- Delivered Revenue of Over $2.0 Billion, Consistent with the
Company’s Outlook for the Holiday Quarter
- Achieved Diluted EPS of $1.36, Outperforming Expectations
Driven by Stronger Margins
- Remains on Track to Return a Total of $1 Billion to
Shareholders in Fiscal 2023
Link to Download Tapestry’s Q2 2023 Earnings Presentation,
Including Brand Highlights
Tapestry, Inc. (NYSE: TPR), a leading New York-based house of
iconic accessories and lifestyle brands consisting of Coach, Kate
Spade, and Stuart Weitzman, today reported results for the fiscal
second quarter ended December 31, 2022.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20230209005109/en/
(Photo: Business Wire)
Joanne Crevoiserat, Chief Executive Officer of Tapestry, Inc.,
said, “During the key holiday season – where brand magic,
compelling product and operational excellence are required to win
with consumers – we outperformed expectations. To this end, we
delivered record second quarter earnings despite a challenging
backdrop. This is a direct reflection of our talented teams and the
benefits of our globally diversified business model, which continue
to fuel innovation and customer engagement across our portfolio.
Importantly, we remained disciplined stewards of our brands,
expanding gross margin, while making investments that support our
strategic growth agenda.”
“Moving forward, we will continue to power our iconic brands to
move at the speed of the consumer. We are staying agile amid an
uncertain environment by leaning into Tapestry’s core strengths:
purpose-led brands with emotional customer connections amplified by
our digitally enabled, direct-to-consumer platform. Our focus is
clear, and we are confident in our ability to drive sustainable
growth and deliver meaningful value for all stakeholders.”
Shareholder Return
Programs
The Company continues to expect to return approximately $1.0
billion to shareholders in Fiscal 2023 given its strong balance
sheet, free cash flow generation and outlook for growth. This
includes the following expectations:
- Share Repurchases: Tapestry is on track to buy back
approximately $700 million in common stock in the current fiscal
year. During the first six months of Fiscal 2023, Tapestry spent
$300 million to repurchase 8.4 million shares of its common stock
at an average cost of $35.73 per share, including approximately
$200 million spent in the second quarter to repurchase roughly 5.4
million shares of its common stock at an average cost of
$36.77.
- Dividend Payments: The Company remains committed to its
plan to pay shareholders an annual dividend of $1.20 per share in
the current fiscal year, representing a 20% increase compared to
prior year, totaling approximately $300 million.
Tapestry, Inc. Fiscal 2023 Second
Quarter Financial & Strategic Highlights
During the quarter, the Company advanced its strategic
priorities focused on building lasting customer relationships,
fueling fashion innovation and product excellence, delivering
compelling omni-channel experiences and powering global growth.
Highlights of the quarter include:
- Drove customer engagement with our brands, highlighted
by an increase in spend per customer, as well as the acquisition of
nearly 2.6 million new customers in North America alone, of which
nearly half were Gen Z and Millennial consumers;
- Generated low-single-digit constant currency revenue growth
outside of Greater China, including a low-single-digit increase
in direct-to-consumer sales, driven by gains in stores; in Greater
China, revenue declined 20% in constant currency due to incremental
pressures associated with Covid, though there has been a
significant sequential improvement in traffic and revenue trends
quarter-to-date in Fiscal Q3;
- Delivered North America revenue in-line with expectations
with a stronger-than-anticipated operating margin; realized a
2% decline in sales versus last year in the region, representing an
increase of nearly 25% against FY19 pre-pandemic levels on a
reported basis;
- Achieved double-digit sales increases at constant currency
in Other Asia, Japan and Europe, which together outperformed
expectations;
- Reported gross margin above expectations and prior year,
with all brands increasing versus prior year excluding FX,
benefiting from lower freight expense;
- Fueled fashion innovation and product excellence to drive
handbag AUR gains at constant currency, including growth in North
America, supported by pricing actions, promotional discipline
and the Company’s data and analytics capabilities;
- Continued to invest in platform capabilities and brand
building activities, underscored by marketing at 9% of sales,
an increase compared to 8% of revenue in the prior year
period;
- Delivered earnings per diluted share ahead of expectations,
resulting in growth compared to last year despite $0.11 of currency
headwinds; excluding this negative impact, earnings grew
approximately 10% against the prior year;
- Returned $272 million to shareholders in the quarter and
$444 million year-to-date through a combination of share
repurchases and dividends.
