|
|
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“Coach delivered its ninth consecutive quarter of positive comparable store sales growth.
“Kate Spade’s comparable store sales improved sequentially as we further implemented key product and merchandising actions to strengthen the assortment and enhance the brand’s novelty offering, while also moving through excess inventory.”
“Stuart Weitzman sales were impacted by softer demand across channels as we lacked compelling newness in our heritage boot offering. We have built on these learnings and are reinvigorating our footwear icons, while injecting innovation into the overall assortment in keeping with market trends.”
Mr. Zeitlin continued, “At Tapestry, we entered our third fiscal quarter with strong underlying trends, notably at Coach, as sales growth accelerated from the holiday period. Therefore, we had anticipated maintaining our FY20 guidance despite continuing headwinds in
“We now expect that our second half results could be negatively impacted by approximately
“We are confident in our ability to effectively navigate through this period of uncertainty. We are managing our response to best protect our people, our brands and every aspect of our business.”
“Our primary concern is the health and well-being of our team, their families and their local communities who are dealing with the daily reality of this situation. We believe in the resilience of the Chinese people and our view that
Non-GAAP Reconciliation:
During the fiscal second quarter, the Company recorded certain charges associated with its ERP implementation efforts and Organization-related and Integration activities. Taken together, these items decreased the Company’s second quarter reported net income by
Overview of Second Quarter 2020
Fiscal second quarter results by brand were as follows:
Coach Second Quarter 2020 Results:
Kate Spade Second Quarter 2020 Results:
Stuart Weitzman Second Quarter 2020 Results:
Mr. Zeitlin added, “Our strategic intent to drive organic growth and profitability is unwavering. As discussed during our first quarter earnings call, we recently embarked on a comprehensive review of our business. Our findings show there is an opportunity to accelerate long-term growth in all three of our brands. To realize this potential, we need to become more responsive to changing consumer demands. This requires integrating data analytics and consumer insights in all aspects of the business, from design to product development to planning and allocation to marketing. We bring a sense of urgency to this work and are dedicating resources to formulate and implement our strategy to drive value and shareholder returns. We will share the key components of this plan at an analyst and investor day this summer.”
“We are stewards of three powerful brands and, with the executive appointments announced separately this morning, we believe we have the leadership team and the capabilities to deliver strong, sustainable growth which will define the next chapter at Tapestry,” Mr. Zeitlin concluded.
