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(Photo: Business Wire)
“Kate Spade contributed to our overall performance, as we made continued progress on our integration efforts including the realization of synergies and the execution of strategic initiatives. Most importantly, we were delighted to announce the appointment of
“At Stuart Weitzman, results were negatively impacted by execution issues including production delays and lower sell-through of key carryover styles, which pressured sales and margins. While we believe that some of these issues will continue through the Fall/Winter season, we remain confident in our long-term strategic and creative direction under the leadership of newly appointed CEO & Brand President, Eraldo Poletto and Creative Director,
“During the quarter, we completed the buybacks of the Coach business in
Third Quarter 2018 Non-GAAP Reconciliation Items:
During the quarter, the Company recorded certain charges associated with Integration and Acquisition activities, Tax Legislation, and its Operational Efficiency Plan. Taken together, these items decreased the Company’s reported net income by
Overview of Third Quarter 2018
Fiscal 2018 third quarter performance includes the contribution of
Third fiscal quarter results in each of the Company’s reportable segments were as follows:
Coach Third Quarter of 2018 Results:
Kate Spade Third Quarter of 2018 Results:
Stuart Weitzman Third Quarter of 2018 Results:
Mr. Luis added, “As we look forward to the balance of our fiscal year and into 2019, we are excited about the growth opportunities for Tapestry and reaping the continued benefits of a diversified, multi-brand model. At Coach, we look forward to cascading the innovation from the runway across channels and price points. We’re particularly pleased to announce an expanded collaboration with
“With strong and seasoned brand teams in place, Tapestry is well positioned to continue its journey as a global house of brands and to focus on opportunities to drive long-term and sustainable growth,” Mr. Luis concluded.
Fiscal Year 2018 Outlook
The following fiscal 2018 guidance is provided on a non-GAAP basis and includes projected
The Company continues to expect revenues for fiscal 2018 to increase about 30% versus fiscal 2017, to
In addition, the Company is now projecting operating income growth of at least 22% versus fiscal 2017 driven by mid-single-digit organic growth, the acquisition of
Net interest expense is now expected to be approximately
Overall, the Company now projects earnings per diluted share in the range of
Fiscal Year 2018 Outlook - Non-GAAP Disclosure:
The company is not able to provide a full reconciliation of the non-GAAP financial measures to GAAP because certain material items that impact these measures, such as the timing and exact amount of charges related to integration and acquisition related costs and the Tax Legislation, 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 2018 guidance.
This fiscal 2018 non-GAAP guidance excludes (1) expected pre-tax charges of around
For the nine months ended
In fiscal 2018, the Company adopted Accounting Standards Update (ASU) 2016-09 for the accounting of employee share-based payments, which was issued by the Financial Accounting Standards Board. This affects the Company’s effective tax rate as certain tax impacts that were previously recorded to equity are now included in income tax expense. Further, because the tax impacts are defined by the company’s stock price when Restricted Stock Units (RSUs) and Performance Restricted Stock Units (PRSUs) vest and when employees exercise their stock options, the timing and the amount of the impact cannot be forecasted.
