|
|
Announces Acceleration Program with Multi-Year Initiatives to Drive Profitable Growth Across the Portfolio
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20200813005269/en/
(Photo: Business Wire)
Acceleration Program
The guiding principle of the Company’s Acceleration Program is to better meet the needs of each of its brands' unique customers by:
The Company believes the successful execution of these priorities will fuel desire for the Coach, Kate Spade and Stuart Weitzman brands, driving accelerated revenue growth, higher gross margins and substantial operating leverage across Tapestry’s portfolio. The Company estimates that it will realize approximately
Coach
Kate Spade
Stuart Weitzman
Overview of Fourth Quarter 2020
The following results include the impact of Covid-19. Please note the Company is not providing comparable store sales figures, as the Company believes this will not be a valuable measure given the business environment and number of store closures during the quarter.
Fiscal fourth quarter results by brand were as follows:
Coach Fourth Quarter 2020 Results
Kate Spade Fourth Quarter 2020 Results
Stuart Weitzman Fourth Quarter 2020 Results
Overview of Full Year 2020
The following results include the impact of Covid-19. Please note the Company is not providing comparable store sales figures, as the Company believes this will not be a valuable measure given the business environment and number of store closures during the second half of the fiscal year.
Full Year 2020 results by brand were as follows:
Coach Full Year 2020 Results
Kate Spade Full Year 2020 Results
Stuart Weitzman Full Year 2020 Results
Non-GAAP Reconciliation
During the fourth fiscal quarter of 2020, the Company recorded certain items that reduced reported operating income by
Impairments:
In the fourth quarter of fiscal 2020, the Company recorded
Acceleration Program:
The Company is undergoing a review of its business under its multi-year growth agenda. This multi-faceted, multi-year strategic growth plan (the "Acceleration Program") reflects: (i) actions to streamline the Company's organization; (ii) select store closures as the Company optimizes its fleet (including store closure costs incurred as brands exit certain regions in which they currently operate); and, (iii) professional fees and compensation costs incurred as a result of the development and execution of the Company’s comprehensive strategic initiatives aimed at increasing profitability. Under the Acceleration Program, the Company expects to incur total charges of approximately
Organization-related & Integration Costs:
In the fourth quarter of fiscal 2020, the Company recorded
ERP Implementation:
In addition, in the fourth quarter of fiscal 2020, the Company recorded
Conclusion
Fiscal Year 2021 Outlook
Given the dynamic nature of the Covid-19 crisis and lack of visibility, the potential financial impact to our business cannot be accurately projected. Therefore, the Company is not providing detailed guidance for fiscal 2021. The Company also notes that fiscal 2021 will include a 53rd week.