Fiscal Year 2020 Outlook:
The following outlook is provided on a non-GAAP basis and replaces all previous guidance. Our guidance now includes an estimated negative impact of the coronavirus outbreak in
Therefore, the Company expects revenues for Fiscal 2020 to approximate
Fiscal Year 2020 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 costs associated with Organization-related and Integration activities, the Company’s ERP implementation, impairment charges and the impact of select store closures have not yet occurred as the Company continues to refine its plans. 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 2020 guidance.
This Fiscal 2020 non-GAAP guidance excludes (1) expected pre-tax charges of approximately
Conference Call Details:
The Company will host a conference call to review these results at
Upcoming Events:
The Company expects to report Fiscal 2020 third quarter results on
The Company intends to host an analyst and investor day at its headquarters in
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 2020 Outlook,” statements regarding the potential impact of the coronavirus outbreak 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,” “capitalizing,” “developing,” “drive,” “targeting,” “assume,” “plan,” “build,” “pursue,” “maintain,” “progress,” “future,” “on track,” “well positioned to,” “look forward to,” “looking ahead,” “to acquire,” “achieve,” “strategic vision,” “ongoing headwinds,” “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 expected economic trends, the ability to anticipate consumer preferences, the ability to control costs and successfully execute our growth strategies, 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 tax legislation, and the impact of the coronavirus outbreak on our financial results, etc. Please refer to the Company’s latest Annual Report on Form 10-K and its other filings with the
TAPESTRY, INC. | |||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||
For the Quarter & Six Months Ended December 28, 2019 and December 29, 2018 | |||||||||||
(in millions, except per share data) | |||||||||||
(unaudited) | (unaudited) | ||||||||||
QUARTER ENDED | SIX MONTHS ENDED | ||||||||||
December 28, 2019 | December 29, 2018 | December 28, 2019 | December 29, 2018 | ||||||||
Net sales |
$ 1,816.0 |
$ 1,800.8 |
$ 3,173.9 |
$ 3,182.0 |
|||||||
Cost of sales |
606.3 |
597.3 |
1,049.7 |
1,043.4 |
|||||||
Gross profit |
1,209.7 |
1,203.5 |
2,124.2 |
2,138.6 |
|||||||
Selling, general and administrative expenses |
846.6 |
827.0 |
1,709.5 |
1,599.8 |
|||||||
Operating income |
363.1 |
376.5 |
414.7 |
538.8 |
|||||||
Interest expense, net |
14.0 |
13.2 |
26.3 |
26.3 |
|||||||
Other expense (gain) |
(5.9) |
(4.2) |
6.8 |
0.4 |
|||||||
Income before provision for income taxes |
355.0 |
367.5 |
381.6 |
512.1 |
|||||||
Provision for income taxes |
56.2 |
112.7 |
62.8 |
135.0 |
|||||||
Net income |
$ 298.8 |
$ 254.8 |
$ 318.8 |
$ 377.1 |
|||||||
Net income per share: | |||||||||||
Basic |
