Tapestry, Inc. (NYSE: TPR), a leading New York-based house of
modern luxury accessories and lifestyle brands, today reported
results for the fiscal second quarter ended December 28, 2019.
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Jide Zeitlin, Chairman and Chief Executive Officer of Tapestry,
Inc., said, “We are pleased with our overall holiday results, which
outperformed plan driven by continued momentum at Coach and a
sequential improvement at Kate Spade. In addition, we exited the
quarter in a good inventory position.”
“Coach delivered its ninth consecutive quarter of positive
comparable store sales growth. North America led the global comp,
with notable strength online, and higher average unit retail
driving gross margin expansion. In aggregate our international
business was even with the prior year with strong comp growth in
Other Asia, Europe and Mainland China, offsetting continued
weakness in Hong Kong SAR and a slight decline in Japan,
reflecting the impact of the consumption tax increase.”
“Kate Spade’s comparable store sales improved sequentially as we
further implemented key product and merchandising actions to
strengthen the assortment and enhance the brand’s novelty offering,
while also moving through excess inventory.”
“Stuart Weitzman sales were impacted by softer demand across
channels as we lacked compelling newness in our heritage boot
offering. We have built on these learnings and are reinvigorating
our footwear icons, while injecting innovation into the overall
assortment in keeping with market trends.”
Mr. Zeitlin continued, “At Tapestry, we entered our third fiscal
quarter with strong underlying trends, notably at Coach, as sales
growth accelerated from the holiday period. Therefore, we had
anticipated maintaining our FY20 guidance despite continuing
headwinds in Hong Kong SAR and challenges at Stuart Weitzman.
However, the escalating coronavirus outbreak is now significantly
impacting our business in China, resulting in the closure of the
majority of our stores on the Mainland.”
“We now expect that our second half results could be negatively
impacted by approximately $200-$250 million in sales and
$0.35-$0.45 in earnings per diluted share, given current trends in
China. If the situation further deteriorates, or the outbreak
affects demand outside of the country, this impact could be
worse.”
“We are confident in our ability to effectively navigate through
this period of uncertainty. We are managing our response to best
protect our people, our brands and every aspect of our
business.”
“Our primary concern is the health and well-being of our team,
their families and their local communities who are dealing with the
daily reality of this situation. We believe in the resilience of
the Chinese people and our view that China represents a significant
opportunity for our brands is unchanged. Our strong balance sheet,
cash position and globally diversified sourcing base and supply
chain provide the flexibility to operate our Company for the long
term and to emerge stronger, as we have many times in the
past.”
Non-GAAP Reconciliation:
During the fiscal second quarter, the Company recorded certain
charges associated with its ERP implementation efforts and
Organization-related and Integration activities. Taken together,
these items decreased the Company’s second quarter reported net
income by $5 million or about $0.02 per diluted share. Please refer
to the financial tables included herein for a detailed
reconciliation of the Company’s reported to non-GAAP results.
Overview of Second Quarter 2020
Tapestry, Inc. Results:
- Net sales totaled $1.82 billion for the fiscal second
quarter as compared to $1.80 billion in the prior year, an increase
of 1% on a reported and constant currency basis.
- Gross profit totaled $1.21 billion on a reported basis,
while gross margin for the quarter was 66.6% compared to $1.20
billion and 66.8%, respectively, in the prior year. On a non-GAAP
basis, gross profit totaled $1.21 billion, while gross margin was
66.7% as compared to $1.21 billion and 67.0%, respectively, in the
prior year.
- SG&A expenses totaled $847 million on a reported
basis and represented 46.6% of sales compared to $827 million and
45.9%, respectively in the year ago quarter. On a non-GAAP basis,
SG&A expenses were $838 million and represented 46.1% of sales
as compared to $809 million and 44.9%, respectively, in the
year-ago period.
- Operating income totaled $363 million on a reported
basis, while operating margin was 20.0% versus approximately $376
million and an operating margin of 20.9% in the prior year. On a
non-GAAP basis, operating income was $373 million, while operating
margin was 20.6% versus $398 million and an operating margin of
22.1% in the prior year.
- Net interest expense was $14 million in the quarter as
compared to $13 million in the year ago period.
- Other income was $6 million versus $4 million in the
prior year.
