- Achieved Revenue Growth of 5% on a Reported Basis or 9% on a
Constant Currency Basis with Growth Across Brands
- Expanded Operating Margin Versus Last Year, Fueled by a
Gross Margin Increase of 290 Basis Points
- Increased Diluted EPS by Over 50% Versus Last Year to $0.78,
Significantly Outperforming Expectations
- On Track to Return a Total of $1 Billion to Shareholders in
Fiscal 2023
Link to Download Tapestry’s Q3 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
third quarter ended April 1, 2023.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20230511005121/en/
(Photo: Business Wire)
Joanne Crevoiserat, Chief Executive Officer of Tapestry, Inc.,
said, “Our strong third quarter results were significantly ahead of
expectations, demonstrating the power of brand building, customer
centricity, and our agile operating model. We delivered solid
revenue gains, expanded both gross and operating margin, and drove
robust earnings growth. Importantly, we continued to advance our
strategic agenda, creating lasting customer relationships around
the world through product innovation and compelling omni-channel
experiences – a testament to the ingenuity of our talented
teams.”
“Looking forward, we are well-positioned to deliver sustainable,
profitable growth against a volatile backdrop. We’re harnessing the
strength of our iconic brands, enhanced by our direct-to-consumer,
globally diversified, and data-driven platform. At the same time,
we’re continuing to make investments that fuel brand magic and
empower us to move at the speed of the consumer both today and for
years to come. Our runway is significant and we remain steadfast in
our commitment to drive long-term growth and shareholder
value.”
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 remains on track to
repurchase approximately $700 million in common stock in the
current fiscal year. During the first nine months of Fiscal 2023,
Tapestry spent $500 million to repurchase 13.1 million shares of
its common stock at an average cost of $38.16 per share, including
$200 million spent in the third quarter to repurchase 4.7 million
shares of its common stock at an average cost of $42.49.
- 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 Third
Quarter Financial & Strategic Highlights
During the quarter, the Company advanced its strategic
priorities: 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, acquiring
over 1.2 million new customers in North America alone, of which
approximately half were Gen Z and Millennial consumers;
- Powered global growth, delivering a 5% revenue gain on a
reported basis, or a 9% increase on a constant currency basis,
which exceeded the company’s outlook and included growth at each
brand;
- Fueled International revenue growth of nearly 20% at
constant currency, led by a greater-than-expected inflection in
Greater China, which rose approximately 20%, as well as growth of
over 20% in Japan and Other Asia and a 4% increase in Europe;
- Achieved a low-single-digit revenue gain in North
America, ahead of expectations, driven by
higher-than-anticipated transactions;
- Delivered approximately 10% Direct-to-Consumer revenue
growth at constant currency, led by a low-teens increase in stores
and mid-single-digit gain in Digital, with both expanding
operating margin compared to the prior year;
- Fueled fashion innovation and product excellence to drive
handbag AUR gains, including growth in North America, supported
by pricing actions, promotional discipline and the Company’s data
and analytics capabilities;
- Reported gross margin above expectations and 290 basis
points ahead of the prior year despite FX headwinds, benefiting
from lower freight expense and operational
outperformance;
- Expanded operating margin by over 275 basis points compared
to last year, led by gross margin gains and supported by
disciplined expense management;
- Delivered earnings per diluted share significantly ahead of
expectations and last year, primarily due to operational
outperformance, as well as a favorable timing shift of
approximately $0.05 with the fourth quarter; drove earnings per
diluted share over 50% above last year despite $0.10 of
currency headwinds;
- Maintained tight inventory control, ending the quarter
with inventory levels 2% above the prior year; now positioned to
end the fiscal year with inventory approximately even with
last year, favorable to the prior outlook given the Company’s
third quarter outperformance and continued focus on inventory
turn;
- Returned $270 million to shareholders in the quarter and
$714 million year-to-date through a combination of share
repurchases and dividends.
Overview of Fiscal 2023 Third Quarter
Financial Results
- Net sales totaled $1.51 billion compared to $1.44
billion in the prior year, representing a reported year-over-year
increase of 5%. Excluding a 370 basis point headwind from currency
due to the appreciation of the U.S. Dollar, revenue increased 9%
versus last year.
- Gross profit totaled $1.10 billion, while gross margin
was 72.8%, which reflected a benefit of 360 basis points from lower
freight expense, as well as operational improvements, partially
offset by an FX headwind of 120 basis points. This compared to
prior year gross profit of $1.01 billion, representing a gross
margin of 69.9%.