$ 1.08 |
$ 0.88 |
$ 1.14 |
$ 1.30 |
|||||||
Diluted |
$ 1.08 |
$ 0.88 |
$ 1.13 |
$ 1.29 |
|||||||
Shares used in computing net income per share: | |||||||||||
Basic |
276.0 |
289.9 |
280.8 |
289.3 |
|||||||
Diluted |
276.7 |
291.0 |
281.8 |
291.4 |
|||||||
TAPESTRY, INC. | ||||||||||||||||
DETAIL TO NET SALES | ||||||||||||||||
For the Quarter & Six Months Ended December 28, 2019 and December 29, 2018 | ||||||||||||||||
(in millions) | ||||||||||||||||
(unaudited) | ||||||||||||||||
Quarter Ended | ||||||||||||||||
December 28, 2019 | December 29, 2018 | % Change | Constant Currency % Change |
Comparable Sales | ||||||||||||
Coach |
$ |
1,269.9 |
$ |
1,248.6 |
2 % |
|
2 % |
|
2 % |
|||||||
Kate Spade |
|
430.4 |
|
428.4 |
- % |
|
- % |
|
(4)% |
|||||||
Stuart Weitzman |
|
115.7 |
|
123.8 |
(7)% |
|
(6)% |
|
N/A |
|||||||
Total Tapestry |
$ |
1,816.0 |
$ |
1,800.8 |
1 % |
|
1 % |
|
|
|||||||
|
|
|
|
|
||||||||||||
|
|
|
|
|
||||||||||||
Six Months Ended |
|
|
|
|
|
|||||||||||
December 28, 2019 | December 29, 2018 |
% Change |
|
Constant Currency % |
|
Comparable Sales |
||||||||||
|
|
|
|
|
||||||||||||
|
|
|
|
|
||||||||||||
Coach |
$ |
2,235.8 |
$ |
2,209.3 |
1 % |
|
1 % |
|
1 % |
|||||||
Kate Spade |
|
735.9 |
|
753.8 |
(2)% |
|
(3)% |
|
(9)% |
|||||||
Stuart Weitzman |
|
202.2 |
|
218.9 |
(8)% |
|
(7)% |
|
N/A |
|||||||
Total Tapestry |
$ |
3,173.9 |
$ |
3,182.0 |
- % |
|
- % |
|
|
|||||||
TAPESTRY, INC. | |||||||||||||||||
GAAP TO NON-GAAP RECONCILIATION | |||||||||||||||||
For the Quarter Ended December 28, 2019 | |||||||||||||||||
(in millions, except per share data) | |||||||||||||||||
(unaudited) | |||||||||||||||||
December 28, 2019 | |||||||||||||||||
GAAP Basis (As Reported) |
ERP Implementation | Organization-related & Integration Costs |
Non-GAAP Basis (Excluding Items) |
||||||||||||||
Cost of sales | |||||||||||||||||
Coach |
|
877.3 |
|
|
- |
|
|
- |
|
|
877.3 |
|
|||||
Kate Spade |
|
262.4 |
|
|
- |
|
|
- |
|
|
262.4 |
|
|||||
Stuart Weitzman |
|
70.0 |
|
|
- |
|
|
(1.5 |
) |
|
71.5 |
|
|||||
Gross profit(1) |
$ |
1,209.7 |
|
$ |
- |
|
$ |
(1.5 |
) |
$ |
1,211.2 |
|
|||||
SG&A expenses | |||||||||||||||||
Coach |
|
494.5 |
|
|
- |
|
|
(0.4 |
) |
|
494.9 |
|
|||||
Kate Spade |
|
194.5 |
|
|
- |
|
|
0.7 |
|
|
193.8 |
|
|||||
Stuart Weitzman |
|
60.4 |
|
|
- |
|
|
0.3 |
|
|
60.1 |
|
|||||
Corporate |
|
97.2 |
|
|
6.3 |
|
|
1.8 |
|
|
89.1 |
|
|||||
SG&A expenses |
$ |
846.6 |
|
$ |
6.3 |
|
$ |
2.4 |
|
$ |
837.9 |
|
|||||
|
- |
|
|||||||||||||||
Operating income (loss) | |||||||||||||||||
Coach |
|
382.8 |
|
|
- |
|
|
0.4 |
|
|
382.4 |
|
|||||
Kate Spade |
|
67.9 |
|
|
- |
|
|
(0.7 |
) |
|
68.6 |
|
|||||
Stuart Weitzman |
|
9.6 |
|
|
- |
|
|
(1.8 |
) |
|
11.4 |
|
|||||
Corporate |
|
(97.2 |
) |
|
(6.3 |
) |
|
(1.8 |
) |
|
(89.1 |
) |
|||||
Operating income (loss) |
$ |
363.1 |
|
$ |
(6.3 |
) |
$ |
(3.9 |
) |
$ |
373.3 |
|
|||||
Provision for income taxes |
|
56.2 |
|
|
(1.5 |
) |
|
(4.0 |
) |
|
61.7 |
|
|||||
Net income |
$ |
298.8 |
|
$ |
(4.8 |
) |
$ |
0.1 |
|
