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(Photo: Business Wire)
“We strengthened our executive and creative leadership across our brands, with a clear focus on executing our strategic vision. In addition, we expanded our Board with the appointment of new Directors who bring fresh perspectives and extensive and relevant business experience. Finally, we announced several important business development initiatives during the year, which allow each of our brands to assume greater direct control over their international distribution and, in keeping with our strategic priority, maximize the opportunity with Chinese consumers globally across our portfolio. To this end, we’re excited to announce that we’ve entered into purchase agreements to acquire Kate Spade’s operations in
“Coach posted a strong finish to fiscal 2018, with positive fourth quarter comparable store sales, again led by outperformance in
“The successful integration of
“Finally at Stuart Weitzman, as anticipated, fourth quarter results continued to be negatively impacted by development and delivery delays which pressured sales and margins. For the year, sales were essentially unchanged, reflecting the second half challenges. During the quarter, we continued to implement the production and planning processes necessary to drive the business forward and remain confident in the long term opportunities for the brand.”
Non-GAAP Reconciliation Items:
During the fiscal fourth quarter, the Company recorded pre-tax charges associated with Integration and Acquisition activities and its Operational Efficiency Plan. In addition, during the quarter, the Company recorded certain favorable tax impacts associated with the recently enacted U.S. tax legislation as well as a one-time reversal of certain valuation allowances that were established in connection with purchase accounting for the
Overview of Fourth Quarter 2018
Fiscal 2018 fourth quarter performance includes the contribution of
Fourth fiscal quarter results in each of the Company’s reportable segments were as follows:
Coach Fourth Quarter of 2018 Results:
Kate Spade Fourth Quarter of 2018 Results:
Stuart Weitzman Fourth Quarter of 2018 Results:
Overview of Full Year 2018
Fiscal 2018 performance includes the contribution of
Fiscal 2018 results in each of the Company’s reportable segments were as follows:
Coach Full Year 2018 Results:
Kate Spade Full Year 2018 Results (for the post-acquisition period):
Stuart Weitzman Full Year 2018 Results:
The Company also announced that its Board of Directors declared a quarterly cash dividend of
Mr. Luis added, “Our strong fiscal 2018 performance reflected the benefits of diversification across brands, geographies and categories. Looking ahead, we are focused first and foremost on execution. Our goal is to deliver strong revenue and operating income growth in fiscal 2019, while making the right strategic investments to support our long-term vision and drive a return to both double-digit operating income and earnings per share growth in fiscal 2020. We will continue to harness the power of our multi-brand model, fuel innovation across brands, drive global growth with an emphasis on the Chinese consumer, and advance our digital and data analytics capabilities.”
“At Coach, we will offer a heightened level of newness throughout the pyramid of fashion, price and occasion across channels and geographies. In addition, we will build on the successful re-launch of Signature as a coveted brand icon. Beyond bags, we’re excited about the opportunities for women’s footwear and ready-to-wear as well as men’s across all categories. In stores, we will be utilizing technology and digital to enhance and modernize the customer experience, notably through customization. And, we will amplify our initiatives with marketing that balances unexpected brand placement and campaigns with broad appeal.”
“Fiscal 2019 will be a pivotal year at
“At Stuart Weitzman, our near-term focus continues to be building the infrastructure and capacity to support the brand’s creative vision. We now expect to return to topline growth in the second fiscal quarter and remain confident in our long-term strategy to evolve into a global, multi-channel, multi-category fashion brand grounded in quality and design.”
“Overall, we are proud of the progress we’ve made in FY18 and couldn’t be more excited about the opportunities ahead for Tapestry and each of our brands,” Mr. Luis concluded.
Fiscal Year 2019 Outlook
The following fiscal 2019 guidance is provided on a non-GAAP basis.
The Company expects revenues for fiscal 2019 to increase at a mid-single-digit rate from fiscal 2018 to
The Company is also projecting the operating income growth rate to exceed the revenue growth rate, reflecting the organic growth of the business, the realization of incremental synergies from the
Net interest expense is expected to be approximately
Overall, the Company projects earnings per diluted share in the range of
Fiscal Year 2019 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 charges related to Integration and Acquisition, the costs associated with the Company’s ERP implementation as well as the impact of the tax legislation changes recently enacted in the U.S, have not yet occurred or are out of the Company’s control. 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 2019 guidance.