- SG&A expenses totaled $872 million and represented
57.8% of sales. This compared to reported SG&A expenses in the
prior year period of $836 million, which represented 58.1% of
sales. On a non-GAAP basis, SG&A expenses were $829 million, or
57.7% of sales in the prior year period.
- Operating income was $226 million, while operating
margin was 15.0%. The Company’s operating margin was negatively
impacted by an FX headwind of approximately 170 basis points. This
compared to reported operating income of $169 million and operating
margin of 11.8% in the prior year. On a non-GAAP basis, prior year
operating income was $176 million, while operating margin was
12.2%.
- Net interest expense was $6 million compared to $15
million in the year-ago period.
- Other income was $3 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 other expense of $3 million in
the prior year period.
- Net income was $187 million, with earnings per diluted
share of $0.78. This compared to reported net income of $123
million and earnings per diluted share of $0.46 in the prior year
period. On a non-GAAP basis, net income was $136 million with
earnings per diluted share of $0.51 in the prior year period. The
tax rate for the quarter was 16.4%, as compared to the prior year
period tax rate of 19.2% and 13.8% on a reported and non-GAAP
basis, respectively.
Balance Sheet and Cash Flow
Highlights
- Cash, cash equivalents and short-term investments
totaled $652 million and total borrowings outstanding were
$1.67 billion.
- Inventory of $934 million at quarter-end was favorable
to expectations and approximately 2% above the prior year’s ending
inventory of $913 million. Given strong inventory control, Tapestry
now expects year-end inventory to be in-line with the prior
year.
- Cash flow from operating activities for the third
quarter was an inflow of $112 million compared to an outflow of $52
million in the prior year period. Free cash flow for the
third quarter was an inflow of $71 million compared to an outflow
of $55 million in the prior year period. This included CapEx
and implementation costs related to Cloud Computing of $57
million versus $36 million a year ago. On a year-to-date basis,
cash flow from operating activities was an inflow of $575
million compared to an inflow of $616 million in the prior year
period. Free cash flow was an inflow of $425 million
compared to an inflow of $541 million in the prior year. This
included CapEx and implementation costs related to Cloud
Computing of $206 million versus $119 million a year ago.
Fiscal Year 2023 Outlook
The Company is raising its Fiscal 2023 revenue and earnings
outlook due to its outperformance in the third fiscal quarter.
Tapestry now expects the following for Fiscal 2023, which
replaces all previous guidance:
- Revenue approaching $6.7 billion, which is in the area
of prior year and includes approximately 320 basis points of FX
pressure. On a constant currency basis, revenue is expected to grow
approximately 3% versus last year;
- Net interest expense of approximately $30 million;
- Tax rate of approximately 19.0%;
- Weighted average diluted share count of approximately
242 million shares, incorporating approximately $700 million of
expected share repurchases;
- Earnings per diluted share of $3.85 to $3.90,
representing a low double-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, May 11, 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 2447089. 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 fourth quarter and
full year results on Thursday, August 17, 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 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,”
“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
Nine Months Ended April 1, 2023 and April 2, 2022
(in millions, except per share
data) (unaudited) (unaudited)
QUARTER ENDED NINE MONTHS ENDED April 1, 2023