On
Conference Call Details:
The Company will host a conference call to review these results at
The Company expects to report fiscal 2018 fourth quarter and year-end 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 2018 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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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
||||||||||||||
For the Quarters and Nine Months Ended March 31, 2018 and April 1, 2017 |
||||||||||||||
(in millions, except per share data) |
||||||||||||||
(unaudited) | (unaudited) | |||||||||||||
QUARTER ENDED | NINE MONTHS ENDED | |||||||||||||
March 31,
2018 |
April 1,
2017 |
March 31,
2018 |
April 1,
2017 |
|||||||||||
Net sales | $ | 1,322.4 | $ | 995.2 | $ | 4,396.3 | $ | 3,354.5 | ||||||
Cost of sales | 413.5 | 289.5 | 1,545.6 | 1,027.9 | ||||||||||
Gross Profit | 908.9 | 705.7 | 2,850.7 | 2,326.6 | ||||||||||
Selling, general and administrative expenses | 749.9 | 554.6 | 2,367.1 | 1,732.2 | ||||||||||
Operating income | 159.0 | 151.1 | 483.6 | 594.4 | ||||||||||
Interest expense, net | 16.9 | 4.0 | 59.6 | 14.8 | ||||||||||
Income before provision for income taxes | 142.1 | 147.1 | 424.0 | 579.6 | ||||||||||
Provision for income taxes | 1.8 | 24.9 | 238.2 | 140.3 | ||||||||||
Net income | $ | 140.3 | $ | 122.2 | $ | 185.8 | $ | 439.3 | ||||||
Net income per share: | ||||||||||||||
Basic | $ | 0.49 | $ | 0.44 | $ | 0.65 | $ | 1.57 | ||||||
Diluted | $ | 0.48 | $ | 0.43 | $ | 0.65 | $ | 1.56 | ||||||
Shares used in computing net income per share: | ||||||||||||||
Basic | 286.2 | 280.8 | 284.7 | 280.2 | ||||||||||
Diluted | 290.1 | 282.9 | 287.8 | 282.2 | ||||||||||
TAPESTRY, INC. |
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GAAP TO NON-GAAP RECONCILIATION |
||||||||||||||||||||
For the Quarters Ended March 31, 2018 and April 1, 2017 |
||||||||||||||||||||
(in millions, except per share data) |
||||||||||||||||||||
(unaudited) |
||||||||||||||||||||
March 31, 2018 | ||||||||||||||||||||
GAAP Basis |
Operational |
Integration & |
Impact of Tax |
Non-GAAP Basis |
||||||||||||||||
Gross profit | $ | 908.9 | $ | — | $ | (4.1 | ) | $ | — | $ | 913.0 | |||||||||
Selling, general and administrative expenses | $ | 749.9 | $ | 2.9 | $ | 18.3 | $ | — | $ | 728.7 | ||||||||||
Operating income | $ | 159.0 | $ | (2.9 | ) | $ | (22.4 | ) | $ | — | $ | 184.3 | ||||||||
Income before provision for income taxes | $ | 142.1 | $ | (2.9 | ) | $ | (22.4 | ) | $ | — | $ | 167.4 | ||||||||
Provision for income taxes | $ | 1.8 | $ | (1.0 | ) | $ | (12.1 | ) | $ | 5.4 | $ | 9.5 | ||||||||
Net income | $ | 140.3 | $ | (1.9 | ) | $ | (10.3 | ) | $ | (5.4 | ) | $ | 157.9 | |||||||
Diluted net income per share | $ | 0.48 | $ | — | $ | (0.04 | ) | $ | (0.02 | ) | $ | 0.54 | ||||||||
April 1, 2017 | ||||||||||||||||||||
GAAP Basis |
Operational Efficiency Plan(1) |
Integration & |
Non-GAAP Basis |
|||||||||||||||||
Gross profit | $ | 705.7 | $ | — | $ | — |
$ |
705.7 |
||||||||||||
Selling, general and administrative expenses | $ | 554.6 | $ | 6.4 | $ | 4.5 | $ | 543.7 | ||||||||||||
Operating income | $ | 151.1 | $ | (6.4 | ) | $ | (4.5 | ) | $ | 162.0 | ||||||||||
Income before provision for income taxes | $ | 147.1 | $ | (6.4 | ) | $ | (4.5 | ) | $ | 158.0 | ||||||||||
Provision for income taxes | $ | 24.9 | $ | (1.6 | ) | $ | (1.2 | ) | $ | 27.7 | ||||||||||
Net income | $ | 122.2 | $ | (4.8 | ) | $ | (3.3 | ) | $ | 130.3 | ||||||||||
Diluted net income per share | $ | 0.43 | $ | (0.02 | ) | $ | (0.01 | ) | $ | 0.46 |
(1) Amounts as of March 31, 2018 represent technology infrastructure costs. Amounts as of April 1, 2017 represent charges primarily related to organizational efficiency and technology infrastructure costs. |