- Net income for the quarter was $299 million on a
reported basis, with earnings per diluted share of $1.08. This
compared to net income of $255 million with earnings per diluted
share of $0.88 in the prior year period. The reported tax rate for
the quarter of 15.8% compared to the prior year reported rate of
30.7%. On a non-GAAP basis, net income for the quarter totaled
approximately $304 million with earnings per diluted share of
$1.10. This compared to non-GAAP net income of $310 million with
earnings per diluted share of $1.07 in the prior year period. The
non-GAAP tax rate for the quarter was 16.9% compared to 20.3% in
the prior year.
- Inventory was $748 million at the end of quarter versus
ending inventory of $732 million in the year ago period.
Fiscal second quarter results by brand were as follows:
Coach Second Quarter 2020
Results:
- Net sales for Coach totaled $1.27 billion for the fiscal
second quarter, 2% above prior year on a reported and constant
currency basis. Global comparable store sales increased 2%,
including a benefit of approximately 200 basis points driven by an
increase in global e-commerce.
- Gross profit for Coach totaled $877 million, while gross
margin was 69.1%, on a reported and non-GAAP basis. This compared
to gross profit and gross margin in the prior year of $860 million
and 68.9%, respectively, on a reported and non-GAAP basis.
- SG&A expenses for Coach were approximately $494
million on a reported basis and represented 38.9% of sales. On a
non-GAAP basis, SG&A expenses were $495 million and represented
39.0% of sales. This compared to expenses of $486 million or 38.9%
of sales in the year-ago quarter on both a reported and non-GAAP
basis.
- Operating income for Coach totaled $383 million compared
to reported operating income of $374 million in the prior year,
while operating margin was 30.1% versus 30.0% a year ago. On a
non-GAAP basis, operating income was $382 million compared to $374
million in the prior year, while operating margin was 30.1% versus
30.0% a year ago.
Kate Spade Second Quarter 2020
Results:
- Net sales for Kate Spade totaled $430 million for the
fiscal second quarter as compared to $428 million in the prior
year. Global comparable store sales declined 4%, including the
benefit of approximately 300 basis points from global
e-commerce.
- Gross profit for Kate Spade totaled $262 million, while
gross margin for the quarter was 61.0%, on a reported and non-GAAP
basis. This compared to reported gross profit and gross margin of
$272 million and 63.6%, respectively, in the prior year. On a
non-GAAP basis, gross profit and gross margin was $275 million and
64.2%, respectively, in the previous year.
- SG&A expenses for Kate Spade were approximately $194
million on a reported basis and represented 45.2% of sales. This
compared to reported SG&A expenses of $184 million in the year
ago period, which represented 43.0% of sales. On a non-GAAP basis,
SG&A expenses were $194 million and represented 45.0% of sales.
This compared to expenses of $180 million or 42.1% of sales on a
non-GAAP basis in the previous year.
- Operating income for Kate Spade was $68 million on a
reported basis, representing an operating margin of 15.8%. This
compared to operating income of $88 million and an operating margin
of 20.6% on a reported basis in the year ago period. On a non-GAAP
basis, operating income totaled $69 million, while operating margin
was 15.9%. This compared to operating income of approximately $95
million and an operating margin of 22.1% on a non-GAAP basis in the
previous year.
Stuart Weitzman Second Quarter 2020
Results:
- Net sales for Stuart Weitzman totaled $116 million for
the fiscal second quarter compared to $124 million reported in the
same period of the prior year, a decrease of 7% and 6% on a
reported and constant currency basis, respectively.
- Gross profit for Stuart Weitzman totaled $70 million on
a reported basis, while gross margin for the quarter was 60.5% as
compared to $71 million and 57.3%, respectively, in the prior year.
On a non-GAAP basis, second quarter gross profit was approximately
$72 million, while gross margin was 61.8% as compared to $72
million and 58.1%, respectively, in the year ago period.
- SG&A expenses for Stuart Weitzman were $60 million
on a reported basis and represented 52.3% of sales as compared to
$61 million or 49.3% of sales in the prior year’s second quarter.
On a non-GAAP basis, SG&A expenses were $60 million or 52.0% of
sales as compared to approximately $60 million or 48.8% of sales in
the prior year.