Conference Call Details
The Company will host a conference call to review these results at
Upcoming Events
The Company expects to report fiscal 2021 first quarter 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 “Acceleration Program,” and “Fiscal Year 2021 Outlook,” and statements regarding the potential impact of the Covid-19 pandemic and success of mitigating actions, statements regarding Acceleration Program, and 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,” “roadmap,” "anticipate," “excited,” “moving,” “leveraging,” “sharpening,” transforming,” “deepening,” “creating,” accelerating,” “enhancing,” “crystalizing,” instilling,” “reenergizing,” leaning into,” “capturing,” “renewing,” “restoring,” “strengthening,” “establishing,” “capitalizing,” “developing,” “drive,” “targeting,” “assume,” “plan,” “build,” “pursue,” “maintain,” “progress,” “future,” “emerge,” “assure,” “on track,” “well positioned to,” “look forward to,” “looking ahead,” “to acquire,” “achieve,” “strategic vision,” “strategic agenda,” “long-term objectives,” “ongoing headwinds,” “steady recovery,” “growth opportunities,” “view,” 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 Covid-19 pandemic, the ability to control costs and successfully execute our growth strategies, expected economic trends, the ability to anticipate consumer preferences, risks associated with operating in international markets, our ability to achieve intended benefits, cost savings and synergies from acquisitions, the risk of cybersecurity threats and privacy or data security breaches, and the impact of legislation, etc. Please refer to the Company’s latest Annual Report on Form 10-K, quarterly report on 10-Q and its other filings with the |
CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||
For the Quarter and Year Ended |
|||||||||||||
(in millions, except per share data) | |||||||||||||
(unaudited) | (unaudited) | (audited) | |||||||||||
QUARTER ENDED | YEAR ENDED | ||||||||||||
2020 |
2019 |
2020 |
2019 |
||||||||||
Net sales |
$ |
714.8 |
|
$ |
1,513.7 |
$ |
4,961.4 |
|
$ |
6,027.1 |
|||
Cost of sales |
|
215.9 |
|
|
514.5 |
|
1,722.1 |
|
|
1,973.4 |
|||
Gross Profit |
|
498.9 |
|
|
999.2 |
|
3,239.3 |
|
|
4,053.7 |
|||
Selling, general and administrative expenses |
|
778.9 |
|
|
828.1 |
|
3,790.1 |
|
|
3,234.0 |
|||
Operating income (loss) |
|
(280.0 |
) |
|
171.1 |
|
(550.8 |
) |
|
819.7 |
|||
Interest expense, net |
|
20.3 |
|
|
11.0 |
|
60.1 |
|
|
47.9 |
|||
Other expense (gain) |
|
0.5 |
|
|
1.2 |
|
13.3 |
|
|
5.6 |
|||
Income before provision for income taxes |
|
(300.8 |
) |
|
158.9 |
|
(624.2 |
) |
|
766.2 |
|||
Provision for income taxes |
|
(7.0 |
) |
|
10.0 |
|
27.9 |
|
|
122.8 |
|||
Net income (loss) |
$ |
(293.8 |
) |
$ |
148.9 |
$ |
(652.1 |
) |
$ |
643.4 |
|||
Net income (loss) per share: | |||||||||||||
Basic |
$ |
(1.06 |
) |
$ |
0.51 |
$ |
(2.34 |
) |
$ |
2.22 |
|||
Diluted |
$ |
(1.06 |
) |
