful to investors and others in evaluating the Company’s ongoing operating and financial results in a manner that is consistent with management’s evaluation of business performance and understanding how such results compare with the Company’s historical performance. Additionally, the Company believes presenting these metrics on a constant currency basis will help investors and analysts to understand the effect of significant year-over-year foreign currency exchange rate fluctuations on these performance measures and provide a framework to assess how business is performing and expected to perform excluding these effects.

15
The Company reports information in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”). The Company’s management does not, nor does it suggest that investors should, consider non-GAAP financial measures in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Further, the non-GAAP measures utilized by the Company may be unique to the Company, as they may be different from non-GAAP measures used by other companies.

The Company operates on a global basis and reports financial results in U.S. dollars in accordance with GAAP. Percentage increases/decreases in net sales for the Company and each segment have been presented both including and excluding currency fluctuation effects from translating foreign-denominated sales into U.S. dollars and compared to the same periods in the prior quarter and fiscal year. The Company calculates constant currency net sales results by translating current period net sales in local currency using the prior year period’s currency conversion rate.

The segment operating income and supplemental segment SG&A expenses presented in the Consolidated Segment Data, and GAAP to non-GAAP Reconciliation Table above, as well as SG&A expense ratio, and operating margin, are considered non-GAAP measures. These measures have been presented both including and excluding acquisition costs for the fourth quarter and fiscal year ended June 29, 2024. In addition, segment Operating Income (loss), Net income (loss), and Net Income (loss) per diluted common share, have been presented both including and excluding acquisition costs for the fourth quarter and fiscal year ended June 29, 2024.

There were no items affecting comparability for the fourth quarter and fiscal year ended July 1, 2023.

The Company also presents free cash flow, which is a non-GAAP measure, Free cash flow is calculated by taking the “Net cash flows provided by (used in) operating activities” less “Purchases of property and equipment” from the Condensed Consolidated Statement of Cash Flows. The Company believes that free cash flow is an important liquidity measure of the cash that is available after capital expenditures for operational expenses and investment in our business. The Company believes that free cash flow is useful to investors because it measures the Company’s ability to generate or use cash. Once our business needs and obligations are met, cash can be used to maintain a strong balance sheet, invest in future growth and return capital to stockholders. Adjusted EBITDA is calculated as Net Income, excluding, Interest expense, Provision for income taxes, Depreciation and amortization, Cloud computing amortization costs, Share-based compensation and Items affecting comparability including Acquisition and Integration costs.

16
Schedule 5:  Condensed Consolidated Balance Sheets

TAPESTRY, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
At June 29, 2024 and July 1, 2023
(in millions)

     
(unaudited)
June 29, 2024
      
(audited)
July 1, 2023
   
ASSETS
            
Cash, cash equivalents and short-term investments
  
$
7,203.8
    
$
741.5
  
Receivables
    
228.2
      
211.5
  
Inventories
    
824.8
      
919.5
  
Other current assets
    
546.9
      
491.0
  
Total current assets
    
8,803.7
      
2,363.5
  
Property and equipment, net
    
514.7
      
564.5
  
Operating lease right-of-use assets
    
1,314.4
      
1,378.7
  
Other assets
    
2,763.5
      
2,810.1
  
Total assets
  
$
13,396.3
    
$
7,116.8
  
LIABILITIES AND STOCKHOLDERS’ EQUITY
                
Accounts payable
  
$
452.2
    
$
416.9
  
Accrued liabilities
    
656.3
      
547.1
  
Current portion of operating lease liabilities
    
299.7
      
297.5
  
Current debt
    
303.4
      
25.0
  
Total current liabilities
    
1,711.6
      
1,286.5
  
Long-term debt
    
6,937.2
      
1,635.8
  
Long-term operating lease liabilities
    
1,224.2
      
1,333.7
  
Other liabilities
    
626.4
      
583.0
  
Stockholders’ equity
    
2,896.9
      
2,277.8
  
Total liabilities and stockholders’ equity
  
$
13,396.3
    
$
7,116.8
  

17
Schedule 6: Condensed Consolidated Statement of Cash Flows

TAPESTRY, INC.
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
For the Fiscal Years Ended June 29, 2024 and July 1, 2023
(in millions)