- Operating income for Stuart Weitzman was $10 million on
a reported basis, while operating margin was 8.2% versus income of
$10 million and 8.0%, respectively, in the prior year. On a
non-GAAP basis, operating income was $11 million or 9.8% of sales
versus approximately $11 million or 9.2% of sales in the prior
year.
Mr. Zeitlin added, “Our strategic intent to drive organic growth
and profitability is unwavering. As discussed during our first
quarter earnings call, we recently embarked on a comprehensive
review of our business. Our findings show there is an opportunity
to accelerate long-term growth in all three of our brands. To
realize this potential, we need to become more responsive to
changing consumer demands. This requires integrating data analytics
and consumer insights in all aspects of the business, from design
to product development to planning and allocation to marketing. We
bring a sense of urgency to this work and are dedicating resources
to formulate and implement our strategy to drive value and
shareholder returns. We will share the key components of this plan
at an analyst and investor day this summer.”
“We are stewards of three powerful brands and, with the
executive appointments announced separately this morning, we
believe we have the leadership team and the capabilities to deliver
strong, sustainable growth which will define the next chapter at
Tapestry,” Mr. Zeitlin concluded.
Fiscal Year 2020
Outlook:
The following outlook is provided on a non-GAAP basis and
replaces all previous guidance. Our guidance now includes an
estimated negative impact of the coronavirus outbreak in China of
approximately $200-$250 million in sales and $0.35-$0.45 in diluted
earnings per share. Given the dynamic nature of the situation, the
potential financial impact to our business could be materially
different.
Therefore, the Company expects revenues for Fiscal 2020 to
approximate $5.9 billion. In addition, the Company now projects
earnings per diluted share to be approximately $2.15-$2.25.
Fiscal Year 2020 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
costs associated with Organization-related and Integration
activities, the Company’s ERP implementation, impairment charges
and the impact of select store closures have not yet occurred as
the Company continues to refine its plans. Accordingly, a
reconciliation of our non-GAAP financial measure guidance to the
corresponding GAAP measures is not available without unreasonable
effort. Where possible, the Company has identified the estimated
impact of the items excluded from its Fiscal 2020 guidance.
This Fiscal 2020 non-GAAP guidance excludes (1) expected pre-tax
charges of approximately $30 to $40 million attributable to the
Company’s ERP implementation efforts; (2) estimated pre-tax
Organization-related and Integration charges of approximately $40
to $50 million; (3) impairment charges on right-of-use assets and
property and equipment of approximately $76 million incurred in the
fiscal first quarter; and (4) projected charges related to select
store closures as the Company seeks to optimize its fleet.
Conference Call Details:
The Company will host a conference call to review these results
at 8:30 a.m. (ET) today, February 6, 2020. Interested parties may
listen to the conference call via live webcast by accessing
www.tapestry.com/investors on the Internet or calling
1-877-510-8087 or 1-862-298-9015 and providing the Conference ID
6445579. 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 1-800-585-8367 or 1-404-537-3406 and enter
the Conference ID 6445579. A webcast replay of the earnings
conference call will also be available for five business days on
the Tapestry website. Presentation slides have also been posted to
the Company’s website at www.tapestry.com/investors.
Upcoming Events:
The Company expects to report Fiscal 2020 third quarter results
on Thursday April 30, 2020. To receive notification of future
announcements, please register at www.tapestry.com/investors
("Subscribe to E-Mail Alerts").
The Company intends to host an analyst and investor day at its
headquarters in New York City in the summer of 2020 to discuss
strategic initiatives. More details, including webcast
registration, will be provided in the future.
Tapestry, Inc. is a New York-based house of modern luxury
lifestyle brands. The Company’s portfolio includes Coach, Kate
Spade and Stuart Weitzman. Our Company and our brands are founded
upon a creative and consumer-led view of luxury that stands for
inclusivity and approachability. 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. To learn more
about Tapestry, please visit www.tapestry.com. The Company’s common
stock is traded on the New York Stock Exchange under the symbol
TPR.