Overview of Fiscal 2023 Second Quarter
Financial Results
- Net sales totaled $2.03 billion compared to $2.14
billion in the prior year, representing a reported year-over-year
decrease of approximately 5%. Excluding a 380 basis point headwind
from currency due to the appreciation of the U.S. Dollar, revenue
declined approximately 2% versus last year.
- Gross profit totaled $1.39 billion, while gross margin
was 68.6%, which benefited from lower freight expense of 130 basis
points, as well as operational improvements, partially offset by an
FX headwind of 100 basis points. This compared to prior year gross
profit of $1.46 billion, representing a gross margin of 68.1%.
- SG&A expenses totaled $971 million and represented
47.9% of sales. This compared to reported SG&A expenses in the
prior year period of $995 million, which represented 46.5% of
sales. On a non-GAAP basis, SG&A expenses were $981 million, or
45.8% of sales in the prior year period.
- Operating income was $418 million, while operating
margin was 20.6%. The Company’s operating margin was negatively
impacted by an FX headwind of approximately 120 basis points. This
compared to reported operating income of $463 million and operating
margin of 21.6% in the prior year. On a non-GAAP basis, prior year
operating income was $476 million, while operating margin was
22.2%.
- Net interest expense was $8 million compared to $16
million in the year-ago period.
- Other income was $7 million in the quarter, primarily
due to an FX gain associated with the movement of the U.S. Dollar
within the quarter. This compared to $3 million of other expense in
the prior year period.
- Extinguishment of debt in the prior year period was a
loss of $54 million on a reported basis due to costs associated
with the cash tender completed in the second fiscal quarter of
fiscal 2022. There were no charges associated with debt
extinguishment in the current year.
- Net income was $330 million, with earnings per diluted
share of $1.36. This compared to reported net income of $318
million and earnings per diluted share of $1.15 in the prior year
period. On a non-GAAP basis, net income was $368 million with
earnings per diluted share of $1.33 in the prior year period. The
tax rate for the quarter was 20.9%, as compared to the prior year
period tax rate of 18.5% and 19.5% on a reported and non-GAAP
basis, respectively.
Balance Sheet and Cash Flow
Highlights
- Cash, cash equivalents and short-term investments
totaled $846 million and total borrowings outstanding were
$1.67 billion.
- Inventory at quarter-end was $976 million, consistent
with expectations, versus ending inventory of $750 million a year
ago. The Company remains on track to end the fiscal year with
inventory up single digits versus prior year.
- Free cash flow for the second quarter was an inflow of
$552 million compared to an inflow of $608 million in the prior
year. This included CapEx and implementation costs
related to Cloud Computing of $102 million versus $47 million a
year ago. On a year-to-date basis, free cash flow was an
inflow of $354 million compared to an inflow of $596 million in the
prior year. This included CapEx and implementation costs
related to Cloud Computing of $149 million versus $83 million a
year ago.
Fiscal Year 2023 Outlook
The Company is raising its Fiscal 2023 earnings outlook based on
its operational outperformance in the second fiscal quarter, as
well as favorability associated with a more moderate currency
headwind than previously anticipated. These benefits are partially
offset by a more modest revenue growth assumption for Greater
China. Of note, Greater China has shown a meaningful sequential
improvement quarter-to-date in Fiscal Q3.
Tapestry now expects the following for Fiscal 2023, which
replaces all previous guidance:
- Revenue of approximately $6.6 billion, representing a
slight decrease compared to the prior year due to approximately 300
basis points of FX pressure. On a constant currency basis, revenue
is expected to grow approximately 2% to 3% over the prior
year.
- Net interest expense of approximately $30 to $35
million;
- Tax rate of approximately 20%;
- Weighted average diluted share count of approximately
242 million shares, incorporating approximately $700 million of
expected share repurchases;
- Earnings per diluted share of approximately $3.70 to
$3.75, reflecting an increase to the previous outlook and a
high-single-digit growth rate compared to the prior year on a
non-GAAP basis despite a currency headwind of approximately
$0.40.
The Company's outlook assumes the following:
- No further appreciation of the U.S. Dollar; information
provided based on spot rates at the time of forecast;
- Continued gradual recovery in Greater China from Covid-related
disruption; no further significant lockdowns or incremental supply
chain pressures from the Covid-19 pandemic;
- No material worsening of inflationary pressures or consumer
confidence; and
- No benefit from the potential reinstatement of the Generalized
System of Preferences (GSP).
