Tapestry, Inc. Provides COVID-19 Operational Update
10 Abril 2020 - 5:45AM
Business Wire
Tapestry, Inc. (NYSE: TPR), a leading New York-based house of
modern luxury accessories and lifestyle brands, today provided an
update on the Company’s operations. Tapestry continues to closely
monitor developments and is committed to taking appropriate actions
to protect the health and safety of its employees, customers and
communities.
- In light of continued efforts to slow the transmission of
COVID-19, Tapestry has extended store closures in North America and
Europe for an additional two weeks (through April 24th). As
previously announced, employees at closed locations will continue
to receive pay and benefits over this period. The Company will
continue to reassess store closure decisions on a bi-weekly basis
and will not reopen stores until safe to do so.
- Across all three brands, essentially all of the Company’s
stores in China have re-opened and results are slowly and steadily
improving. Similarly in South Korea, all stores have resumed normal
operating hours.
- Over the past weeks, as determined by local government
guidelines and authorities, many other stores have been closed in
the Asia Pacific region including all stores in Malaysia,
Singapore, Australia, New Zealand and most recently in some
prefectures in Japan.
- Most of the Company’s global distribution centers continue to
operate with only one in Malaysia and a third party facility in New
Jersey temporarily closed.
- During this time, customers can continue to shop through
Tapestry’s e-commerce platforms across all brands and regions, and
at store locations in the Asia Pacific region that remain
open.
Tapestry will continue to assess operations location by
location, in accordance with the guidance of local governments and
global health organizations to determine when operations can safely
begin returning to business.
The Company will provide an update on the operational and
financial impacts of the coronavirus outbreak on its global
business during its third quarter fiscal 2020 conference call
scheduled for April 30, 2020.
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, statements that can be identified by the use of
forward-looking terminology such as "may," "will," “can,” "should,"
“confident,” “future,” "expect," "intend," "estimate," "continue,"
"project," "guidance," "forecast," “outlook,” “believe,”
"anticipate," “proactive,” “preemptive,” “excited about,” “moving,”
“leveraging,” “capitalizing,” “developing,” “drive,” “targeting,”
“assume,” “plan,” “build,” “pursue,” “maintain,” “on track,” “well
positioned to,” “commit,” “look forward to,” “to acquire,”
“achieve,” “strategic vision,” “growth opportunities” 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 transformation and
operational efficiency initiatives and growth strategies and our
ability to achieve intended benefits, cost savings and synergies
from acquisitions, the risk of cybersecurity threats and privacy or
data security breaches, the impact of tax legislation, the impact
of the COVID-19 outbreak, etc. Please refer to the Company’s latest
Annual Report on Form 10-K, Quarterly Report on Form 10-Q 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20200410005031/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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