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 “Fiscal Year 2020 Outlook,”
statements regarding the potential impact of the coronavirus
outbreak and statements that can be identified by the use of
forward-looking terminology such as "may," "will," “can,” "should,"
"expect," "intend," "estimate," "continue," "project," "guidance,"
"forecast," “outlook,” “roadmap,” "anticipate," “excited,”
“moving,” “leveraging,” “capitalizing,” “developing,” “drive,”
“targeting,” “assume,” “plan,” “build,” “pursue,” “maintain,”
“progress,” “future,” “on track,” “well positioned to,” “look
forward to,” “looking ahead,” “to acquire,” “achieve,” “strategic
vision,” “ongoing headwinds,” “growth opportunities,” “view,” 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 expected
economic trends, the ability to anticipate consumer preferences,
the ability to control costs and successfully execute our growth
strategies, our ability to achieve intended benefits, cost savings
and synergies from acquisitions, the risk of cybersecurity threats
and privacy or data security breaches, and the impact of tax
legislation, and the impact of the coronavirus outbreak on our
financial results, etc. 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.
TAPESTRY, INC.
CONSOLIDATED STATEMENTS OF
OPERATIONS For the Quarter
& Six Months Ended December 28, 2019 and December 29,
2018 (in millions, except per
share data) (unaudited) (unaudited)
QUARTER ENDED SIX MONTHS ENDED December 28,
2019 December 29, 2018 December 28, 2019
December 29, 2018 Net sales
$ 1,816.0
$ 1,800.8
$ 3,173.9
$ 3,182.0
Cost of sales
606.3
597.3
1,049.7
1,043.4
Gross profit
1,209.7
1,203.5
2,124.2
2,138.6
Selling, general and administrative expenses
846.6
827.0
1,709.5
1,599.8
Operating income
363.1
376.5
414.7
538.8
Interest expense, net
14.0
13.2
26.3
26.3
Other expense (gain)
(5.9)
(4.2)
6.8
0.4
Income before provision for income taxes
355.0
367.5
381.6
512.1
Provision for income taxes
56.2
112.7
62.8
135.0
Net income
$ 298.8
$ 254.8
$ 318.8
$ 377.1
Net income per share: Basic
$ 1.08
$ 0.88
$ 1.14
$ 1.30
Diluted
$ 1.08
$ 0.88
$ 1.13
$ 1.29
Shares used in computing net income per share: Basic
276.0
289.9
280.8
289.3
Diluted
276.7
291.0
281.8
291.4
TAPESTRY, INC.
DETAIL TO NET SALES
For the Quarter & Six Months Ended
December 28, 2019 and December 29, 2018 (in millions) (unaudited) Quarter Ended
December 28, 2019 December 29, 2018 % Change
Constant Currency %Change Comparable Sales
Coach
$
1,269.9
$
1,248.6
2 %
2 %
2 %
Kate Spade
430.4
428.4
- %
- %
(4)%
Stuart Weitzman
115.7
123.8
(7)%
(6)%
N/A
Total Tapestry
$
1,816.0
$
1,800.8
1 %
1 %
Six Months Ended
December 28, 2019 December 29, 2018
% Change
Constant Currency %
Change
Comparable Sales
Coach
$
2,235.8
$
2,209.3
1 %
1 %
1 %
Kate Spade
735.9
753.8
(2)%
(3)%
(9)%
Stuart Weitzman
202.2
218.9
(8)%
(7)%
N/A
Total Tapestry
$
3,173.9
$
3,182.0
- %
- %
TAPESTRY, INC.
GAAP TO NON-GAAP RECONCILIATION
For the Quarter Ended December 28,
2019 (in millions, except per
share data) (unaudited) December 28, 2019
GAAP Basis(As Reported) ERP Implementation
Organization-related& Integration Costs Non-GAAP
Basis(Excluding Items) Cost of sales Coach
877.3
-
-
877.3
Kate Spade
262.4
-
-
262.4
Stuart Weitzman
70.0
-
(1.5
)
71.5
Gross profit(1)
$
1,209.7
$
-
$
(1.5
)
$
1,211.2
SG&A expenses Coach
494.5
-
(0.4
)
494.9
Kate Spade
194.5
-
0.7
193.8
Stuart Weitzman
60.4
-
0.3
60.1
Corporate
97.2
6.3
1.8
89.1
SG&A expenses
$
846.6
$
6.3
$
2.4
$
837.9
-
Operating income (loss) Coach
382.8
-
0.4
382.4
Kate Spade
67.9
-
(0.7
)
68.6
Stuart Weitzman
9.6
-
(1.8
)
11.4
Corporate
(97.2
)
(6.3
)
(1.8
)
(89.1
)
Operating income (loss)
$
363.1
$
(6.3
)
$
(3.9
)
$
373.3
Provision for income taxes
56.2
(1.5
)
(4.0
)
61.7
Net income
$
298.8
$
(4.8
)
$
0.1
$
303.5
Net income per diluted common share
$
1.08
$
(0.02
)
$
-
$
1.10
(1) Adjustments within Gross profit are recorded within Cost
of sales.