Given the dynamic nature of these and other external factors,
financial results could differ materially from the outlook
provided.
Conference Call Details The
Company will host a conference call to review these results at 8:00
a.m. (ET) today, February 9, 2023. 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 9704378. 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. Presentation slides have also been posted to
the Company’s website at www.tapestry.com/investors.
Upcoming Events The Company
expects to report Fiscal 2023 third quarter results on Thursday,
May 11, 2023.
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.
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 2023 Outlook,”
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,” “potential,” "intend," "estimate,"
"continue," "project," "guidance," "forecast," “outlook,” “commit,”
"anticipate," “goal,” “leveraging,” “sharpening,” transforming,”
“creating,” accelerating,” “enhancing,” “innovation,” “drive,”
“targeting,” “assume,” “plan,” “progress,” “confident,” “future,”
“uncertain,” “on track,” “achieve,” “strategic,” “growth,” “we see
significant growth opportunities,” “view,” “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 the ongoing Covid-19 pandemic, including impacts
on our supply chain due to temporary closures of our manufacturing
partners, price increases, temporary store closures, as well as
production, shipping and fulfillment constraints, economic
conditions, the ability to successfully execute our multi-year
growth agenda, our ability to control costs, 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 effects of existing and new competition in the
marketplace, risks associated with operating in international
markets and our global sourcing activities, 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 pending and potential future legal
proceedings, the impact of tax and other legislation and the risks
associated with climate change and other corporate responsibility
issues, 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.
Schedule 1: Consolidated Statement of Operations
TAPESTRY, INC. CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS For the Quarter and
Six Months Ended December 31, 2022 and January 1, 2022
(in millions, except per share
data) (unaudited)
(unaudited) QUARTER ENDED SIX MONTHS ENDED
December 31, 2022 January 1, 2022 December
31, 2022 January 1, 2022
Net sales
$
2,025.4
$
2,141.2
$
3,531.9
$
3,622.1
Cost of sales
636.1
683.8
1,088.0
1,096.0
Gross profit
1,389.3
1,457.4
2,443.9
2,526.1
Selling, general and administrative expenses
971.1
994.6
1,771.4
1,768.3
Operating income
418.2
462.8
672.5
757.8
Loss on extinguishment of debt
-
53.7
-
53.7
Interest expense, net
7.9
15.9
15.3
32.0
Other expense (income)
(6.6
)
3.1
4.1
5.3
Income before provision for income taxes
416.9
390.1
653.1
666.8
Provision for income taxes
87.0
72.2
127.9
122.0
Net income
$
329.9
$
317.9
$
525.2
$
544.8
Net income per share:
Basic
$
1.38
$
1.17
$
2.19
$
1.98
Diluted
$
1.36
$
1.15
$
2.14
$
1.94
Shares used in computing net income per share:
Basic
239.3
271.1
240.3
274.5
Diluted
243.3
277.2
245.0
281.0
Schedule 2: Detail to Net Sales
TAPESTRY, INC. DETAIL TO NET
SALES For the Quarter and Six
Months Ended December 31, 2022 and January 1, 2022
(in millions) (unaudited) QUARTER ENDED
December 31, 2022 January 1, 2022 % Change vs.