(2) Amounts as of March 31, 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. These charges include: |
- Organizational costs as a result of integration |
- Limited life purchase accounting adjustments |
- Professional fees |
Amounts as of April 1, 2017 represent acquisition costs and integration-related activities related to the acquisition of Stuart Weitzman Holdings LLC. |
(3) Amounts as of March 31, 2018 represent charges due to the transition tax related to foreign earnings deemed to be repatriated partially offset by the re-measurement of deferred tax assets and liabilities. |
TAPESTRY, INC. |
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GAAP TO NON-GAAP RECONCILIATION |
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For the Nine Months Ended March 31, 2018 and April 1, 2017 |
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(in millions, except per share data) |
||||||||||||||||||||
(unaudited) |
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March 31, 2018 | ||||||||||||||||||||
GAAP Basis |
Operational |
Integration & |
Impact of Tax |
Non-GAAP Basis |
||||||||||||||||
Gross profit | $ | 2,850.7 | $ | — | $ | (110.9 | ) | $ | — | $ | 2,961.6 | |||||||||
Selling, general and administrative expenses | $ | 2,367.1 | $ | 9.5 | $ | 160.4 | $ | — | $ | 2,197.2 | ||||||||||
Operating income | $ | 483.6 | $ | (9.5 | ) | $ | (271.3 | ) | $ | — | $ | 764.4 | ||||||||
Income before provision for income taxes | $ | 424.0 | $ | (9.5 | ) | $ | (271.3 | ) | $ | — | $ | 704.8 | ||||||||
Provision for income taxes | $ | 238.2 | $ | (3.1 | ) | $ | (79.3 | ) | $ | 199.6 | $ | 121.0 | ||||||||
Net income | $ | 185.8 | $ | (6.4 | ) | $ | (192.0 | ) | $ | (199.6 | ) | $ | 583.8 | |||||||
Diluted net income per share | $ | 0.65 | $ | (0.02 | ) | $ | (0.67 | ) | $ | (0.69 | ) | $ | 2.03 | |||||||
April 1, 2017 | ||||||||||||||||||||
GAAP Basis |
Operational |
Integration & |
Non-GAAP Basis |
|||||||||||||||||
Gross profit | $ | 2,326.6 | $ | — | $ | (0.6 | ) | $ | 2,327.2 | |||||||||||
Selling, general and administrative expenses | $ | 1,732.2 | $ | 17.2 | $ | 20.9 | $ | 1,694.1 | ||||||||||||
Operating income | $ | 594.4 | $ | (17.2 | ) | $ | (21.5 | ) | $ | 633.1 | ||||||||||
Income before provision for income taxes | $ | 579.6 | $ | (17.2 | ) | $ | (21.5 | ) | $ | 618.3 | ||||||||||
Provision for income taxes | $ | 140.3 | $ | (4.3 | ) | $ | (6.2 | ) | $ | 150.8 | ||||||||||
Net income | $ | 439.3 | $ | (12.9 | ) | $ | (15.3 | ) | $ | 467.5 | ||||||||||
Diluted net income per share | $ | 1.56 | $ | (0.05 | ) | $ | (0.05 | ) | $ | 1.66 |
(1) Amounts as of March 31, 2018 primarily represent technology infrastructure costs. Amounts as of April 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 March 31, 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. 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 April 1, 2017 represent acquisition costs and limited life purchase accounting impacts related to the acquisition of Stuart Weitzman Holdings LLC. |
(3) Amounts as of March 31, 2018 represent charges due to the transition tax related to foreign earnings deemed to be repatriated partially offset by the re-measurement of deferred tax assets and liabilities. |
TAPESTRY, INC. |
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GAAP TO NON-GAAP RECONCILIATION - FOR SEGMENT RESULTS |
||||||||||||||||||||||||
For the Quarters Ended March 31, 2018 and April 1, 2017 |
||||||||||||||||||||||||
(in millions) |
||||||||||||||||||||||||
(unaudited) |
||||||||||||||||||||||||
March 31, 2018 | ||||||||||||||||||||||||