TAPESTRY, INC.
GAAP TO NON-GAAP RECONCILIATION
For the Six Months Ended December 28,
2019 (in millions, except per
share data) (unaudited) December 28, 2019
GAAP Basis(As Reported) ERP Implementation
Organization-related& Integration Costs
Impairment Non-GAAP Basis(Excluding Items)
Cost of sales Coach
1,554.9
-
(0.1
)
-
1,555.0
Kate Spade
453.9
-
(1.2
)
-
455.1
Stuart Weitzman
115.4
-
(4.3
)
-
119.7
Gross profit(1)
$
2,124.2
$
-
$
(5.6
)
$
-
$
2,129.8
SG&A expenses Coach
972.6
-
(0.1
)
41.5
931.2
Kate Spade
393.2
-
0.8
25.2
367.2
Stuart Weitzman
125.1
-
(2.1
)
8.9
118.3
Corporate
218.6
20.8
24.5
-
173.3
SG&A expenses
$
1,709.5
$
20.8
$
23.1
$
75.6
$
1,590.0
-
-
Operating income (loss) Coach
582.3
-
-
(41.5
)
623.8
Kate Spade
60.7
-
(2.0
)
(25.2
)
87.9
Stuart Weitzman
(9.7
)
-
(2.2
)
(8.9
)
1.4
Corporate
(218.6
)
(20.8
)
(24.5
)
-
(173.3
)
Operating income (loss)
$
414.7
$
(20.8
)
$
(28.7
)
$
(75.6
)
$
539.8
Provision for income taxes
62.8
(5.0
)
(9.4
)
(12.1
)
89.3
Net income
$
318.8
$
(15.8
)
$
(19.3
)
$
(63.5
)
$
417.4
Net income per diluted common share
$
1.13
$
(0.06
)
$
(0.07
)
$
(0.22
)
$
1.48
(1) Adjustments within Gross profit are recorded within Cost
of sales.
TAPESTRY, INC.
GAAP TO NON-GAAP RECONCILIATION
For the Quarter Ended December 29,
2018 (in millions, except per
share data) (unaudited) December 29, 2018
GAAP Basis(As Reported) ERP Implementation
Integration &Acquisition Impact of TaxLegislation
Non-GAAP Basis(Excluding Items) Cost of sales Coach
860.1
-
-
-
860.1
Kate Spade
272.4
-
(2.5
)
-
274.9
Stuart Weitzman
71.0
-
(1.0
)
-
72.0
Gross profit(1)
$
1,203.5
-
(3.5
)
-
$
1,207.0
SG&A expenses Coach
485.7
-
-
-
485.7
Kate Spade
184.1
-
3.7
-
180.4
Stuart Weitzman
61.1
-
0.6
-
60.5
Corporate
96.1
6.4
7.4
-
82.3
SG&A expenses
$
827.0
$
6.4
$
11.7
$
-
$
808.9
Operating income (loss) Coach
374.4
-
-
-
374.4
Kate Spade
88.3
-
(6.2
)
-
94.5
Stuart Weitzman
9.9
-
(1.6
)
-
11.5
Corporate
(96.1
)
(6.4
)
(7.4
)
-
(82.3
)
Operating income (loss)
$
376.5
$
(6.4
)
$
(15.2
)
$
-
$
398.1
Provision for income taxes
112.7
(1.6
)
1.1
34.1
79.1
Net income
$
254.8
$
(4.8
)
$
(16.3
)
$
(34.1
)
$
310.0
Net income per diluted common share
$
0.88
$
(0.01
)
$
(0.06
)
$
(0.12
)
$
1.07
(1) Adjustments within Gross profit are recorded within Cost
of sales.