FY22 Constant Currency %Change FY22
Coach
$
1,449.7
$
1,525.0
(5
)%
(1
)%
Kate Spade
490.3
500.4
(2
)%
0
%
Stuart Weitzman
85.4
115.8
(26
)%
(24
)%
Total Tapestry
$
2,025.4
$
2,141.2
(5
)%
(2
)%
SIX MONTHS ENDED December 31, 2022
January 1, 2022 % Change vs. FY22 Constant
Currency %Change FY22 Coach
$
2,569.0
$
2,639.9
(3
)%
2
%
Kate Spade
812.2
799.9
2
%
4
%
Stuart Weitzman
150.7
182.3
(17
)%
(15
)%
Total Tapestry
$
3,531.9
$
3,622.1
(2
)%
1
%
Schedule 3: Condensed Consolidated Segment Data and Items
Affecting Comparability
TAPESTRY, INC. CONDENSED CONSOLIDATED SEGMENT DATA
(in millions, except per share
data) (unaudited)
QUARTER ENDED SIX
MONTHS ENDED GAAP Basis (1)(As
Reported) GAAP Basis (1)(As Reported)
December 31, 2022 December 31, 2022
Gross profit
Coach
1,035.3
1,844.2
Kate Spade
302.1
509.9
Stuart Weitzman
51.9
89.8
Gross profit
$
1,389.3
$
2,443.9
SG&A expenses
Coach
582.1
1,051.8
Kate Spade
233.1
417.7
Stuart Weitzman
51.2
94.2
Corporate
104.7
207.7
SG&A expenses
$
971.1
$
1,771.4
Operating income
(loss) Coach
453.2
792.4
Kate Spade
69.0
92.2
Stuart Weitzman
0.7
(4.4
)
Corporate
(104.7
)
(207.7
)
Operating income (loss)
$
418.2
$
672.5
Provision for income taxes
87.0
127.9
Net income (loss)
$
329.9
$
525.2
Net income (loss) per diluted common share
$
1.36
$
2.14
(1) There were no items
affecting comparability in first and second quarter of fiscal 2023
TAPESTRY, INC.
CONDENSED CONSOLIDATED SEGMENT DATA,
AND GAAP TO NON-GAAP
RECONCILIATION (in millions,
except per share data) (unaudited) For the Quarter Ended
January 1, 2022 For the Six Months Ended January 1, 2022
Items Affecting Comparability Items
Affecting Comparability GAAP Basis(As Reported)
DebtExtinguishment AccelerationProgram
Non-GAAP Basis(Excluding Items) GAAP Basis(As
Reported) DebtExtinguishment
AccelerationProgram Non-GAAP Basis(Excluding Items)
Gross profit
Coach
1,078.2
-
-
1,078.2
1,909.2
-
-
1,909.2
Kate Spade
308.0
-
-
308.0
507.2
-
-
507.2
Stuart Weitzman
71.2
-
-
71.2
109.7
-
-
109.7
Gross profit
$
1,457.4
$
-
$
-
$
1,457.4
$
2,526.1
$
-
$
-
$
2,526.1
SG&A
expenses
Coach
604.9
-
1.1
603.8
1,070.2
-
2.5
1,067.7
Kate Spade
224.3
-
2.1
222.2
386.3
-
3.5
382.8
Stuart Weitzman
57.9
-
2.9
55.0
97.9
-
3.3
94.6
Corporate
107.5
-
7.2
100.3
213.9
-
16.1
197.8
SG&A expenses
$
994.6
$
-
$
13.3
$
981.3
$
1,768.3
$
-
$
25.4
$
1,742.9
Operating income
(loss) Coach
473.3
-
(1.1
)
474.4
839.0
-
(2.5
)
841.5
Kate Spade
83.7
-
(2.1
)
85.8
120.9
-
(3.5
)
124.4
Stuart Weitzman
13.3
-
(2.9
)
16.2
11.8
-
(3.3
)
15.1
Corporate
(107.5
)
-
(7.2
)
(100.3
)
(213.9
)
-
(16.1
)
(197.8
)
Operating income (loss)
$
462.8
$
-
$
(13.3
)
$
476.1
$
757.8
$
-
$
(25.4
)
$
783.2
Loss on
extinguishment of debt
53.7
53.7
-
-
53.7
53.7
-
-
Provision for income taxes
72.2
(12.9
)
(4.1
)
89.2
122.0
(12.9
)
(8.0
)
142.9
Net income (loss)
$
317.9
$
(40.8
)
$
(9.2
)
$
367.9
$
544.8
$
(40.8
)
$
(17.4
)
$
603.0
Net income (loss) per diluted common share
$
1.15
$
(0.15
)
$
(0.03
)
$
1.33
$
1.94
$
(0.15
)
$
(0.06
)
$
2.15
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 financial information
presented above, as well as SG&A expense ratio, and operating
margin, have been presented both including and excluding
Acceleration Program and Debt Extinguishment costs for the second
quarter and first six months of fiscal 2022. There were no items
affecting comparability in the second quarter and first six months
of fiscal 2023.
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.
Approximately 10% earnings growth compared to last year despite
$0.11 of currency neutral headwinds is calculated by taking the
Q2FY23 Diluted EPS of $1.36, plus the negative foreign currency
impact of $0.11, compared to Q2FY22 non-GAAP Diluted EPS of
$1.33.