This fiscal 2019 non-GAAP guidance excludes (1) expected pre-tax charges of
Conference Call Details:
The Company will host a conference call to review these results at
The Company expects to report fiscal 2019 first quarter financial results on
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 2019 Outlook,” as well as 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,” "anticipate," “moving,” “leveraging,” “capitalizing,” “developing,” “drive,” “targeting,” “assume,” “plan,” “build,” “pursue,” “maintain,” “on track,” “well positioned to,” “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 impact of tax legislation, etc. Please refer to the Company’s latest Annual Report on Form 10-K, it’s Quarterly Report on Form 10-Q for the period ended
TAPESTRY, INC. |
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CONSOLIDATED STATEMENTS OF OPERATIONS |
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For the Quarters and Years Ended June 30, 2018 and July 1, 2017 |
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(in millions, except per share data) |
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(unaudited) | (unaudited) | (audited) | |||||||||||
QUARTER ENDED | YEAR ENDED | ||||||||||||
June 30, | July 1, | June 30, | July 1, | ||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||
Net sales | $ | 1,483.7 | $ | 1,133.8 | $ | 5,880.0 | $ | 4,488.3 | |||||
Cost of sales | 480.5 | 379.3 | 2,026.1 | 1,407.2 | |||||||||
Gross Profit | 1,003.2 | 754.5 | 3,853.9 | 3,081.1 | |||||||||
Selling, general and administrative expenses | 816.0 | 561.5 | 3,183.1 | 2,293.7 | |||||||||
Operating income | 187.2 | 193.0 | 670.8 | 787.4 | |||||||||
Interest expense, net | 14.4 | 13.6 | 74.0 | 28.4 | |||||||||
Income before provision for income taxes | 172.8 | 179.4 | 596.8 | 759.0 | |||||||||
Provision for income taxes | (38.9 | ) | 27.7 | 199.3 | 168.0 | ||||||||
Net income | $ | 211.7 | $ | 151.7 | $ | 397.5 | $ | 591.0 | |||||
Net income per share: | |||||||||||||
Basic | $ | 0.74 | $ | 0.54 | $ | 1.39 | $ | 2.11 | |||||
Diluted | $ | 0.73 | $ | 0.53 | $ | 1.38 | $ | 2.09 | |||||
Shares used in computing net income per share: | |||||||||||||
Basic | 287.9 | 281.5 | 285.4 | 280.6 | |||||||||
Diluted | 291.3 | 284.7 | 288.6 | 282.8 | |||||||||
TAPESTRY, INC. |
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GAAP TO NON-GAAP RECONCILIATION |
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For the Quarters Ended June 30, 2018 and July 1, 2017 |
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(in millions, except per share data) |
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(unaudited) |
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June 30, 2018 | |||||||||||||||||||
GAAP Basis |
Operational |
Integration & |
Impact of Tax |
Non-GAAP Basis |
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Gross profit | $ | 1,003.2 | $ | — | $ | (5.5 | ) | $ | — | $ | 1,008.7 | ||||||||
Selling, general and administrative expenses | 816.0 | 10.0 | 24.8 | — | 781.2 | ||||||||||||||
Operating income | 187.2 | (10.0 | ) | (30.3 | ) | — | 227.5 | ||||||||||||
Income before provision for income taxes | 172.8 | (10.0 | ) | (30.3 | ) | — | 213.1 | ||||||||||||
Provision for income taxes | (38.9 | ) | (3.1 | ) | (51.4 | ) | (21.4 | ) | 37.0 | ||||||||||
Net income | 211.7 | (6.9 | ) | 21.1 | 21.4 | 176.1 | |||||||||||||
Diluted net income per share | 0.73 | (0.03 | ) | 0.09 | 0.07 | 0.60 | |||||||||||||
July 1, 2017 | |||||||||||||||||||
GAAP Basis |
Operational |
Integration & |
Non-GAAP Basis |
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Gross profit | $ | 754.5 | $ | — | $ | (2.3 | ) | $ | 756.8 | ||||||||||
Selling, general and administrative expenses | 561.5 | 6.8 | (22.6 | ) | 577.3 | ||||||||||||||
Operating income | 193.0 | (6.8 | ) | 20.3 | 179.5 | ||||||||||||||