GAAP | Coach(1) | Kate Spade(1) |
Stuart |
Corporate | Non-GAAP | |||||||||||||||||||
COGS | ||||||||||||||||||||||||
Integration & Acquisition | (1.0 | ) | (1.0 | ) | (2.1 | ) | — | |||||||||||||||||
Gross profit | $ | 908.9 | $ | (1.0 | ) | $ | (1.0 | ) | $ | (2.1 | ) | $ | — | $ | 913.0 | |||||||||
SG&A | ||||||||||||||||||||||||
Integration & Acquisition | 0.2 | 9.1 | 4.7 | 4.3 | ||||||||||||||||||||
Operational Efficiency Plan | — | — | — | 2.9 | ||||||||||||||||||||
SG&A | $ | 749.9 | $ | 0.2 | $ | 9.1 | $ | 4.7 | $ | 7.2 | $ | 728.7 | ||||||||||||
Operating income | $ | 159.0 | $ | (1.2 | ) | $ | (10.1 | ) | $ | (6.8 | ) | $ | (7.2 | ) | $ | 184.3 | ||||||||
April 1, 2017 | ||||||||||||||||||||||||
GAAP | Coach | Kate Spade |
Stuart |
Corporate | Non-GAAP | |||||||||||||||||||
COGS | ||||||||||||||||||||||||
Integration & Acquisition | — | — | — | — | ||||||||||||||||||||
Gross profit | $ | 705.7 | $ | — | $ | — | $ | — | $ | — |
$ |
705.7 | ||||||||||||
SG&A | ||||||||||||||||||||||||
Integration & Acquisition | — | — | 1.7 | 2.8 | ||||||||||||||||||||
Operational Efficiency Plan | — | — | — | 6.4 | ||||||||||||||||||||
SG&A | $ | 554.6 | $ | — | $ | — | $ | 1.7 | $ | 9.2 | $ | 543.7 | ||||||||||||
Operating income | $ | 151.1 | $ | — | $ | — | $ | (1.7 | ) | $ | (9.2 | ) | $ | 162.0 |
(1) 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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GAAP TO NON-GAAP RECONCILIATION - FOR SEGMENT RESULTS |
||||||||||||||||||||||||
For the Nine Months Ended March 31, 2018 and April 1, 2017 |
||||||||||||||||||||||||
(in millions) |
||||||||||||||||||||||||
(unaudited) |
||||||||||||||||||||||||
March 31, 2018 | ||||||||||||||||||||||||
GAAP | Coach(1) | Kate Spade(1) |
Stuart |
Corporate | Non-GAAP | |||||||||||||||||||
COGS | ||||||||||||||||||||||||
Integration & Acquisition | (1.0 | ) | (106.4 | ) | (3.5 | ) | — | |||||||||||||||||
Gross profit | $ | 2,850.7 | $ | (1.0 | ) | $ | (106.4 | ) | $ | (3.5 | ) | $ | — | $ | 2,961.6 | |||||||||
SG&A | ||||||||||||||||||||||||
Integration & Acquisition | 0.2 | 106.6 | 6.5 | 47.1 | ||||||||||||||||||||
Operational Efficiency Plan | — | — | — | 9.5 | ||||||||||||||||||||
SG&A | $ | 2,367.1 | $ | 0.2 | $ | 106.6 | $ | 6.5 | $ | 56.6 | $ | 2,197.2 | ||||||||||||
Operating income | $ | 483.6 | $ | (1.2 | ) | $ | (213.0 | ) | $ | (10.0 | ) | $ | (56.6 | ) | $ | 764.4 | ||||||||
April 1, 2017 | ||||||||||||||||||||||||
GAAP | Coach | Kate Spade |
Stuart |
Corporate | Non-GAAP | |||||||||||||||||||
COGS | ||||||||||||||||||||||||
Integration & Acquisition | — | — | (0.6 | ) | — | |||||||||||||||||||
Gross profit | $ | 2,326.6 | $ | — | $ | — | $ | (0.6 | ) | $ | — | $ | 2,327.2 | |||||||||||
SG&A | ||||||||||||||||||||||||
Integration & Acquisition | — | — | 12.7 | 8.2 | ||||||||||||||||||||
Operational Efficiency Plan | — | — | — | 17.2 | ||||||||||||||||||||
SG&A | $ | 1,732.2 | $ | — | $ | — | $ | 12.7 | $ | 25.4 | $ | 1,694.1 | ||||||||||||
Operating income | $ | 594.4 | $ | — | $ | — | $ | (13.3 | ) | $ | (25.4 | ) | $ | 633.1 |
(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. |
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 Nine Months Ended March 31, 2018 and April 1, 2017 |
||||||||||||||||||||
(in millions) |
||||||||||||||||||||
(unaudited) |
||||||||||||||||||||
Coach(1) | Kate Spade(1) |
Stuart |
Corporate | Total | ||||||||||||||||
Three Months Ended March 31, 2018 |
||||||||||||||||||||
Net sales | $ | 969.3 | $ | 269.3 | $ | 83.8 | $ | — | $ | 1,322.4 | ||||||||||
Gross profit | 691.3 | 172.3 | 45.3 | — | 908.9 | |||||||||||||||
Operating income (loss) | 240.9 | 3.8 | (11.6 | ) | (74.1 | ) | 159.0 | |||||||||||||