Net sales changes for the Company and each segment are based on
absolute sales dollar changes and are not presented in accordance
with the Company’s comparable sales definition utilized
historically due to the uncertain business environment resulting
from the impact of the Covid-19 pandemic.
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.
Schedule 4: Condensed Consolidated Balance Sheets
TAPESTRY, INC. CONDENSED CONSOLIDATED BALANCE SHEETS
At December 31, 2022 and July 2,
2022 (in millions)
(unaudited) (audited) December 31, 2022
July 2, 2022 ASSETS Cash, cash
equivalents and short-term investments
$
846.2
$
953.2
Receivables
252.8
252.3
Inventories
975.8
994.2
Other current assets
423.8
374.1
Total current assets
2,498.6
2,573.8
Property and equipment, net
571.1
544.4
Lease right-of-use assets
1,358.8
1,281.6
Other noncurrent assets
2,829.2
2,865.5
Total assets
$
7,257.7
$
7,265.3
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable
$
436.7
$
520.7
Accrued liabilities
594.2
628.2
Short-term lease liabilities
282.7
288.7
Current debt
25.0
31.2
Total current liabilities
1,338.6
1,468.8
Long-term debt
1,647.5
1,659.2
Long-term lease liabilities
1,348.4
1,282.3
Other liabilities
610.0
569.5
Stockholders' equity
2,313.2
2,285.5
Total liabilities and stockholders' equity
$
7,257.7
$
7,265.3
Schedule 5: Condensed Consolidated Statement of Cash
Flows
TAPESTRY, INC. CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
For the Six Months Ended December 31, 2022
and January 1, 2022 (in
millions) (unaudited) (unaudited)
December 31, 2022 January 1, 2022 Cash Flows from
Operating Activities Net income
$
525.2
$
544.8
Adjustments to reconcile net income to net cash flows from
operating activities: Depreciation and amortization
88.6
99.6
Loss on extinguishment of debt
-
53.7
Other non-cash items
30.1
49.6
Changes in operating assets and liabilities
(181.5
)
(79.6
)
Net cash provided by (used in) operating activities
462.4
668.1
Cash Flows from Investing
Activities Purchases of property and
equipment
(108.8
)
(71.7
)
Purchase of investments
(4.3
)
(502.3
)
Other items
193.7
118.3
Net cash provided by (used in) investing activities
80.6
(455.7
)
Cash Flows from Financing
Activities Dividend payments
(144.2
)
(137.5
)
Repurchase of common stock
(300.0
)
(750.0
)
Proceeds from issuance of debt, net of discount
-
498.5
Payment of debt extinguishment costs
-
(50.7
)
Repayment of debt
(18.8
)
(500.0
)
Repayment of revolving credit facility
-
-
Other items
(41.7
)
(12.4
)
Net cash provided by (used in) financing activities
(504.7
)
(952.1
)
Effect of exchange rate on cash and cash equivalents
2.1
(10.6
)
Net (decrease) increase in cash and
cash equivalents
40.4
(750.3
)
Cash and cash equivalents at beginning of period
$
789.8
$
2,007.7
Cash and cash equivalents at end of period
$
830.2
$
1,257.4
Schedule 6: Store Count by Brand
TAPESTRY, INC. STORE COUNT At
October 1, 2022 and December 31, 2022 (unaudited) As of As of
Directly-Operated Store Count:
October 1, 2022 Openings (Closures) December
31, 2022 Coach
North America
341
1
(1)
341
International
608
7
(3)
612
Kate Spade
North America
207
1
-
208
International
192
3
(3)
192
Stuart Weitzman
North America
38
-
(1)
37
International
60
2
-
62
TAPESTRY, INC.
STORE COUNT At July 2, 2022 and December 31, 2022
(unaudited) As of
As of Directly-Operated Store
Count: July 2, 2022
Openings (Closures) December
31, 2022 Coach
North America
343
2
(4)
341
International
602
17
(7)
612
Kate Spade
North America
207
1
-
208
International
191
6
(5)
192
Stuart Weitzman
North America
39
-
(2)
37
International
61
2
(1)
62
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230209005109/en/
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 Kelsey Mueller 212/946-8183 Director of
Investor Relations kmueller@tapestry.com
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