$ |
0.51 |
$ |
(2.34 |
) |
$ |
2.21 |
|||
Shares used in computing net income (loss) per share: | |||||||||||||
Basic |
|
276.2 |
|
|
289.1 |
|
278.6 |
|
|
289.4 |
|||
Diluted |
|
276.2 |
|
|
289.8 |
|
278.6 |
|
|
290.8 |
DETAIL TO |
||||||||||||
For the Quarter and Year Ended |
||||||||||||
(in millions) | ||||||||||||
(unaudited) | ||||||||||||
QUARTER ENDED | ||||||||||||
2020 |
2019 |
% Change | Constant Currency % Change |
|||||||||
Coach |
$ |
517.4 |
$ |
1,096.6 |
(53 |
)% |
(52 |
)% |
||||
Kate Spade |
|
164.1 |
|
331.9 |
(51 |
)% |
(50 |
)% |
||||
Stuart Weitzman |
|
33.3 |
|
85.2 |
(61 |
)% |
(60 |
)% |
||||
Total Tapestry |
$ |
714.8 |
$ |
1,513.7 |
(53 |
)% |
(52 |
)% |
||||
YEAR ENDED | ||||||||||||
2020 |
2019 |
% Change | Constant Currency % Change |
|||||||||
Coach |
$ |
3,525.7 |
$ |
4,270.9 |
(17 |
)% |
(17 |
)% |
||||
Kate Spade |
|
1,149.5 |
|
1,366.8 |
(16 |
)% |
(16 |
)% |
||||
Stuart Weitzman |
|
286.2 |
|
389.4 |
(27 |
)% |
(26 |
)% |
||||
Total Tapestry |
$ |
4,961.4 |
$ |
6,027.1 |
(18 |
)% |
(18 |
)% |
GAAP TO NON-GAAP RECONCILIATION | |||||||||||||||||||||||
(in millions, except per share data) | |||||||||||||||||||||||
(unaudited) | |||||||||||||||||||||||
For the Quarter Ended |
|||||||||||||||||||||||
Items Affecting Comparability | |||||||||||||||||||||||
GAAP Basis (As Reported) |
ERP Implementation | Organization-related & Integration Costs |
Impairment | Acceleration Program |
Non-GAAP Basis (Excluding Items) |
||||||||||||||||||
Cost of sales | |||||||||||||||||||||||
Coach |
|
381.0 |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
381.0 |
|
|||||
Kate Spade |
|
106.5 |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
106.5 |
|
|||||
Stuart Weitzman |
|
11.4 |
|
|
- |
|
|
- |
|
|
- |
|
|
(8.4 |
) |
|
19.8 |
|
|||||
Gross profit(1) |
$ |
498.9 |
|
$ |
- |
|
$ |
- |
|
$ |
- |
|
$ |
(8.4 |
) |
$ |
507.3 |
|
|||||
SG&A expenses | |||||||||||||||||||||||
Coach |
|
412.0 |
|
|
- |
|
|
0.6 |
|
|
58.8 |
|
|
18.5 |
|
|
334.1 |
|
|||||
Kate Spade |
|
175.2 |
|
|
- |
|
|
(1.0 |
) |
|
26.2 |
|
|
13.6 |
|
|
136.4 |
|
|||||
Stuart Weitzman |
|
92.4 |
|
|
- |
|
|
(0.1 |
) |
|
32.0 |
|
|
17.6 |
|
|
42.9 |
|
|||||
Corporate |
|
99.3 |
|
|
4.9 |
|
|
1.8 |
|
|
- |
|
|
28.9 |
|
|
63.7 |
|
|||||
SG&A expenses |
$ |
778.9 |
|
$ |
4.9 |
|
$ |
1.3 |
|
$ |
117.0 |
|
$ |
78.6 |
|
$ |
577.1 |
|
|||||
Operating income (loss) | |||||||||||||||||||||||
Coach |
|
(31.0 |
) |
|
- |
|
|
(0.6 |
) |
|
(58.8 |
) |
|
(18.5 |
) |
|
46.9 |
|
|||||
Kate Spade |
|
(68.7 |
) |
|
- |
|
|
1.0 |
|
|
(26.2 |
) |
|
(13.6 |
) |
|
(29.9 |
) |
|||||
Stuart Weitzman |
|
(81.0 |
) |
|
- |
|
|
0.1 |
|
|
(32.0 |
) |
|
(26.0 |
) |
|
(23.1 |
) |
|||||
Corporate |
|
(99.3 |
) |
|
(4.9 |
) |
|
(1.8 |
) |
|
- |
|
|
(28.9 |
) |
|
(63.7 |
) |
|||||
Operating income (loss) |
$ |
(280.0 |
) |
$ |
(4.9 |
) |
$ |
(1.3 |
) |
$ |
(117.0 |
) |
$ |
(87.0 |
) |
$ |
(69.8 |
) |
|||||
Provision for income taxes |
|
(7.0 |
) |
|
(0.3 |
) |
|
15.7 |
|
|
6.2 |
|
|
(8.4 |
) |
|
(20.2 |