Income before provision for income taxes | 179.4 | (6.8 | ) | 10.8 | 175.4 | ||||||||||||||
Provision for income taxes | 27.7 | (4.0 | ) | (2.0 | ) | 33.7 | |||||||||||||
Net income | 151.7 | (2.8 | ) | 12.8 | 141.7 | ||||||||||||||
Diluted net income per share | 0.53 | (0.01 | ) | 0.04 | 0.50 |
(1) Amounts as of June 30, 2018 represent technology infrastructure costs. Amounts as of July 1, 2017 represent charges primarily related to organizational efficiency and technology infrastructure costs. |
(2) Amounts as of June 30, 2018 represent charges attributable to acquisition and integration costs related to the purchase of Kate Spade & Company, the acquisition of certain distributors for the Coach and Stuart Weitzman brands and assumed operational control of Kate Spade joint ventures. Provision for income taxes has been favorably impacted as a result of the reversal of certain valuation allowances that were established during purchase accounting. These charges include: |
- Professional fees |
- Limited life purchase accounting adjustments |
- Organizational costs as a result of integration |
Amounts as of July 1, 2017 represent acquisition costs and limited life purchase accounting impacts related to the acquisition of Stuart Weitzman Holdings LLC, more than offset by the reversal of an accrual related to estimated contingent purchase price payments which were not paid, and integration-related costs for the Kate Spade & Company acquisition. |
(3) Amounts as of June 30, 2018 represent charges due to the net impact of the transition tax and re-measurement of deferred tax balances. |
TAPESTRY, INC. |
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GAAP TO NON-GAAP RECONCILIATION |
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For the Years Ended June 30, 2018 and July 1, 2017 |
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(in millions, except per share data) |
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(unaudited) |
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June 30, 2018 | ||||||||||||||||||
GAAP Basis |
Operational |
Integration & |
Impact of Tax |
Non-GAAP Basis |
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Gross profit | $ | 3,853.9 | $ | — | $ | (116.4 | ) | $ | — | $ | 3,970.3 | |||||||
Selling, general and administrative expenses | 3,183.1 | 19.5 | 185.2 | — | 2,978.4 | |||||||||||||
Operating income | 670.8 | (19.5 | ) | (301.6 | ) | — | 991.9 | |||||||||||
Income before provision for income taxes | 596.8 | (19.5 | ) | (301.6 | ) | — | 917.9 | |||||||||||
Provision for income taxes | 199.3 | (6.2 | ) | (130.7 | ) | 178.2 | 158.0 | |||||||||||
Net income | 397.5 | (13.3 | ) | (170.9 | ) | (178.2 | ) | 759.9 | ||||||||||
Diluted net income per share | 1.38 | (0.05 | ) | (0.58 | ) | (0.62 | ) | 2.63 | ||||||||||
July 1, 2017 | ||||||||||||||||||
GAAP Basis |
Operational |
Integration & |
Non-GAAP Basis |
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Gross profit | $ | 3,081.1 | $ | — | $ | (2.9 | ) | $ | 3,084.0 | |||||||||
Selling, general and administrative expenses | 2,293.7 | 24.0 | (1.7 | ) | 2,271.4 | |||||||||||||
Operating income | 787.4 | (24.0 | ) | (1.2 | ) | 812.6 | ||||||||||||
Income before provision for income taxes | 759.0 | (24.0 | ) | (10.7 | ) | 793.7 | ||||||||||||
Provision for income taxes | 168.0 | (8.3 | ) | (8.1 | ) | 184.4 | ||||||||||||
Net income | 591.0 | (15.7 | ) | (2.6 | ) | 609.3 | ||||||||||||
Diluted net income per share | 2.09 | (0.05 | ) | (0.01 | ) | 2.15 | ||||||||||||
(1) Amounts as of June 30, 2018 primarily represent technology infrastructure costs. Amounts as of July 1, 2017 represent charges primarily related to organizational efficiency costs, technology infrastructure costs and to a lesser extent, network optimization costs. | |