April 2, 2022 April 1, 2023 April 2, 2022
Net sales
$
1,509.5
$
1,437.5
$
5,041.4
$
5,059.6
Cost of sales
411.2
432.4
1,499.2
1,528.4
Gross profit
1,098.3
1,005.1
3,542.2
3,531.2
Selling, general and administrative expenses
872.0
835.6
2,643.4
2,603.9
Operating income
226.3
169.5
898.8
927.3
Loss on extinguishment of debt
-
-
-
53.7
Interest expense, net
6.1
14.8
21.4
46.8
Other expense (income)
(3.0
)
3.0
1.1
8.3
Income before provision for income taxes
223.2
151.7
876.3
818.5
Provision for income taxes
36.5
29.0
164.4
151.0
Net income
$
186.7
$
122.7
$
711.9
$
667.5
Net income per share: Basic
$
0.80
$
0.47
$
2.99
$
2.47
Diluted
$
0.78
$
0.46
$
2.93
$
2.42
Shares used in computing net income per share: Basic
234.6
259.9
238.4
269.7
Diluted
239.7
265.5
243.2
275.9
Schedule 2: Detail to Net Sales
TAPESTRY, INC. DETAIL TO NET
SALES For the Quarter and Nine
Months Ended April 1, 2023 and April 2, 2022
(in millions) (unaudited) QUARTER ENDED
April 1, 2023 April 2, 2022 % Change vs. FY22
Constant Currency %Change FY22 Coach
$
1,144.0
$
1,072.4
7
%
11
%
Kate Spade
297.2
301.5
(1
)%
1
%
Stuart Weitzman
68.3
63.6
7
%
10
%
Total Tapestry
$
1,509.5
$
1,437.5
5
%
9
%
NINE MONTHS ENDED April 1, 2023
April 2, 2022 % Change vs. FY22 Constant Currency
%Change FY22 Coach
$
3,713.0
$
3,712.3
-
%
4
%
Kate Spade
1,109.4
1,101.4
1
%
3
%
Stuart Weitzman
219.0
245.9
(11
)%
(9
)%
Total Tapestry
$
5,041.4
$
5,059.6
(0
)%
3
%
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 NINE MONTHS ENDED GAAP Basis
(1)(As Reported) GAAP Basis (1)(As Reported) April 1,
2023 April 1, 2023 Gross profit Coach
866.5
2,710.7
Kate Spade
191.1
701.0
Stuart Weitzman
40.7
130.5
Gross profit
$
1,098.3
$
3,542.2
SG&A expenses Coach
524.3
1,576.1
Kate Spade
183.1
600.8
Stuart Weitzman
39.9
134.1
Corporate
124.7
332.4
SG&A expenses
$
872.0
$
2,643.4
Operating income (loss) Coach
342.2
1,134.6
Kate Spade
8.0
100.2
Stuart Weitzman
0.8
(3.6
)
Corporate
(124.7
)
(332.4
)
Operating income (loss)
$
226.3
$
898.8
Provision for income taxes
36.5
164.4
Net income (loss)
$
186.7
$
711.9
Net income (loss) per diluted common share
$
0.78
$
2.93
(1) There were no items affecting comparability in
the three and nine months ended on April 1, 2023
TAPESTRY, INC. CONDENSED CONSOLIDATED SEGMENT DATA, AND
GAAP TO NON-GAAP RECONCILIATION
(in millions, except per share
data) (unaudited)
For the Quarter Ended April 2, 2022 For the Nine
Months Ended April 2, 2022 Items Affecting Comparability
Items Affecting Comparability GAAP Basis(As Reported)
Acceleration Program Non-GAAP Basis(Excluding Items)
GAAP Basis(As Reported) Debt Extinguishment
Acceleration Program Non-GAAP Basis(Excluding Items)
Gross profit Coach
780.0
-
780.0
2,689.2
-
-
2,689.2
Kate Spade
189.4
-
189.4
696.6
-
-
696.6
Stuart Weitzman
35.7
-
35.7
145.4
-
-
145.4
Gross profit
$
1,005.1
$
-
$
1,005.1
$
3,531.2
$
-
$
-
$
3,531.2
SG&A expenses Coach
494.5
1.5
493.0
1,564.7
-
4.0
1,560.7
Kate Spade
179.1
0.7
178.4
565.4
-
4.2
561.2
Stuart Weitzman
42.0
(0.1
)
42.1
139.9
-
3.2
136.7
Corporate
120.0
4.2
115.8
333.9
-
20.3
313.6
SG&A expenses
$
835.6
$
6.3
$
829.3
$
2,603.9
$
-
$
31.7
$
2,572.2
Operating income (loss) Coach
285.5
(1.5
)
287.0
1,124.5
-
(4.0
)
1,128.5
Kate Spade
10.3
(0.7
)
11.0
131.2
-
(4.2
)
135.4
Stuart Weitzman
(6.3
)
0.1
(6.4
)
5.5
-
(3.2
)
8.7
Corporate
(120.0
)
(4.2
)
(115.8
)
(333.9
)
-
(20.3
)
(313.6
)
Operating income (loss)
$
169.5
$
(6.3
)
$
175.8
$
927.3
$
-
$
(31.7
)
$
959.0
Loss on extinguishment of debt
-
-
-
53.7
53.7
-
-
Provision for income taxes
29.0
7.3
21.7
151.0
(12.9
)
(0.7
)
164.6
Net income (loss)
$
122.7
$
(13.6
)
$
136.3
$
667.5
$
(40.8
)
$
(31.0
)
$
739.3
Net income (loss) per diluted common share
$
0.46
$
(0.05
)
$
0.51
$
2.42
$
(0.15
)
$
(0.11
)
$
2.68
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.
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.
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.