$ |
303.5 |
|
|||||
Net income per diluted common share |
$ |
1.08 |
|
$ |
(0.02 |
) |
$ |
- |
|
$ |
1.10 |
|
|||||
(1) Adjustments within Gross profit are recorded within Cost of sales. | |||||||||||||||||
TAPESTRY, INC. | |||||||||||||||||||||
GAAP TO NON-GAAP RECONCILIATION | |||||||||||||||||||||
For the Six Months Ended December 28, 2019 | |||||||||||||||||||||
(in millions, except per share data) | |||||||||||||||||||||
(unaudited) | |||||||||||||||||||||
December 28, 2019 | |||||||||||||||||||||
GAAP Basis (As Reported) |
ERP Implementation | Organization-related & Integration Costs |
Impairment | Non-GAAP Basis (Excluding Items) |
|||||||||||||||||
Cost of sales | |||||||||||||||||||||
Coach |
|
1,554.9 |
|
|
- |
|
|
(0.1 |
) |
|
- |
|
|
1,555.0 |
|
||||||
Kate Spade |
|
453.9 |
|
|
- |
|
|
(1.2 |
) |
|
- |
|
|
455.1 |
|
||||||
Stuart Weitzman |
|
115.4 |
|
|
- |
|
|
(4.3 |
) |
|
- |
|
|
119.7 |
|
||||||
Gross profit(1) |
$ |
2,124.2 |
|
$ |
- |
|
$ |
(5.6 |
) |
$ |
- |
|
$ |
2,129.8 |
|
||||||
SG&A expenses | |||||||||||||||||||||
Coach |
|
972.6 |
|
|
- |
|
|
(0.1 |
) |
|
41.5 |
|
|
931.2 |
|
||||||
Kate Spade |
|
393.2 |
|
|
- |
|
|
0.8 |
|
|
25.2 |
|
|
367.2 |
|
||||||
Stuart Weitzman |
|
125.1 |
|
|
- |
|
|
(2.1 |
) |
|
8.9 |
|
|
118.3 |
|
||||||
Corporate |
|
218.6 |
|
|
20.8 |
|
|
24.5 |
|
|
- |
|
|
173.3 |
|
||||||
SG&A expenses |
$ |
1,709.5 |
|
$ |
20.8 |
|
$ |
23.1 |
|
$ |
75.6 |
|
$ |
1,590.0 |
|
||||||
|
- |
|
|
- |
|
||||||||||||||||
Operating income (loss) | |||||||||||||||||||||
Coach |
|
582.3 |
|
|
- |
|
|
- |
|
|
(41.5 |
) |
|
623.8 |
|
||||||
Kate Spade |
|
60.7 |
|
|
- |
|
|
(2.0 |
) |
|
(25.2 |
) |
|
87.9 |
|
||||||
Stuart Weitzman |
|
(9.7 |
) |
|
- |
|
|
(2.2 |
) |
|
(8.9 |
) |
|
1.4 |
|
||||||
Corporate |
|
(218.6 |
) |
|
(20.8 |
) |
|
(24.5 |
) |
|
- |
|
|
(173.3 |
) |
||||||
Operating income (loss) |
$ |
414.7 |
|
$ |
(20.8 |
) |
$ |
(28.7 |
) |
$ |
(75.6 |
) |
$ |
539.8 |
|
||||||
Provision for income taxes |
|
62.8 |
|
|
(5.0 |
) |
|
(9.4 |
) |
|
(12.1 |
) |
|
89.3 |
|
||||||
Net income |
$ |
318.8 |
|
$ |
(15.8 |
) |
$ |
(19.3 |
) |
$ |
(63.5 |
) |
$ |
417.4 |
|
||||||
Net income per diluted common share |
$ |
1.13 |
|
$ |
(0.06 |
) |
$ |
(0.07 |
) |
$ |
(0.22 |
) |
$ |
1.48 |
|
||||||
(1) Adjustments within Gross profit are recorded within Cost of sales. | |||||||||||||||||||||
TAPESTRY, INC. | ||||||||||||||||||||||
GAAP TO NON-GAAP RECONCILIATION | ||||||||||||||||||||||
For the Quarter Ended December 29, 2018 | ||||||||||||||||||||||
(in millions, except per share data) | ||||||||||||||||||||||
(unaudited) | ||||||||||||||||||||||
December 29, 2018 | ||||||||||||||||||||||
GAAP Basis (As Reported) |
ERP Implementation | Integration & Acquisition |
Impact of Tax Legislation |
Non-GAAP Basis (Excluding Items) |
||||||||||||||||||
Cost of sales | ||||||||||||||||||||||
Coach |
|
860.1 |
|
|
- |
|
|
- |
|
|
- |
|
|
860.1 |
|
|||||||
Kate Spade |
|
272.4 |
|
|
- |
|
|
(2.5 |
) |
|
- |
|
|
274.9 |
|
|||||||
Stuart Weitzman |
|
71.0 |
|
|