(2) Amounts as of June 30, 2018 represent charges attributable to acquisition and integration costs related to the purchase of Kate Spade & Company, and to a lesser extent the acquisition of certain distributors for the Coach and Stuart Weitzman brands and assumed operational control of Kate Spade joint ventures. Provision for income taxes has been favorably impacted as a result of the reversal of certain valuation allowances that were established during purchase accounting. These charges include: | |
- Limited life purchase accounting adjustments - Professional fees - Severance and other costs related to contractual payments with certain Kate Spade executives - Organizational costs as a result of integration - Inventory reserves established for the destruction of inventory |
|
Amounts as of July 1, 2017 represent acquisition costs and limited life purchase accounting impacts related to the acquisition of Stuart Weitzman Holdings LLC, more than offset by the reversal of an accrual related to estimated contingent purchase price payments which were not paid, and integration-related costs for the Kate Spade & Company acquisition. | |
(3) Amounts as of June 30, 2018 represent charges due to the net impact of the transition tax and re-measurement of deferred tax balances. | |
TAPESTRY, INC. |
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GAAP TO NON-GAAP RECONCILIATION - FOR SEGMENT RESULTS |
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For the Quarters Ended June 30, 2018 and July 1, 2017 |
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(in millions) |
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(unaudited) |
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June 30, 2018 | ||||||||||||||||||||||
GAAP | Coach | Kate Spade |
Stuart |
Corporate | Non-GAAP | |||||||||||||||||
COGS | ||||||||||||||||||||||
Integration & Acquisition | (3.1 | ) | (0.1 | ) | (2.3 | ) | — | |||||||||||||||
Gross profit | $ | 1,003.2 | $ | (3.1 | ) | $ | (0.1 | ) | $ | (2.3 | ) | $ | — | $ | 1,008.7 | |||||||
SG&A | ||||||||||||||||||||||
Integration & Acquisition | 0.3 | 7.1 | 1.3 | 16.1 | ||||||||||||||||||
Operational Efficiency Plan | — | — | — | 10.0 | ||||||||||||||||||
SG&A | $ | 816.0 | $ | 0.3 | $ | 7.1 | $ | 1.3 | $ | 26.1 | $ | 781.2 | ||||||||||
Operating income | $ | 187.2 | $ | (3.4 | ) | $ | (7.2 | ) | $ | (3.6 | ) | $ | (26.1 | ) | $ | 227.5 | ||||||
July 1, 2017 | ||||||||||||||||||||||
GAAP | Coach | Kate Spade |
Stuart |
Corporate(1) | Non-GAAP | |||||||||||||||||
COGS | ||||||||||||||||||||||
Integration & Acquisition | — | — | (2.3 | ) | — | |||||||||||||||||
Gross profit | $ | 754.5 | $ | — | $ | — | $ | (2.3 | ) | $ | — | $ | 756.8 | |||||||||
SG&A | ||||||||||||||||||||||
Integration & Acquisition | — | — | 5.0 | (27.6 | ) | |||||||||||||||||
Operational Efficiency Plan | — | — | — | 6.8 | ||||||||||||||||||
SG&A | $ | 561.5 | $ | — | $ | — | $ | 5.0 | $ | (20.8 | ) | $ | 577.3 | |||||||||
Operating income | $ | 193.0 | $ | — | $ | — | $ | (7.3 | ) | $ | 20.8 | $ | 179.5 | |||||||||
(1) The Company incurred $9.5 million related to bridge financing fees recorded in interest expense within Corporate, which is not included in the above table. |
TAPESTRY, INC. |
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GAAP TO NON-GAAP RECONCILIATION - FOR SEGMENT RESULTS |
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For the Years Ended June 30, 2018 and July 1, 2017 |
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(in millions) |
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(unaudited) |
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June 30, 2018 | ||||||||||||||||||||||
GAAP | Coach | Kate Spade |
Stuart |
Corporate | Non-GAAP | |||||||||||||||||
COGS | ||||||||||||||||||||||
Integration & Acquisition(1) | (4.1 | ) | (106.5 | ) | (5.8 | ) | — | |||||||||||||||
Gross profit | $ | 3,853.9 | $ | (4.1 | ) | $ | (106.5 | ) | $ | (5.8 | ) | $ | — | $ | 3,970.3 | |||||||