) |
|||||
Net income (loss) |
$ |
(293.8 |
) |
$ |
(4.6 |
) |
$ |
(17.0 |
) |
$ |
(123.2 |
) |
$ |
(78.6 |
) |
$ |
(70.4 |
) |
|||||
Net income (loss) per diluted common share |
$ |
(1.06 |
) |
$ |
(0.02 |
) |
$ |
(0.06 |
) |
$ |
(0.45 |
) |
$ |
(0.28 |
) |
$ |
(0.25 |
) |
(1) Adjustments within Gross profit are recorded within Cost of sales. |
GAAP TO NON-GAAP RECONCILIATION | |||||||||||||||||||||||
(in millions, except per share data) | |||||||||||||||||||||||
(unaudited) | |||||||||||||||||||||||
For the Year Ended |
|||||||||||||||||||||||
Items Affecting Comparability | |||||||||||||||||||||||
GAAP Basis (As Reported) |
ERP Implementation | Organization-related & Integration Costs |
Impairment | Acceleration Program |
Non-GAAP Basis (Excluding Items) |
||||||||||||||||||
Cost of sales | |||||||||||||||||||||||
Coach |
|
2,411.6 |
|
|
- |
|
|
(0.1 |
) |
|
(61.9 |
) |
|
- |
|
|
2,473.6 |
|
|||||
Kate Spade |
|
682.9 |
|
|
- |
|
|
(1.2 |
) |
|
(32.3 |
) |
|
- |
|
|
716.4 |
|
|||||
Stuart Weitzman |
|
144.8 |
|
|
- |
|
|
(4.3 |
) |
|
(9.8 |
) |
|
(8.4 |
) |
|
167.3 |
|
|||||
Gross profit(1) |
$ |
3,239.3 |
|
$ |
- |
|
$ |
(5.6 |
) |
$ |
(104.0 |
) |
$ |
(8.4 |
) |
$ |
3,357.3 |
|
|||||
SG&A expenses | |||||||||||||||||||||||
Coach |
|
1,822.2 |
|
|
- |
|
|
0.5 |
|
|
116.7 |
|
|
18.5 |
|
|
1,686.5 |
|
|||||
Kate Spade |
|
782.2 |
|
|
- |
|
|
0.1 |
|
|
92.9 |
|
|
13.6 |
|
|
675.6 |
|
|||||
Stuart Weitzman |
|
766.2 |
|
|
- |
|
|
(2.0 |
) |
|
526.7 |
|
|
17.6 |
|
|
223.9 |
|
|||||
Corporate |
|
419.5 |
|
|
28.5 |
|
|
29.2 |
|
|
- |
|
|
28.9 |
|
|
332.9 |
|
|||||
SG&A expenses |
$ |
3,790.1 |
|
$ |
28.5 |
|
$ |
27.8 |
|
$ |
736.3 |
|
$ |
78.6 |
|
$ |
2,918.9 |
|
|||||
Operating income (loss) | |||||||||||||||||||||||
Coach |
|
589.4 |
|
|
- |
|
|
(0.6 |
) |
|
(178.6 |
) |
|
(18.5 |
) |
|
787.1 |
|
|||||
Kate Spade |
|
(99.3 |
) |
|
- |
|
|
(1.3 |
) |
|
(125.2 |
) |
|
(13.6 |
) |
|
40.8 |
|
|||||
Stuart Weitzman |
|
(621.4 |
) |
|
- |
|
|
(2.3 |
) |
|
(536.5 |
) |
|
(26.0 |
) |
|
(56.6 |
) |
|||||
Corporate |
|
(419.5 |
) |
|
(28.5 |
) |
|
(29.2 |
) |
|
- |
|
|
(28.9 |
) |
|
(332.9 |
) |
|||||
Operating income (loss) |
$ |
(550.8 |
) |
$ |
(28.5 |
) |
$ |
(33.4 |
) |
$ |
(840.3 |
) |
$ |
(87.0 |
) |
$ |
438.4 |
|
|||||
Provision for income taxes |
|
27.9 |
|
|
(6.0 |
) |
|
3.8 |
|
|
(55.3 |
) |
|
(8.4 |
) |
|
93.8 |
|
|||||
Net income (loss) |
$ |
(652.1 |
) |
$ |
(22.5 |
) |
$ |
(37.2 |
) |
$ |
(785.0 |
) |
$ |
(78.6 |
) |
$ |
271.2 |
|
|||||
Net income (loss) per diluted common share |
$ |
(2.34 |
) |
$ |
(0.08 |
) |
$ |
(0.13 |
) |
$ |
(2.82 |
) |
$ |
(0.28 |
) |
$ |
0.97 |
|
(1) Adjustments within Gross profit are recorded within Cost of sales. |
GAAP TO NON-GAAP RECONCILIATION | |||||||||||||||
(in millions, except per share data) | |||||||||||||||
(unaudited) | |||||||||||||||
For the Quarter Ended |
|||||||||||||||
Items Affecting Comparability |
|||||||||||||||
GAAP Basis (As Reported) |
ERP Implementation | Integration & Acquisition |