Income (loss) before provision for income taxes | 240.9 | 3.8 | (11.6 | ) | (91.0 | ) | 142.1 | |||||||||||||
Three Months Ended April 1, 2017 |
||||||||||||||||||||
Net sales | $ | 915.3 | $ | — | $ | 79.9 | $ | — | $ | 995.2 | ||||||||||
Gross profit | 656.1 | — | 49.6 | — | 705.7 | |||||||||||||||
Operating income (loss) | 222.9 | — | 2.5 | (74.3 | ) | 151.1 | ||||||||||||||
Income (loss) before provision for income taxes | 222.9 | — | 2.5 | (78.3 | ) | 147.1 | ||||||||||||||
Nine Months Ended March 31, 2018 |
||||||||||||||||||||
Net sales | $ | 3,122.6 | $ | 972.8 | $ | 300.9 | $ | — | $ | 4,396.3 | ||||||||||
Gross profit | 2,169.4 | 506.6 | 174.7 | — | 2,850.7 | |||||||||||||||
Operating income (loss) | 800.4 | (85.8 | ) | 18.1 | (249.1 | ) | 483.6 | |||||||||||||
Income (loss) before provision for income taxes | 800.4 | (85.8 | ) | 18.1 | (308.7 | ) | 424.0 | |||||||||||||
Nine Months Ended April 1, 2017 |
||||||||||||||||||||
Net sales | $ | 3,068.8 | $ | — | $ | 285.7 | $ | — | $ | 3,354.5 | ||||||||||
Gross profit | 2,149.9 | — | 176.7 | — | 2,326.6 | |||||||||||||||
Operating income (loss) | 793.9 | — | 18.4 | (217.9 | ) | 594.4 | ||||||||||||||
Income (loss) before provision for income taxes | 793.9 | — | 18.4 | (232.7 | ) | 579.6 |
(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. |
TAPESTRY, INC. |
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CONDENSED CONSOLIDATED BALANCE SHEETS |
|||||||||||
At March 31, 2018, July 1, 2017 and April 1, 2017 |
|||||||||||
(in millions) |
|||||||||||
(unaudited) | (audited) | (unaudited) | |||||||||
March 31,
2018 |
July 1,
2017 |
April 1,
2017 |
|||||||||
ASSETS | |||||||||||
Cash, cash equivalents and short-term investments | $ | 1,038.3 | $ | 3,083.6 | $ | 1,891.9 | |||||
Receivables | 292.3 | 268.0 | 203.4 | ||||||||
Inventories | 714.3 | 469.7 | 478.7 | ||||||||
Other current assets | 243.4 | 132.0 | 195.6 | ||||||||
Total current assets | 2,288.3 | 3,953.3 | 2,769.6 | ||||||||
Property and equipment, net | 889.4 | 691.4 | 661.2 | ||||||||
Other noncurrent assets | 3,410.3 | 1,186.9 | 1,230.2 | ||||||||
Total assets | $ | 6,588.0 | $ | 5,831.6 | $ | 4,661.0 | |||||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||
Accounts payable | $ | 221.9 | $ | 194.6 | $ | 129.2 | |||||
Accrued liabilities | 637.5 | 559.2 | 507.1 | ||||||||
Current debt | 0.7 | — | — | ||||||||
Total current liabilities | 860.1 | 753.8 | 636.3 | ||||||||
Long-term debt | 1,599.5 | 1,579.5 | 591.8 | ||||||||
Other liabilities | 990.4 | 496.4 | 541.0 | ||||||||
Stockholders' equity | 3,138.0 | 3,001.9 | 2,891.9 | ||||||||
Total liabilities and stockholders' equity | $ | 6,588.0 | $ | 5,831.6 | $ | 4,661.0 | |||||
TAPESTRY, INC. |
||||||||||||
STORE COUNT |
||||||||||||
At December 30, 2017 and March 31, 2018 |
||||||||||||
(unaudited) |
||||||||||||
As of | Acquired | As of | ||||||||||
Directly-Operated Store Count: |
December 30, 2017 |
Stores |
Openings |
(Closures) |
March 31, 2018 |
|||||||
Coach |
|
|||||||||||
North America | 416 | — | — | (11) | 405 | |||||||
International | 551 | 21 | 8 | (5) | 575 | |||||||
Kate Spade |
||||||||||||
North America | 189 | — | 7 | (8) | 188 | |||||||
International | 95 | 50 | 2 | (3) | 144 | |||||||
Stuart Weitzman |
||||||||||||
North America | 70 | — | — | — | 70 | |||||||
International | 13 | 20 | — | — | 33 |
View source version on businesswire.com: https://www.businesswire.com/news/home/20180501005434/en/
Source:
Tapestry, Inc.
Analysts & Media:
Andrea Shaw Resnick, 212-629-2618
Global Head of Investor Relations and Corporate Communications
or
Christina Colone, 212-946-7252
Senior Director, Investor Relations