SG&A | ||||||||||||||||||||||
Integration & Acquisition(1) | 0.5 | 113.7 | 7.8 | 63.2 | ||||||||||||||||||
Operational Efficiency Plan | — | — | — | 19.5 | ||||||||||||||||||
SG&A | $ | 3,183.1 | $ | 0.5 | $ | 113.7 | $ | 7.8 | $ | 82.7 | $ | 2,978.4 | ||||||||||
Operating income | $ | 670.8 | $ | (4.6 | ) | $ | (220.2 | ) | $ | (13.6 | ) | $ | (82.7 | ) | $ | 991.9 | ||||||
July 1, 2017 |
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GAAP | Coach | Kate Spade |
Stuart |
Corporate(2) | Non-GAAP | |||||||||||||||||
COGS | ||||||||||||||||||||||
Integration & Acquisition | — | — | (2.9 | ) | — | |||||||||||||||||
Gross profit | $ | 3,081.1 | $ | — | $ | — | $ | (2.9 | ) | $ | — | $ | 3,084.0 | |||||||||
SG&A | ||||||||||||||||||||||
Integration & Acquisition | — | — | 17.7 | (19.4 | ) | |||||||||||||||||
Operational Efficiency Plan | — | — | — | 24.0 | ||||||||||||||||||
SG&A | $ | 2,293.7 | $ | — | $ | — | $ | 17.7 | $ | 4.6 | $ | 2,271.4 | ||||||||||
Operating income | $ | 787.4 | $ | — | $ | — | $ | (20.6 | ) | $ | (4.6 | ) | $ | 812.6 | ||||||||
(1) During the first quarter of fiscal 2018, the Company completed its acquisition of Kate Spade & Company. During the third quarter of fiscal 2018, the Company completed its acquisition of certain distributors for the Coach and Stuart Weitzman brands and assumed operational control of Kate Spade joint ventures. The operating results of the respective entity have been consolidated in the Company's operating results commencing on the date of each acquisition. | |
(2) The Company incurred $9.5 million related to bridge financing fees recorded in interest expense within Corporate, which is not included in the above table. | |
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 our Operational Efficiency Plan, Integration & Acquisition-Related Costs and the impact of tax legislation for
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 the Coach brand 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 period’s monthly average currency conversion rate.
Guidance for certain financial information for the fiscal year ending
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. |
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SEGMENT INFORMATION |
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For the Quarters and Years Ended June 30, 2018 and July 1, 2017 |
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(in millions) |
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(unaudited) |
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Coach(1) | Kate Spade(1) |
Stuart |
Corporate | Total | ||||||||||||||
Three Months Ended June 30, 2018 |
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Net sales | $ | 1,098.9 | $ | 311.9 | $ | 72.9 | $ | — | $ | 1,483.7 | ||||||||
Gross profit | 762.1 | 204.5 | 36.6 | — | 1,003.2 | |||||||||||||
Operating income (loss) | 283.8 | 23.9 | (20.7 | ) | (99.8 | ) | 187.2 | |||||||||||
Income (loss) before provision for income taxes | 283.8 | 23.9 | (20.7 | ) | (114.2 | ) | 172.8 | |||||||||||
Three Months Ended July 1, 2017 |
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Net sales | $ | 1,045.9 | $ | — | $ | 87.9 | $ | — | $ | 1,133.8 | ||||||||
Gross profit | 705.1 | — | 49.4 | — | 754.5 | |||||||||||||
Operating income (loss) | 246.1 | — | (2.9 | ) | (50.2 | ) | 193.0 | |||||||||||
Income (loss) before provision for income taxes | 246.1 | — | (2.9 | ) | (63.8 | ) | 179.4 | |||||||||||
Year Ended June 30, 2018 |
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Net sales | $ | 4,221.5 | $ | 1,284.7 | $ | 373.8 | $ | — | $ | 5,880.0 | ||||||||
Gross profit | 2,931.5 | 711.1 | 211.3 | — | 3,853.9 | |||||||||||||
Operating income (loss) | 1,084.2 | (61.9 | ) | (2.6 | ) | (348.9 | ) | 670.8 | ||||||||||