Non-GAAP Basis (Excluding Items) |
||||||||||||
Cost of sales | |||||||||||||||
Coach |
|
764.9 |
|
|
- |
|
|
0.1 |
|
|
764.8 |
|
|||
Kate Spade |
|
205.6 |
|
|
- |
|
|
(0.9 |
) |
|
206.5 |
|
|||
Stuart Weitzman |
|
28.7 |
|
|
- |
|
|
(17.9 |
) |
|
46.6 |
|
|||
Gross profit(1) |
$ |
999.2 |
|
$ |
- |
|
$ |
(18.7 |
) |
$ |
1,017.9 |
|
|||
SG&A expenses | |||||||||||||||
Coach |
|
464.9 |
|
|
- |
|
|
1.6 |
|
|
463.3 |
|
|||
Kate Spade |
|
180.3 |
|
|
- |
|
|
4.4 |
|
|
175.9 |
|
|||
Stuart Weitzman |
|
58.3 |
|
|
- |
|
|
2.8 |
|
|
55.5 |
|
|||
Corporate |
|
124.6 |
|
|
11.8 |
|
|
11.6 |
|
|
101.2 |
|
|||
SG&A expenses |
$ |
828.1 |
|
$ |
11.8 |
|
$ |
20.4 |
|
$ |
795.9 |
|
|||
Operating income (loss) | |||||||||||||||
Coach |
|
300.0 |
|
|
- |
|
|
(1.5 |
) |
|
301.5 |
|
|||
Kate Spade |
|
25.3 |
|
|
- |
|
|
(5.3 |
) |
|
30.6 |
|
|||
Stuart Weitzman |
|
(29.6 |
) |
|
- |
|
|
(20.7 |
) |
|
(8.9 |
) |
|||
Corporate |
|
(124.6 |
) |
|
(11.8 |
) |
|
(11.6 |
) |
|
(101.2 |
) |
|||
Operating income (loss) |
$ |
171.1 |
|
$ |
(11.8 |
) |
$ |
(39.1 |
) |
$ |
222.0 |
|
|||
Provision for income taxes |
|
10.0 |
|
|
(3.1 |
) |
|
(21.3 |
) |
|
34.4 |
|
|||
Net income (loss) |
$ |
148.9 |
|
$ |
(8.7 |
) |
$ |
(17.8 |
) |
$ |
175.4 |
|
|||
Net income (loss) per diluted common share |
$ |
0.51 |
|
$ |
(0.03 |
) |
$ |
(0.07 |
) |
$ |
0.61 |
|
(1) Adjustments within Gross profit are recorded within Cost of sales. |
GAAP TO NON-GAAP RECONCILIATION | |||||||||||||||||||
(in millions, except per share data) | |||||||||||||||||||
(unaudited) | |||||||||||||||||||
For the Year Ended |
|||||||||||||||||||
Items Affecting Comparability |
|||||||||||||||||||
GAAP Basis (As Reported) |
ERP Implementation | Integration & Acquisition |
Impact of Tax Legislation |
Non-GAAP Basis (Excluding Items) |
|||||||||||||||
Cost of sales | |||||||||||||||||||
Coach |
|
2,996.4 |
|
|
- |
|
|
(1.9 |
) |
|
- |
|
|
2,998.3 |
|
||||
Kate Spade |
|
863.6 |
|
|
- |
|
|
(6.3 |
) |
|
- |
|
|
869.9 |
|
||||
Stuart Weitzman |
|
193.7 |
|
|
- |
|
|
(19.6 |
) |
|
- |
|
|
213.3 |
|
||||
Gross profit(1) |
$ |
4,053.7 |
|
$ |
- |
|
$ |
(27.8 |
) |
$ |
- |
|
$ |
4,081.5 |
|
||||
SG&A expenses | |||||||||||||||||||
Coach |
|
1,848.0 |
|
|
- |
|
|
7.1 |
|
|
- |
|
|
1,840.9 |
|
||||
Kate Spade |
|
698.2 |
|
|
- |
|
|
14.5 |
|
|
- |
|
|
683.7 |
|
||||
Stuart Weitzman |
|
245.2 |
|
|
- |
|
|
15.0 |
|
|
- |
|
|
230.2 |
|
||||
Corporate |
|
442.6 |
|
|
36.9 |
|
|
30.0 |
|
|
- |
|
|
375.7 |
|
||||
SG&A expenses |
$ |
3,234.0 |
|
$ |
36.9 |
|
$ |
66.6 |
|
$ |
- |
|
$ |
3,130.5 |
|
||||
Operating income (loss) | |||||||||||||||||||
Coach |
|
1,148.4 |
|
|
- |
|
|
(9.0 |
) |
|
- |
|
|
1,157.4 |
|
||||
Kate Spade |
|
165.4 |
|
|
- |
|
|
(20.8 |
) |
|
- |
|
|
186.2 |
|
||||
Stuart Weitzman |
|
(51.5 |
) |
|
- |
|
|
(34.6 |
) |
|
- |
|
|
(16.9 |
) |
||||
Corporate |
|
(442.6 |
) |
|
(36.9 |
) |
|
(30.0 |
) |
|
- |
|
|
(375.7 |
) |
||||
Operating income (loss) |
$ |
819.7 |
|
$ |
(36.9 |
) |
$ |
(94.4 |
) |
$ |
- |
|
$ |
951.0 |
|
||||