- |
|
|
(1.0 |
) |
|
- |
|
|
72.0 |
|
|||||||
Gross profit(1) |
$ |
1,203.5 |
|
|
- |
|
|
(3.5 |
) |
|
- |
|
$ |
1,207.0 |
|
|||||||
SG&A expenses | ||||||||||||||||||||||
Coach |
|
485.7 |
|
|
- |
|
|
- |
|
|
- |
|
|
485.7 |
|
|||||||
Kate Spade |
|
184.1 |
|
|
- |
|
|
3.7 |
|
|
- |
|
|
180.4 |
|
|||||||
Stuart Weitzman |
|
61.1 |
|
|
- |
|
|
0.6 |
|
|
- |
|
|
60.5 |
|
|||||||
Corporate |
|
96.1 |
|
|
6.4 |
|
|
7.4 |
|
|
- |
|
|
82.3 |
|
|||||||
SG&A expenses |
$ |
827.0 |
|
$ |
6.4 |
|
$ |
11.7 |
|
$ |
- |
|
$ |
808.9 |
|
|||||||
Operating income (loss) | ||||||||||||||||||||||
Coach |
|
374.4 |
|
|
- |
|
|
- |
|
|
- |
|
|
374.4 |
|
|||||||
Kate Spade |
|
88.3 |
|
|
- |
|
|
(6.2 |
) |
|
- |
|
|
94.5 |
|
|||||||
Stuart Weitzman |
|
9.9 |
|
|
- |
|
|
(1.6 |
) |
|
- |
|
|
11.5 |
|
|||||||
Corporate |
|
(96.1 |
) |
|
(6.4 |
) |
|
(7.4 |
) |
|
- |
|
|
(82.3 |
) |
|||||||
Operating income (loss) |
$ |
376.5 |
|
$ |
(6.4 |
) |
$ |
(15.2 |
) |
$ |
- |
|
$ |
398.1 |
|
|||||||
Provision for income taxes |
|
112.7 |
|
|
(1.6 |
) |
|
1.1 |
|
|
34.1 |
|
|
79.1 |
|
|||||||
Net income |
$ |
254.8 |
|
$ |
(4.8 |
) |
$ |
(16.3 |
) |
$ |
(34.1 |
) |
$ |
310.0 |
|
|||||||
Net income per diluted common share |
$ |
0.88 |
|
$ |
(0.01 |
) |
$ |
(0.06 |
) |
$ |
(0.12 |
) |
$ |
1.07 |
|
|||||||
(1) Adjustments within Gross profit are recorded within Cost of sales. | ||||||||||||||||||||||
TAPESTRY, INC. | ||||||||||||||||||||||
GAAP TO NON-GAAP RECONCILIATION | ||||||||||||||||||||||
For the Six Months Ended December 29, 2018 | ||||||||||||||||||||||
(in millions, except per share data) | ||||||||||||||||||||||
(unaudited) | ||||||||||||||||||||||
December 29, 2018 | ||||||||||||||||||||||
GAAP Basis (As Reported) |
ERP Implementation | Integration & Acquisition |
Impact of Tax Legislation |
Non-GAAP Basis (Excluding Items) |
||||||||||||||||||
Cost of sales | ||||||||||||||||||||||
Coach |
|
1,539.8 |
|
|
- |
|
|
(2.0 |
) |
|
- |
|
|
1,541.8 |
|
|||||||
Kate Spade |
|
480.1 |
|
|
- |
|
|
(1.1 |
) |
|
- |
|
|
481.2 |
|
|||||||
Stuart Weitzman |
|
118.7 |
|
|
- |
|
|
(1.0 |
) |
|
- |
|
|
119.7 |
|
|||||||
Gross profit(1) |
$ |
2,138.6 |
|
$ |
- |
|
$ |
(4.1 |
) |
$ |
- |
|
$ |
2,142.7 |
|
|||||||
SG&A expenses | ||||||||||||||||||||||
Coach |
|
930.3 |
|
|
- |
|
|
- |
|
|
- |
|
|
930.3 |
|
|||||||
Kate Spade |
|
347.1 |
|
|
- |
|
|
7.1 |
|
|
- |
|
|
340.0 |
|
|||||||
Stuart Weitzman |
|
126.5 |
|
|
- |
|
|
12.1 |
|
|
- |
|
|
114.4 |
|
|||||||
Corporate |
|
195.9 |
|
|
10.4 |
|
|
11.4 |
|
|
- |
|
|
174.1 |
|
|||||||
SG&A expenses |
$ |
1,599.8 |
|
$ |
10.4 |
|
$ |
30.6 |
|
$ |
- |
|
$ |
1,558.8 |
|
|||||||
Operating income (loss) | ||||||||||||||||||||||
Coach |
|
609.5 |
|
|
- |
|
|
(2.0 |
) |
|
- |
|
|
611.5 |
|
|||||||
Kate Spade |
|
133.0 |
|
|
- |
|
|
(8.2 |
) |
|
- |
|
|
141.2 |
|
|||||||
Stuart Weitzman |
|
(7.8 |
) |
|
- |
|
|
(13.1 |
) |
|
- |
|
|
5.3 |
|
|||||||
Corporate |
|
(195.9 |
) |
|
(10.4 |
) |
|
(11.4 |
) |
|
- |
|
|
(174.1 |
) |
|||||||
Operating income (loss) |
$ |
538.8 |
|
$ |