   
(unaudited)
    
(audited)
  
   
June 29, 2024
    
July 1, 2023
  
CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES
            
Net income (loss)
  
$
816.0
    
$
936.0
  
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
                
Depreciation and amortization
    
174.0
      
182.2
  
Amortization of cloud computing arrangements
    
55.0
      
42.0
  
Other non-cash items
    
42.7
      
73.9
  
Changes in operating assets and liabilities
    
167.9
      
(258.9
)
Net cash provided by (used in) operating activities
    
1,255.6
      
975.2
  
                 
CASH FLOWS PROVIDED BY (USED IN) INVESTING ACTIVITIES
                
Purchases of property and equipment
    
(108.9
)
    
(184.2
)
Purchases of investments
    
(2,713.0
)
    
(6.7
)
Proceeds from maturities and sales of investments
    
1,676.3
      
154.7
  
Other items
    
103.7
      
41.9
  
Net cash provided by (used in) investing activities
    
(1,041.9
)
    
5.7
  
                 
CASH FLOWS PROVIDED BY (USED IN) FINANCING ACTIVITIES
                
Payment of dividends
    
(321.4
)
    
(283.3
)
Repurchase of common stock
    
—
      
(703.5
)
Proceeds from issuance of debt, net of discount
    
6,089.5
      
—
  
Repayment of debt
    
(468.8
)
    
(31.2
)
Other items
    
(84.9
)
    
(17.9
)
Net cash provided by (used in) financing activities
    
5,214.4
      
(1,035.9
)
                 
Effect of exchange rate on cash and cash equivalents
    
(12.2
)
    
(8.7
)
Net (decrease) increase in cash and cash equivalents
    
5,415.9
      
(63.7
)
Cash and cash equivalents at beginning of year
  
$
726.1
    
$
789.8
  
Cash and cash equivalents at end of year
  
$
6,142.0
    
$
726.1
  

18
Schedules 7 & 8: Store Count by Brand

TAPESTRY, INC.
STORE COUNT
At March 30, 2024 and June 29, 2024
(unaudited)

 
Directly-Operated Store Count:
   
As of
March 30, 2024
        
Openings
        
(Closures)
      
As of
June 29, 2024
   
Coach
                        
North America
    
326
      
—
      
(2
)
    
324
  
International
    
611
      
4
      
(9
)
    
606
  
                                 
Kate Spade
                                
North America
    
198
      
2
      
(3
)
    
197
  
International
    
185
      
2
      
(6
)
    
181
  
                                 
Stuart Weitzman
                                
North America
    
38
      
—
      
(4
)
    
34
  
International
    
62
      
—
      
(2
)
    
60
  

TAPESTRY, INC.
STORE COUNT
At July 1, 2023 and June 29, 2024
(unaudited)

Directly-Operated Store Count:
   
As of
July 1, 2023
      
Openings
      
(Closures)
      
As of
June 29, 2024
   
Coach
        
             
North America
    
330
      
3
      
(9
)
    
324
  
International
    
609
      
21
      
(24
)
    
606
  
                                 
Kate Spade
                                
North America
    
205
      
4
      
(12
)
    
197
  
International
    
192
      
9
      
(20
)
    
181
  
                                 
Stuart Weitzman
                                
North America
    
36
      
2
      
(4
)
    
34
  
International
    
57
      
10
      
(7
)
    
60
  

###


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Document and Entity Information
Aug. 15, 2024
Cover [Abstract]  
Document Type 8-K
Amendment Flag false
Document Period End Date Aug. 15, 2024
Entity File Number 1-16153
Entity Registrant Name Tapestry, Inc.
Entity Central Index Key 0001116132
Entity Incorporation, State or Country Code MD
Entity Tax Identification Number 52-2242751
Entity Address, Address Line One 10 Hudson Yards
Entity Address, City or Town New York
Entity Address, State or Province NY
Entity Address, Postal Zip Code 10001
City Area Code 212
Local Phone Number 946-8400
Title of 12(b) Security Common Stock, $0.01 par value
Trading Symbol TPR
Security Exchange Name NYSE
Entity Emerging Growth Company false
Written Communications false
Soliciting Material false
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