The segment gross profit and segment SG&A expenses presented
in the Condensed 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 Acceleration
Program costs for the third quarter and first nine months of fiscal
2022 and Debt Extinguishment costs for the first nine months of
fiscal 2022. In addition, segment Operating Income (loss), Loss on
extinguishment of debt, Provision for income taxes, Net income
(loss), and Net Income (loss) per diluted common share, have been
presented both including and excluding Acceleration Program costs
for the third quarter and first nine months of fiscal 2022 and Debt
Extinguishment costs for the first nine months of fiscal 2022.
There were no items affecting comparability in the third quarter
and first nine months of fiscal 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.
Schedule 4: Condensed Consolidated Balance Sheets
TAPESTRY, INC. CONDENSED CONSOLIDATED BALANCE SHEETS
At April 1, 2023 and July 2,
2022 (in millions)
(unaudited) (audited) April 1, 2023
July 2, 2022 ASSETS Cash, cash equivalents and
short-term investments
$
651.8
$
953.2
Receivables
240.8
252.3
Inventories
934.1
994.2
Other current assets
392.2
374.1
Total current assets
2,218.9
2,573.8
Property and equipment, net
578.2
544.4
Lease right-of-use assets
1,363.8
1,281.6
Other noncurrent assets
2,823.5
2,865.5
Total assets
$
6,984.4
$
7,265.3
LIABILITIES AND STOCKHOLDERS' EQUITY Accounts payable
$
331.0
$
520.7
Accrued liabilities
495.4
628.2
Short-term lease liabilities
294.7
288.7
Current debt
25.0
31.2
Total current liabilities
1,146.1
1,468.8
Long-term debt
1,641.6
1,659.2
Long-term lease liabilities
1,332.0
1,282.3
Other liabilities
601.3
569.5
Stockholders' equity
2,263.4
2,285.5
Total liabilities and stockholders' equity
$
6,984.4
$
7,265.3
Schedule 5: Condensed Consolidated Statement of Cash
Flows
TAPESTRY, INC. CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
For the Nine Months Ended April 1, 2023
and April 2, 2022 (in
millions) (unaudited) (unaudited)
April 1, 2023 April 2, 2022 Cash Flows from
Operating Activities Net income
$
711.9
$
667.5
Adjustments to reconcile net income to net cash flows from
operating activities: Depreciation and amortization
130.5
148.1
Loss on extinguishment of debt
-
53.7
Other non-cash items
45.7
71.5
Changes in operating assets and liabilities
(313.3
)
(324.4
)
Net cash provided by (used in) operating activities
574.8
616.4
Cash Flows from Investing Activities Purchases of
property and equipment
(149.6
)
(75.1
)
Purchase of investments
(6.3
)
(523.4
)
Other items
196.5
261.0
Net cash provided by (used in) investing activities
40.6
(337.5
)
Cash Flows from Financing Activities Dividend
payments
(214.2
)
(202.8
)
Repurchase of common stock
(502.0
)
(1,249.8
)
Proceeds from issuance of debt, net of discount
-
498.5
Payment of debt extinguishment costs
-
(50.7
)
Repayment of debt
(25.0
)
(500.0
)
Other items
(27.5
)
36.5
Net cash provided by (used in) financing activities
(768.7
)
(1,468.3
)
Effect of exchange rate on cash and cash equivalents
0.7
(12.3
)
Net (decrease) increase in cash and cash equivalents
(152.6
)
(1,201.7
)
Cash and cash equivalents at beginning of period
$
789.8
$
2,007.7
Cash and cash equivalents at end of period
$
637.2
$
806.0
Schedule 6: Store Count by Brand
TAPESTRY, INC. STORE COUNT At
December 31, 2022 and April 1, 2023 (unaudited) As of As of
Directly-Operated Store Count:
December 31, 2022
Openings (Closures) April 1,
2023 Coach North
America
341
-
(11)
330
International
612
7
(15)
604
Kate Spade North America
208
1
(3)
206
International
192
6
(5)
193
Stuart Weitzman North
America
37
-
(1)
36
International
62
2
(5)
59
TAPESTRY, INC. STORE COUNT At July
2, 2022 and April 1, 2023 (unaudited) As of As of
Directly-Operated Store Count:
July 2, 2022 Openings (Closures) April 1,
2023 Coach North
America
343
2
(15)
330
International
602
24
(22)
604
Kate Spade North America
207
2
(3)
206
International
191
12
(10)
193
Stuart Weitzman North
America
39
-
(3)
36
International
61
4
(6)
59
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230511005121/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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