(10.4 |
) |
$ |
(34.7 |
) |
$ |
- |
|
$ |
583.9 |
|
|||||||
Provision for income taxes |
|
135.0 |
|
|
(2.6 |
) |
|
(2.1 |
) |
|
34.1 |
|
|
105.6 |
|
|||||||
Net income |
$ |
377.1 |
|
$ |
(7.8 |
) |
$ |
(32.6 |
) |
$ |
(34.1 |
) |
$ |
451.6 |
|
|||||||
Net income per diluted common share |
$ |
1.29 |
|
$ |
(0.03 |
) |
$ |
(0.11 |
) |
$ |
(0.12 |
) |
$ |
1.55 |
|
|||||||
(1) Adjustments within Gross profit are recorded within Cost of sales. | ||||||||||||||||||||||
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 the Company’s
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 revenue results by translating current period revenue in local currency using the prior year period’s 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. | |||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||||
At December 28, 2019 and June 29, 2019 | |||||||||
(in millions) | |||||||||
(unaudited) | (audited) | ||||||||
December 28, 2019 | June 29, 2019 | ||||||||
ASSETS | |||||||||
Cash, cash equivalents and short-term investments |
$ |
1,166.7 |
$ |
1,233.8 |
|||||
Receivables |
|
363.5 |
|
298.1 |
|||||
Inventories |
|
748.3 |
|
778.3 |
|||||
Other current assets |
|
232.9 |
|
246.6 |
|||||
Total current assets |
|
2,511.4 |
|
2,556.8 |
|||||
Property and equipment, net |
|
886.3 |
|
938.8 |
|||||
Lease right-of-use assets |
|
1,996.5 |
|
- |
|||||
Other noncurrent assets |
|
3,305.9 |
|
3,381.7 |
|||||
Total assets |
$ |
8,700.1 |
$ |
6,877.3 |
|||||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||
Accounts payable |
$ |
252.4 |
$ |
243.6 |
|||||
Accrued liabilities |
|
670.1 |
|
673.6 |
|||||
Short-term lease liabilities |
|
329.8 |
|
- |
|||||
Current debt |
|
- |
|
0.8 |
|||||
Total current liabilities |
|
1,252.3 |
|
918.0 |
|||||
Long-term debt |
|
1,598.0 |
|
1,601.9 |
|||||
Long-term lease liabilities |
|
1,901.2 |
|
- |
|||||
Other liabilities |
|
626.2 |
|
844.0 |
|||||
Stockholders' equity |
|
3,322.4 |
|
3,513.4 |
|||||
Total liabilities and stockholders' equity |
$ |
8,700.1 |
$ |
6,877.3 |
|||||
|
TAPESTRY, INC. | |||||||||||||
STORE COUNT | |||||||||||||
At September 28, 2019 and December 28, 2019 | |||||||||||||
(unaudited) | |||||||||||||
As of | As of | ||||||||||||
Directly-Operated Store Count: | September 28, 2019 | Openings | (Closures) | December 28, 2019 | |||||||||
Coach | |||||||||||||
North America |
392 |
3 |
(2) |
393 |
|||||||||
International |
592 |
11 |
(7) |
596 |
|||||||||
Kate Spade | |||||||||||||
North America |
212 |
10 |
- |
222 |
|||||||||
International |
198 |
11 |
(4) |
205 |
|||||||||
Stuart Weitzman | |||||||||||||
North America |
72 |
1 |
(1) |
72 |
|||||||||
International |
78 |
10 |
(1) |
87 |
View source version on businesswire.com: https://www.businesswire.com/news/home/20200206005331/en/
Source:
Tapestry, Inc.
Analysts & Media:
Andrea Shaw Resnick
Global Head of Investor Relations and Corporate Communications
212/629-2618
aresnick@tapestry.com
Christina Colone
Vice President, Investor Relations
212/946-7252
ccolone@tapestry.com