TAPESTRY,
INC. GAAP TO NON-GAAP
RECONCILIATION For the Six
Months Ended December 29, 2018 (in millions, except per share data)
(unaudited) December
29, 2018 GAAP Basis(As Reported) ERP
Implementation Integration &Acquisition Impact of
TaxLegislation Non-GAAP Basis(Excluding Items)
Cost of sales Coach
1,539.8
-
(2.0
)
-
1,541.8
Kate Spade
480.1
-
(1.1
)
-
481.2
Stuart Weitzman
118.7
-
(1.0
)
-
119.7
Gross profit(1)
$
2,138.6
$
-
$
(4.1
)
$
-
$
2,142.7
SG&A expenses Coach
930.3
-
-
-
930.3
Kate Spade
347.1
-
7.1
-
340.0
Stuart Weitzman
126.5
-
12.1
-
114.4
Corporate
195.9
10.4
11.4
-
174.1
SG&A expenses
$
1,599.8
$
10.4
$
30.6
$
-
$
1,558.8
Operating income (loss) Coach
609.5
-
(2.0
)
-
611.5
Kate Spade
133.0
-
(8.2
)
-
141.2
Stuart Weitzman
(7.8
)
-
(13.1
)
-
5.3
Corporate
(195.9
)
(10.4
)
(11.4
)
-
(174.1
)
Operating income (loss)
$
538.8
$
(10.4
)
$
(34.7
)
$
-
$
583.9
Provision for income taxes
135.0
(2.6
)
(2.1
)
34.1
105.6
Net income
$
377.1
$
(7.8
)
$
(32.6
)
$
(34.1
)
$
451.6
Net income per diluted common share
$
1.29
$
(0.03
)
$
(0.11
)
$
(0.12
)
$
1.55
(1) Adjustments within Gross profit are recorded within Cost
of sales.
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 financial information
presented above, as well as gross margin, SG&A expense ratio,
and operating margin, have been presented both including and
excluding the effect of certain items related to the Company’s ERP
Implementation and Organization-related and Integration Costs for
the second quarter of fiscal year 2020 and ERP Implementation and
Integration & Acquisition-Related Costs for the second quarter
of fiscal year 2019.
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 revenue
results by translating current period revenue in local currency
using the prior year period’s currency conversion rate.
Guidance for certain financial information for the fiscal year
ending June 27, 2020 has also been presented on a non-GAAP
basis.
Management utilizes these 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.
TAPESTRY, INC.
CONDENSED CONSOLIDATED BALANCE
SHEETS At December 28, 2019 and
June 29, 2019 (in
millions) (unaudited) (audited)
December 28, 2019 June 29, 2019 ASSETS
Cash, cash equivalents and short-term investments
$
1,166.7
$
1,233.8
Receivables
363.5
298.1
Inventories
748.3
778.3
Other current assets
232.9
246.6
Total current assets
2,511.4
2,556.8
Property and equipment, net
886.3
938.8
Lease right-of-use assets
1,996.5
-
Other noncurrent assets
3,305.9
3,381.7
Total assets
$
8,700.1
$
6,877.3
LIABILITIES AND STOCKHOLDERS' EQUITY Accounts
payable
$
252.4
$
243.6
Accrued liabilities
670.1
673.6
Short-term lease liabilities
329.8
-
Current debt
-
0.8
Total current liabilities
1,252.3
918.0
Long-term debt
1,598.0
1,601.9
Long-term lease liabilities
1,901.2
-
Other liabilities
626.2
844.0
Stockholders' equity
3,322.4
3,513.4
Total liabilities and stockholders' equity
$
8,700.1
$
6,877.3
TAPESTRY, INC.
STORE COUNT At September 28, 2019 and December 28, 2019
(unaudited) As of
As of Directly-Operated Store
Count: September 28,
2019 Openings
(Closures) December 28, 2019 Coach North America
392
3
(2)
393
International
592
11
(7)
596
Kate Spade North America
212
10
-
222
International
198
11
(4)
205
Stuart Weitzman North
America
72
1
(1)
72
International
78
10
(1)
87
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200206005331/en/
Tapestry, Inc. Analysts & Media: Andrea Shaw Resnick Global
Head of Investor Relations and Corporate Communications
212/629-2618 aresnick@tapestry.com Christina Colone Vice President,
Investor Relations 212/946-7252 ccolone@tapestry.com
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