Income (loss) before provision for income taxes | 1,084.2 | (61.9 | ) | (2.6 | ) | (422.9 | ) | 596.8 | ||||||||||
Year Ended July 1, 2017 |
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Net sales | $ | 4,114.7 | $ | — | $ | 373.6 | $ | — | $ | 4,488.3 | ||||||||
Gross profit | 2,855.0 | — | 226.1 | — | 3,081.1 | |||||||||||||
Operating income (loss) | 1,040.0 | — | 15.5 | (268.1 | ) | 787.4 | ||||||||||||
Income (loss) before provision for income taxes | 1,040.0 | — | 15.5 | (296.5 | ) | 759.0 | ||||||||||||
(1) During the first quarter of fiscal 2018, the Company completed its acquisition of Kate Spade & Company. During the third quarter of fiscal 2018, the Company completed its acquisition of certain distributors for the Coach and Stuart Weitzman brands and assumed operational control of Kate Spade joint ventures. The operating results of the respective entity have been consolidated in the Company's operating results commencing on the date of each acquisition. |
TAPESTRY, INC. |
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CONDENSED CONSOLIDATED BALANCE SHEETS |
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At June 30, 2018 and July 1, 2017 |
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(in millions) |
||||||
(unaudited) | (audited) | |||||
June 30, | July 1, | |||||
2018 | 2017 | |||||
ASSETS | ||||||
Cash, cash equivalents and short-term investments | $ | 1,250.0 | $ | 3,083.6 | ||
Receivables | 314.1 | 268.0 | ||||
Inventories | 673.8 | 469.7 | ||||
Other current assets | 194.7 | 132.0 | ||||
Total current assets | 2,432.6 | 3,953.3 | ||||
Property and equipment, net | 885.4 | 691.4 | ||||
Other noncurrent assets | 3,360.3 | 1,186.9 | ||||
Total assets | $ | 6,678.3 | $ | 5,831.6 | ||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||
Accounts payable | $ | 264.3 | $ | 194.6 | ||
Accrued liabilities | 673.2 | 559.2 | ||||
Current debt | 0.7 | — | ||||
Total current liabilities | 938.2 | 753.8 | ||||
Long-term debt | 1,599.9 | 1,579.5 | ||||
Other liabilities | 895.6 | 496.4 | ||||
Stockholders' equity | 3,244.6 | 3,001.9 | ||||
Total liabilities and stockholders' equity | $ | 6,678.3 | $ | 5,831.6 | ||
TAPESTRY, INC. |
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STORE COUNT |
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At March 31, 2018 and June 30, 2018 |
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(unaudited) |
||||||||
As of | As of | |||||||
Directly-Operated Store Count: |
March 31, 2018 |
Openings |
(Closures) |
June 30, 2018 |
||||
Coach |
||||||||
North America | 405 | — | (3) | 402 | ||||
International | 575 | 12 | (2) | 585 | ||||
Kate Spade |
||||||||
North America | 188 | 15 | (3) | 200 | ||||
International | 144 | 4 | (6) | 142 | ||||
Stuart Weitzman |
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North America | 70 | — | (2) | 68 | ||||
International | 33 | 2 | — | 35 | ||||
TAPESTRY, INC. |
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STORE COUNT |
||||||||||
At July 1, 2017 and June 30, 2018 |
||||||||||
(unaudited) |
||||||||||
As of | Acquired | As of | ||||||||
Directly-Operated Store Count: |
July 1, 2017 |
Stores |
Openings |
(Closures) |
June 30, 2018 |
|||||
Coach |
||||||||||
North America | 419 | — | 3 | (20) | 402 | |||||
International | 543 | 21 | 41 | (20) | 585 | |||||
Kate Spade |
||||||||||
North America | — | 180 | 32 | (12) | 200 | |||||
International | — | 145 | 10 | (13) | 142 | |||||
Stuart Weitzman |
||||||||||
North America | 69 | — | 2 | (3) | 68 | |||||
International | 12 | 20 | 3 | — | 35 | |||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20180814005208/en/
Source:
Tapestry, Inc.
Analysts & Media:
Andrea Shaw Resnick, 212-629-2618
Global Head of Investor Relations and Corporate Communications
aresnick@tapestry.com
or
Christina Colone, 212-946-7252
Senior Director, Investor Relations
ccolone@tapestry.com