Provision for income taxes |
|
122.8 |
|
|
(9.4 |
) |
|
(25.8 |
) |
|
9.2 |
|
|
148.8 |
|
||||
Net income (loss) |
$ |
643.4 |
|
$ |
(27.5 |
) |
$ |
(68.6 |
) |
$ |
(9.2 |
) |
$ |
748.7 |
|
||||
Net income (loss) per diluted common share |
$ |
2.21 |
|
$ |
(0.09 |
) |
$ |
(0.24 |
) |
$ |
(0.03 |
) |
$ |
2.57 |
|
(1) Adjustments within Gross profit are recorded within Cost of sales. |
The Company reports information in accordance with |
The Company operates on a global basis and reports financial results in |
Due to fact that a significant majority of the Company’s stores were closed or operating under shortened operating hours over the course of the second half of the fiscal year, 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 in prior quarters. |
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. |
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||
At |
|||||
(in millions) | |||||
(unaudited) | (audited) | ||||
2020 |
2019 |
||||
ASSETS | |||||
Cash, cash equivalents and short-term investments |
$ |
1,434.4 |
$ |
1,233.8 |
|
Receivables |
|
193.3 |
|
298.1 |
|
Inventories |
|
736.9 |
|
778.3 |
|
Other current assets |
|
188.5 |
|
246.6 |
|
Total current assets |
|
2,553.1 |
|
2,556.8 |
|
Property and equipment, net |
|
775.2 |
|
938.8 |
|
Lease right-of-use assets |
|
1,757.0 |
|
- |
|
Other noncurrent assets |
|
2,838.9 |
|
3,381.7 |
|
Total assets |
$ |
7,924.2 |
$ |
6,877.3 |
|
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||
Accounts payable |
$ |
130.8 |
$ |
243.6 |
|
Accrued liabilities |
|
511.0 |
|
673.6 |
|
Short-term lease liabilities |
|
388.8 |
|
- |
|
Current debt |
|
711.5 |
|
0.8 |
|
Total current liabilities |
|
1,742.1 |
|
918.0 |
|
Long-term debt |
|
1,587.9 |
|
1,601.9 |
|
Long-term lease liabilities |
|
1,799.8 |
|
- |
|
Other liabilities |
|
518.0 |
|
844.0 |
|
Stockholders' equity |
|
2,276.4 |
|
3,513.4 |
|
Total liabilities and stockholders' equity |
$ |
7,924.2 |
$ |
6,877.3 |
STORE COUNT | ||||
At |
||||
(unaudited) | ||||
As of | As of | |||
Directly-Operated Store Count: | Openings | (Closures) | ||
Coach | ||||
381 |
- |
(6) |
375 |
|
International |
591 |
4 |
(12) |
583 |
Kate Spade | ||||
220 |
2 |
(9) |
213 |
|
International |
204 |
8 |
(5) |
207 |
Stuart Weitzman | ||||
71 |
- |
(13) |
58 |
|
International |
87 |
- |
(14) |
73 |
STORE COUNT | ||||
At |
||||
(unaudited) | ||||
As of | As of | |||
Directly-Operated Store Count: | Openings | (Closures) | ||
Coach | ||||
391 |
5 |
(21) |
375 |
|
International |
595 |
24 |
(36) |
583 |
Kate Spade | ||||
213 |
17 |
(17) |
213 |
|
International |
194 |
36 |
(23) |
207 |
Stuart Weitzman | ||||
71 |
4 |
(17) |
58 |
|
International |
76 |
15 |
(18) |
73 |
View source version on businesswire.com: https://www.businesswire.com/news/home/20200813005269/en/
Analysts & Media:
Interim Chief Financial Officer
Global Head of Investor Relations and Corporate Communications
212/629-2618
aresnick@tapestry.com
Vice President, Investor Relations
212/946-7252
ccolone@tapestry.com
Source: