- Delivered Revenue of Over $1.5 Billion, Representing Growth
Compared to the Prior Year
- Drove a Gross Margin Increase of 250 Basis Points Versus
Last Year
- Achieved Diluted EPS of $0.84 on a Reported Basis, Up 6%
Versus Last Year, and $0.93 on a Non-GAAP Basis, Up 18% Versus Last
Year, Exceeding Expectations
- Maintained Earnings and Operating Cash Flow Outlook for
Fiscal Year 2024
Link to Download Tapestry’s Q1 Earnings Presentation, Including
Brand Highlights
Tapestry, Inc. (NYSE: TPR), a house of iconic accessories and
lifestyle brands consisting of Coach, Kate Spade, and Stuart
Weitzman, today reported results for the fiscal first quarter ended
September 30, 2023.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20231109208328/en/
(Photo: Business Wire)
Joanne Crevoiserat, Chief Executive Officer of Tapestry, Inc.,
said, “We achieved record first quarter revenue and EPS as we
continued to successfully advance our strategic growth agenda
against a dynamic external backdrop. Our strong and consistent
results demonstrate the power of brand building and customer
centricity, underpinned by the creativity of our talented global
teams and disciplined execution. During the quarter, we drove
revenue gains at constant currency, significant gross margin
expansion, and high-teens adjusted EPS growth. Importantly, we
continued to invest in our brands and consumer engagement platform,
reinforcing our commitment to driving innovation and cultivating
lasting relationships with customers around the world.”
“As we move forward, we are in a position of strength with
meaningful runway for sustainable growth. Through a relentless
drive to fuel brand magic and deliver for our customers, we are
confident in our ability to achieve organic top and bottom-line
gains, supported by our data-driven, direct-to-consumer operating
model that enables speed and agility. These advantages have powered
Tapestry’s successful transformation and will unlock enhanced value
for our stakeholders for years to come.”
Tapestry, Inc. Financial &
Strategic Highlights
Throughout the first quarter, the Company advanced its strategic
priorities to:
Build Lasting Customer Relationships
- Drove customer engagement across brands, acquiring
approximately over 1.2 million new customers in North America
alone, of which roughly half were Gen Z and Millennials.
Power Global Growth
- Achieved International revenue growth of 7% at constant
currency, fueled by gains of 12% in Japan and 9% in Greater
China;
- Delivered North America revenue approximately in-line with
the prior year amid a difficult consumer demand environment,
while fueling gross and operating margin expansion;
- Realized high-teens adjusted earnings per diluted share
growth.
Deliver Compelling Omni-Channel Experiences
- Increased Direct-to-Consumer revenue by 1% at constant
currency, supported by the Company’s data and analytics
capabilities that continue to enhance each brand’s go-to-market
strategies; results led by a low-single-digit increase in
stores;
- Maintained strong positioning in Digital, which
represented nearly 25% of revenue, roughly consistent with prior
year or approximately three times above pre-pandemic levels.
Fuel Fashion Innovation and Product Excellence
- Delivered strong innovation, as success in new product
and branding elements outperformed and fueled handbag AUR gains
globally;
- Expanded gross margin by 250 basis points, benefiting
from lower freight expense and operational outperformance;
- Maintained tight inventory control, ending the quarter
with inventory levels 17% below the prior year, reflecting the
Company’s focus on disciplined inventory management and a lower
level of in-transits relative to last year.
Overview of Fiscal 2024 First Quarter
Financial Results
- Net sales totaled $1.51 billion, slightly above the
prior year. Excluding a 130 basis point headwind from currency due
to the appreciation of the U.S. Dollar, revenue increased
approximately 2% versus last year.
- Gross profit totaled $1.10 billion, while gross margin
was 72.5%, which reflected a benefit of 150 basis points from lower
freight expense, as well as operational improvements. This compared
to prior year gross profit of $1.05 billion, representing a gross
margin of 70.0%.
- SG&A expenses totaled $845 million and represented
55.8% of sales on a reported basis. On a non-GAAP basis, SG&A
expenses totaled $825 million and represented 54.5% of sales. In
the prior year period, SG&A expenses on both a reported and
non-GAAP basis totaled $800 million, representing 53.1% of
sales.
- Operating income was $253 million on a reported basis,
while operating margin was 16.7%. On a non-GAAP basis, operating
income was $273 million, while operating margin was 18.0%. This
compares to reported and non-GAAP operating income of $254 million
and a 16.9% operating margin in the prior year period.
- Net interest expense was $13 million on a reported basis
and $7 million on a non-GAAP basis. This compared to net interest
expense of $7 million in the prior year period on both a reported
and non-GAAP basis.
- Other expense was $1 million. This compared to other
expense of $11 million in the prior year period.
- Net income was $195 million, with earnings per diluted
share of $0.84. On a non-GAAP basis, net income was $216 million,
with earnings per diluted share of $0.93. In the prior year period,
net income was $195 million, with earnings per diluted share of
$0.79 on both a reported and non-GAAP basis. On a reported basis,
the tax rate for the quarter was 18.2% or 18.3% on a non-GAAP
basis. In the prior year period, the tax rate was 17.3% on both a
reported and non-GAAP basis.
Balance Sheet and Cash Flow
Highlights
- Cash, cash equivalents and short-term investments
totaled $639 million and total borrowings outstanding were
$1.65 billion.
- Inventory of $943 million was below the prior year’s
ending inventory of $1.14 billion.
- Cash flow from operating activities for the first fiscal
quarter was an inflow of $75 million compared to an outflow of $170
million in the prior year. Free cash flow was an inflow of
$54 million compared to an outflow of $198 million in the prior
year. This included CapEx and implementation costs
related to Cloud Computing of $29 million versus $47 million a
year ago.
Dividend
The Company’s Board of Directors declared a quarterly cash
dividend of $0.35 per common share payable on December 26, 2023 to
shareholders of record as of the close of business on December 8,
2023.
In the fiscal year, Tapestry continues to expect to return
approximately $325 million to shareholders through dividend
payments for an anticipated annual dividend rate of $1.40 per
share, an increase of 17% versus prior year.
Acquisition of Capri Holdings
Limited
On August 10, 2023, Tapestry, Inc. announced a definitive
agreement to acquire Capri Holdings Limited, establishing a
powerful global house of iconic luxury and fashion brands. This
acquisition builds on Tapestry’s core tenets as consumer-centric
brand-builders and disciplined operators, accelerating its
strategic and financial growth agenda. The combination will:
- Expand the Company’s portfolio reach and diversification across
consumer segments, geographies and product categories;
- Leverage Tapestry’s consumer engagement platform to drive
direct-to-consumer opportunity;
- Unlock opportunity for significant cost synergies;
- Generate highly diversified, strong, and consistent cash
flow;
- Power continued progress as a purpose-led, people-centered
company; and,
- Create a path to deliver enhanced total shareholder
returns.
Importantly, this transaction is expected to deliver strong
double-digit EPS accretion on an adjusted basis and compelling
ROIC.
The Company is continuing to make progress towards transaction
close:
- On October 25, 2023, the shareholders of Capri Holdings Limited
approved the transaction, satisfying one of the conditions to
close.
- Tapestry is working to receive all required regulatory
approvals, including responding to the U.S. Federal Trade
Commission’s second request received on November 3, 2023. The
Company remains confident in the ability to complete this
transaction, with a close expected in calendar 2024, consistent
with prior expectations.
- The Company continues to expect to fund the purchase through a
combination of permanent financing, term loans, excess Tapestry
cash and anticipated future cash flow, a portion of which will be
used to pay certain of Capri’s existing outstanding debt. The
Company’s financing strategy will support rapid debt paydown with
prepayable debt in order to achieve its stated target of a gross
leverage ratio of below 2.5x Debt/ adjusted EBITDA within 24 months
post-close given the combined entity’s strong cash flow
generation.
- Finally, integration planning efforts are moving forward as
expected and the Company continues to project run-rate cost
synergies of over $200 million achieved within three years of
closing.
Non-GAAP Reconciliation
During the first fiscal quarter of 2024, Tapestry recorded
certain items that decreased the Company’s pre-tax income by $26
million, net income by $21 million, and earnings per diluted share
by $0.09. These items relate to acquisition costs, primarily
associated with professional and financing fees.
Please refer to Financial Schedule 4 included herein for a
detailed reconciliation of the Company’s reported GAAP to non-GAAP
results.
Financial Outlook
The Company is maintaining its Fiscal 2024 earnings per share
and operating cash flow outlook as a stronger margin improvement is
expected to fully offset a more modest revenue growth projection
given the expectation for incremental currency headwinds and a more
moderate operational outlook for Asia and North America.
Tapestry now expects the following for Fiscal 2024, which
replaces all previous guidance and is provided on a non-GAAP
basis:
- Revenue of approximately $6.7 billion, representing a
slight increase to prior year on a reported basis. Excluding an FX
headwind of approximately 150 basis points, Tapestry expects
constant currency revenue growth of 2% to 3% compared to the prior
year;
- Net interest expense of approximately $20 million;
- Tax rate of approximately 20%;
- Weighted average diluted share count of approximately
235 million shares;
- Earnings per diluted share of $4.10 to $4.15,
representing approximately 6% to 7% growth compared to the prior
year;
- Free cash flow of approximately $1.1 billion, excluding
deal-related costs.
Please note this outlook assumes the following:
- Excludes revenue or earnings contribution and deal-related
costs related to the proposed acquisition of Capri Holdings
Limited, which is expected to close in calendar 2024;
- No further appreciation of the U.S. Dollar; information
provided based on spot rates at the time of forecast;
- A gradual recovery in Greater China;
- No material worsening of inflationary pressures or consumer
confidence; and
- No benefit from the potential reinstatement of the Generalized
System of Preferences (GSP).
Given the dynamic nature of these and other external factors,
financial results could differ materially from the outlook
provided.
Financial 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
acquisition, financing, purchase accounting and integration-related
charges and Company costs associated with the acquisition of Capri
Holdings Limited have not yet occurred and cannot be reasonably
estimated at this time. Accordingly, a reconciliation of the
Company’s non-GAAP financial measure guidance to the corresponding
GAAP measure is not available without unreasonable effort.
Conference Call Details
The Company will host a conference call to review these results
at 8:00 a.m. (ET) today, November 9, 2023. Interested parties may
listen to the conference call via live webcast by accessing
www.tapestry.com/investors or calling 1-866-847-4217 or
1-203-518-9845 and providing the Conference ID 4101321. A telephone
replay will be available starting at 12:00 p.m. (ET) today for a
period of five business days. To access the telephone replay, call
1-800-283-4641 or 1-402-220-0851. A webcast replay of the earnings
conference call will also be available for five business days on
the Tapestry website. In addition, presentation slides have been
posted to the Company’s website at www.tapestry.com/investors.
Upcoming Events
The Company expects to report Fiscal 2024 second quarter results
on Thursday, February 8, 2024.
To receive notification of future announcements, please register
at www.tapestry.com/investors ("Subscribe to E-Mail Alerts").
About Tapestry, Inc.
Our global house of brands unites the magic of Coach, kate spade
new york and Stuart Weitzman. Each of our brands are unique and
independent, while sharing a commitment to innovation and
authenticity defined by distinctive products and differentiated
customer experiences across channels and geographies. We use our
collective strengths to move our customers and empower our
communities, to make the fashion industry more sustainable, and to
build a company that’s equitable, inclusive, and diverse.
Individually, our brands are iconic. Together, we can stretch
what’s possible. To learn more about Tapestry, please visit
www.tapestry.com. For important news and information regarding
Tapestry, visit the Investor Relations section of our website at
www.tapestry.com/investors. In addition, investors should continue
to review our news releases and filings with the SEC. We use each
of these channels of distribution as primary channels for
publishing key information to our investors, some of which may
contain material and previously non-public information. The
Company’s common stock is traded on the New York Stock Exchange
under the symbol TPR.
This information to be made available in this press release may
contain forward-looking statements based on management's current
expectations. Forward-looking statements include, but are not
limited to, the statements under “Financial Outlook,” statements
regarding long term performance, statements regarding the Company’s
capital deployment plans, including anticipated annual dividend
rates and share repurchase plans, and statements that can be
identified by the use of forward-looking terminology such as "may,"
"will," “can,” "should," "expect," “expectation,” “potential,”
"intend," "estimate," "continue," "project," "guidance,"
"forecast," “outlook,” “commit,” "anticipate," “goal,”
“leveraging,” “sharpening,” transforming,” “creating,”
accelerating,” “enhancing,” “innovation,” “drive,” “targeting,”
“assume,” “plan,” “progress,” “confident,” “future,” “uncertain,”
“on track,” “achieve,” “strategic,” “growth,” “view,” “we can
stretch what’s possible,” or comparable terms. Future results may
differ materially from management's current expectations, based
upon a number of important factors, including risks and
uncertainties such as the impact of economic conditions, recession
and inflationary measures, the impact of the Covid-19 pandemic,
risks associated with operating in international markets and our
global sourcing activities, the ability to anticipate consumer
preferences and retain the value of our brands, including our
ability to execute on our e-commerce and digital strategies, the
ability to successfully implement the initiatives under our 2025
growth strategy, the effect of existing and new competition in the
marketplace, our ability to control costs, the effect of seasonal
and quarterly fluctuations on our sales or operating results; the
risk of cybersecurity threats and privacy or data security
breaches, our ability to protect against infringement of our
trademarks and other proprietary rights, the impact of tax and
other legislation, the risks associated with potential changes to
international trade agreements and the imposition of additional
duties on importing our products, our ability to achieve intended
benefits, cost savings and synergies from acquisitions including
our proposed acquisition of Capri Holdings Limited (“Capri”), the
anticipated impact of the proposed acquisition of Capri on the
combined company’s business and future financial and operating
results, the anticipated closing date for the proposed acquisition
of Capri, risks related to the availability of funding for our
bridge loan facility associated with our proposed acquisition of
Capri, the impact of pending and potential future legal
proceedings, and the risks associated with climate change and other
corporate responsibility issues, etc. In addition, purchases of
shares of the Company’s common stock will be made subject to market
conditions and at prevailing market prices. Please refer to the
Company’s latest Annual Report on Form 10-K and its other filings
with the Securities and Exchange Commission for a complete list of
risks and important factors. The Company assumes no obligation to
revise or update any such forward-looking statements for any
reason, except as required by law.
Schedule 1: Consolidated Statement of Operations
TAPESTRY, INC. CONSOLIDATED STATEMENTS OF OPERATIONS
For the Quarter Ended September 30, 2023
and October 1, 2022 (in
millions, except per share data)
(unaudited) QUARTER ENDED September 30, 2023
October 1, 2022 Net sales
$
1,513.2
$
1,506.5
Cost of sales
415.5
451.9
Gross profit
1,097.7
1,054.6
Selling, general and administrative expenses
844.5
800.3
Operating income (loss)
253.2
254.3
Interest expense, net
13.3
7.4
Other expense (income)
1.4
10.7
Income (loss) before provision for income taxes
238.5
236.2
Provision (benefit) for income taxes
43.5
40.9
Net income (loss)
$
195.0
$
195.3
Net income (loss) per share: Basic
$
0.85
$
0.81
Diluted
$
0.84
$
0.79
Shares used in computing net income (loss) per share: Basic
228.3
241.5
Diluted
232.5
246.8
Schedule 2: Detail to Net Sales
TAPESTRY, INC. DETAIL TO NET SALES For the Quarter Ended September 30, 2023 and October 1,
2022 (in millions)
(unaudited) QUARTER
ENDED September 30, 2023 October 1, 2022 %
Change vs. FY23 Constant Currency %Change FY23
Coach
$
1,157.4
$
1,119.3
3
%
5
%
Kate Spade
303.2
321.9
(6
)%
(5
)%
Stuart Weitzman
52.6
65.3
(19
)%
(18
)%
Total Tapestry
$
1,513.2
$
1,506.5
—
%
2
%
Schedule 3: Gross Profit by Segment
TAPESTRY, INC. GROSS PROFIT BY SEGMENT For the Quarter Ended September 30, 2023 and October 1,
2022 (in millions)
(unaudited) QUARTER
ENDED September 30, 2023 October 1, 2022
Coach
$
867.6
$
808.9
Kate Spade
198.9
207.8
Stuart Weitzman
31.2
37.9
Gross profit
$
1,097.7
$
1,054.6
Schedules 4 and 5: Condensed Consolidated Segment Data and
Items Affecting Comparability
TAPESTRY, INC. CONSOLIDATED
SEGMENT DATA, AND GAAP TO NON-GAAP
RECONCILIATION (in millions,
except per share data) (unaudited) For the Quarter Ended
September 30, 2023 Items Affecting Comparability GAAP
Basis(As Reported) Acquisition Costs Non-GAAP
Basis(Excluding Items) Coach
$
371.3
$
—
$
371.3
Kate Spade
26.6
—
26.6
Stuart Weitzman
(8.6
)
—
(8.6
)
Corporate
(136.1
)
(19.6
)
(116.5
)
Operating income (loss)
$
253.2
$
(19.6
)
$
272.8
Net income (loss)
$
195.0
$
(21.3
)
$
216.3
Net income (loss) per diluted common share
$
0.84
$
(0.09
)
$
0.93
Supplemental Segment
Data For the Quarter Ended September 30, 2023
Items Affecting Comparability GAAP Basis(As Reported)
Acquisition Costs Non-GAAP Basis(Excluding Items)
Coach
$
496.3
$
—
$
496.3
Kate Spade
172.3
—
172.3
Stuart Weitzman
39.8
—
39.8
Corporate
136.1
19.6
116.5
SG&A expenses
$
844.5
$
19.6
$
824.9
TAPESTRY, INC. CONSOLIDATED SEGMENT DATA (in millions, except per share data)
(unaudited) For the
Quarter EndedOctober 1, 2022 GAAP Basis(As Reported)(1)
Coach
$
339.2
Kate Spade
23.2
Stuart Weitzman
(5.1
)
Corporate
(103.0
)
Operating income (loss)
$
254.3
Net income (loss)
$
195.3
Net income (loss) per diluted common share
$
0.79
Supplemental Segment
Data For the Quarter Ended October 1, 2022
GAAP Basis(As Reported)(1) Coach
$
469.7
Kate Spade
184.6
Stuart Weitzman
43.0
Corporate
103.0
SG&A expenses
$
800.3
(1) There were no items affecting
comparability in the quarter ended on October 1, 2022
Management utilizes non-GAAP and constant currency measures to
conduct and evaluate its business during its regular review of
operating results for the periods affected and to make decisions
about Company resources and performance. The Company believes
presenting these non-GAAP measures, which exclude items that are
not comparable from period to period, is useful to investors and
others in evaluating the Company’s ongoing operating and financial
results in a manner that is consistent with management’s evaluation
of business performance and understanding how such results compare
with the Company’s historical performance. Additionally, the
Company believes presenting these metrics on a constant currency
basis will help investors and analysts to understand the effect of
significant year-over-year foreign currency exchange rate
fluctuations on these performance measures and provide a framework
to assess how business is performing and expected to perform
excluding these effects.
The Company reports information in accordance with U.S.
Generally Accepted Accounting Principles ("GAAP"). The Company's
management does not, nor does it suggest that investors should,
consider non-GAAP financial measures in isolation from, or as a
substitute for, financial information prepared in accordance with
GAAP. Further, the non-GAAP measures utilized by the Company may be
unique to the Company, as they may be different from non-GAAP
measures used by other companies.
The Company operates on a global basis and reports financial
results in U.S. dollars in accordance with GAAP. Percentage
increases/decreases in net sales for the Company and each segment
have been presented both including and excluding currency
fluctuation effects from translating foreign-denominated sales into
U.S. dollars and compared to the same periods in the prior quarter
and fiscal year. The Company calculates constant currency net sales
results by translating current period net sales in local currency
using the prior year period’s currency conversion rate.
The segment operating income and supplemental segment SG&A
expenses presented in the Condensed Consolidated Segment Data, and
GAAP to non-GAAP Reconciliation Table above, as well as SG&A
expense ratio, and operating margin, are considered non-GAAP
measures. These measures have been presented both including and
excluding Acquisition costs for the quarter ended on September 30,
2023. In addition, segment Operating Income (loss), Net income
(loss), and Net Income (loss) per diluted common share, have been
presented both including and excluding Acquisition costs for the
quarter ended on September 30, 2023.
There were no items affecting comparability in the quarter ended
October 1, 2022.
The Company also presents free cash flow, which is a non-GAAP
measure, Free cash flow is calculated by taking the “Net cash flows
provided by (used in) operating activities” less “Purchases of
property and equipment” from the Condensed Consolidated Statement
of Cash Flows. The Company believes that free cash flow is an
important liquidity measure of the cash that is available after
capital expenditures for operational expenses and investment in our
business. The Company believes that free cash flow is useful to
investors because it measures the Company’s ability to generate or
use cash. Once our business needs and obligations are met, cash can
be used to maintain a strong balance sheet, invest in future growth
and return capital to stockholders. Adjusted EBITDA is calculated
as Net Income, excluding, Interest expense, Provision for income
taxes, Depreciation and amortization, Cloud computing amortization
costs, Shared-based compensation and Items affecting comparability
including Acquisition and Integration costs.
Schedule 6: Condensed Consolidated Balance Sheets
TAPESTRY, INC. CONDENSED CONSOLIDATED BALANCE SHEETS
At September 30, 2023 and July 1,
2023 (in millions)
(unaudited) (audited) September 30,
2023 July 1, 2023 ASSETS Cash, cash equivalents
and short-term investments
$
638.8
$
741.5
Receivables
264.8
211.5
Inventories
942.5
919.5
Other current assets
562.9
491.0
Total current assets
2,409.0
2,363.5
Property and equipment, net
539.6
564.5
Operating lease right-of-use assets
1,352.1
1,378.7
Other assets
2,841.8
2,810.1
Total assets
$
7,142.5
$
7,116.8
LIABILITIES AND STOCKHOLDERS' EQUITY Accounts payable
$
386.5
$
416.9
Accrued liabilities
487.1
547.1
Current portion of operating lease liabilities
295.6
297.5
Current debt
25.0
25.0
Total current liabilities
1,194.2
1,286.5
Long-term debt
1,629.9
1,635.8
Long-term operating lease liabilities
1,296.7
1,333.7
Other liabilities
606.0
583.0
Stockholders' equity
2,415.7
2,277.8
Total liabilities and stockholders' equity
$
7,142.5
$
7,116.8
Schedule 7: Condensed Consolidated Statement of Cash
Flows
TAPESTRY, INC. CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
At September 30, 2023 and October 1,
2022 (in millions)
(unaudited) (unaudited) September 30,
2023 October 1, 2022 CASH FLOWS PROVIDED BY (USED IN)
OPERATING ACTIVITIES Net income (loss)
$
195.0
$
195.3
Adjustments to reconcile net income to net cash provided by (used
in) operating activities: Depreciation and amortization
44.3
43.8
Other non-cash items
49.7
(10.0
)
Changes in operating assets and liabilities
(213.7
)
(399.5
)
Net cash provided by (used in) operating activities
75.3
(170.4
)
CASH FLOWS PROVIDED BY (USED IN) INVESTING ACTIVITIES
Purchases of property and equipment
(20.9
)
(27.3
)
Purchases of investments
(1.9
)
(4.0
)
Other items
—
178.1
Net cash provided by (used in) investing activities
(22.8
)
146.8
CASH FLOWS PROVIDED BY (USED IN) FINANCING ACTIVITIES
Payment of dividends
(80.2
)
(72.7
)
Repurchase of common stock
—
(94.9
)
Other items
(69.2
)
(58.6
)
Net cash provided by (used in) financing activities
(149.4
)
(226.2
)
Effect of exchange rate on cash and cash equivalents
(7.1
)
(13.5
)
Net (decrease) increase in cash and cash equivalents
(104.0
)
(263.3
)
Cash and cash equivalents at beginning of period
$
726.1
$
789.8
Cash and cash equivalents at end of period
$
622.1
$
526.5
Schedule 8: Store Count by Brand
TAPESTRY, INC. STORE COUNT At July
1, 2023 and September 30, 2023 (unaudited) As of As of
Directly-Operated Store Count:
July 1, 2023 Openings (Closures) September
30, 2023 Coach North
America
330
—
—
330
International
609
3
(8
)
604
Kate Spade North America
205
—
(1
)
204
International
192
2
(2
)
192
Stuart Weitzman North
America
36
—
—
36
International
57
5
(1
)
61
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231109208328/en/
Tapestry, Inc. Media: Andrea Shaw Resnick Chief Communications
Officer 212/629-2618 aresnick@tapestry.com Analysts and Investors:
Christina Colone Global Head of Investor Relations 212/946-7252
ccolone@tapestry.com Kelsey Mueller 212/946-8183 Director of
Investor Relations kmueller@tapestry.com
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