UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended April 1, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number: 1-16153 Tapestry, Inc. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) ...

Tapestry, Inc. (NYSE:TPR) Q2 2023 Earnings Conference Call February 9, 2023 8:00 AM ET Company Participants Christina Colone - Global Head, Investor Relations Joanne Crevoiserat - Chief Executive Officer Scott Rowe - Chief Financial Officer and Chief Operating Officer Todd Kahn - Chief Executive Officer and Brand President, Coach Conference Call Participants Bob Drbul - Guggenheim Securities Ike Boruchow - Wells Fargo Securities LLC Lorraine Hutchinson - Bank of America Merrill Lynch Matthew Boss - JPMorgan ...

tapestry COACH | kate spade | STUART WEITZMAN © 2023 Tapestry, Inc. This presentation contains certain "frorward-looking statements" based on management's current expectations. Forward-looking statements which can be identified by the use of forvard-looking terminutogy such as "nray," "Wil," car," should," expect," "intend," "estimate, "continue," "project", "outlarıe," "roncast, " outlot)c," "antig "leveraging," "capitalizing" "teveloping" "launch," "chris, " "grow," "argeting" "build," "bould," "bould, " ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended December 31, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number: 1-16153 Tapestry, Inc. (Exact name of registrant as specified in its charter) Maryland 52-2242751 (State or other jurisdiction of incorporation or organization) (I.R.S. Empl ...

tapestry This presentation contains certain "forward-looking statements" based on management's current expectations. Forward-looking statements indude, but are not limited to statem by the use of forward-looking terminology such as "nay," "Will, "can, "should," "expect," "intend," "estimate, " "ontinue," "oreaces," "outlook, " "anticipate," "ternain c "leveraging," "capitalizing," "developing," "assume," "plan," "build," "pursue," "maintain," "on track," "well positioned to, "look forward to, " to aquine, " ...

Financial Data and Key Metrics Changes - The company achieved record revenue of $1.5 billion in Q1 2023, with an 8% increase in EPS on a currency-neutral basis, despite facing FX headwinds and COVID disruptions in China [38][39][40] - Revenue rose over 5% on a constant currency basis, with international markets delivering 11% growth compared to the prior year [39][40] - Gross margin declined due to freight pressure and FX headwinds, but operational gross margin expanded versus the prior year [42][44] Business Line Data and Key Metrics Changes - Coach brand saw a 4% increase in revenue on a constant currency basis, driven by growth in core leather goods and successful product introductions [16][24] - Kate Spade's revenue rose 10% in constant currency, with a 7% gain in North America and 23% growth in international markets [24][25] - Stuart Weitzman experienced growth in North America, aided by strength in the wholesale channel, while facing challenges in Greater China due to COVID [32][33] Market Data and Key Metrics Changes - In North America, sales rose slightly, with a nearly 45% increase on a two-year basis, while digital sales remained over 3x ahead of pre-pandemic levels [41][42] - International markets showed strong growth, with Europe sales increasing by 24% and APAC revenue rising by 9% despite challenges in Greater China [39][40] - The company noted a decline of 11% in Greater China sales due to COVID-related headwinds, although this was an improvement from the previous quarter [40] Company Strategy and Development Direction - The company is focused on driving sustainable growth through a consumer-centric and data-driven approach, emphasizing agility and innovation [9][10] - There is a commitment to enhancing omnichannel experiences and building lasting customer relationships, with a focus on emotional storytelling and product innovation [11][12][19][30] - The company plans to maintain disciplined pricing strategies and manage promotional activities carefully to support brand health [74][75] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating near-term challenges while remaining focused on long-term growth initiatives [37][58] - The outlook for fiscal 2023 has been tempered due to expectations of a delayed recovery in China, but the company remains optimistic about growth in other regions [48][50] - Management highlighted the importance of staying close to customers and adapting to changing market conditions [62][71] Other Important Information - The company plans to return approximately $1 billion to shareholders in fiscal 2023, including share repurchases and dividends [47][58] - Inventory levels were reported to be 39% above the prior year, with proactive measures taken to align inventory with updated revenue outlooks [45][46] Q&A Session Summary Question: Outlook heading into holiday - Management highlighted strong Q1 performance and expressed confidence in product offerings and inventory positioning for the holiday season, while maintaining realistic expectations given macro uncertainties [61][62] Question: Guidance details for North America and China - Management provided context on the guidance adjustments, noting a delay in the recovery for China and a modestly below-expectation performance in North America, while emphasizing ongoing investments in long-term growth [67][68][69] Question: Promotional and pricing strategy - Management discussed the focus on AUR increases and disciplined promotional strategies, noting no pushback from customers on recent price increases [74][75] Question: New customer acquisition trends - Management reported 1.4 million new customers in North America and emphasized the importance of omnichannel engagement, with customers shopping across both online and in-store channels [78][79] Question: Pricing analytics and SKU management - Management reiterated the focus on delivering value and innovation, with plans to continue driving AUR growth while managing promotional activities effectively [84][86]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended October 1, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number: 1-16153 Tapestry, Inc. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No ...

tapestry | --- | --- | --- | |-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ...

tapestry the impact of the ongoing Covid-19 pandemic, including impacts on our supply chain due to temporary closures of our manufacturing partners, price increases, temporary store . closures, as well as production, shipping and fulfillment constraints; · the impact of economic conditions; · the ability to successfully execute our multi-year growth agenda under our Acceleration . Program; the impact of tax and other legislation; and ● this presentation contains certain "forward-looking statements" based on ...

Financial Data and Key Metrics Changes - Tapestry achieved record annual revenue of $6.7 billion in fiscal year 2022, reflecting a 18% increase compared to the previous year and a 35% increase versus pre-pandemic levels [13][43][60] - Earnings per share (EPS) for the year increased by 20% compared to last year and 35% compared to pre-pandemic levels, reaching $3.80 to $3.90 for fiscal year 2023 [43][56][60] - Free cash flow for the fiscal year was $759 million, with $1.9 billion returned to shareholders, including $1.6 billion in share repurchases [49][50][60] Business Line Data and Key Metrics Changes - Coach brand delivered 18% top line growth in fiscal year 2022, with a 15% increase over fiscal 2019 levels, and achieved a strong operating margin of 30% [17][18] - Kate Spade recorded over $1.4 billion in revenue, representing a 22% growth, while Stuart Weitzman maintained double-digit sales gains for the fiscal year [26][36] - Digital sales reached $2 billion for Tapestry, more than tripling from fiscal 2019 levels, with e-commerce representing nearly 30% of Coach's sales [12][23][33] Market Data and Key Metrics Changes - North America drove strong sales growth, with a 12% increase in the fourth quarter, while Greater China faced a 32% decline due to pandemic-related disruptions [44][45] - Japan saw over 25% sales growth on a constant currency basis, and Europe experienced approximately 65% growth compared to the previous year [46] - Digital channel sales rose high single digits in the quarter, while store and wholesale channels also saw continued growth [46] Company Strategy and Development Direction - Tapestry's strategic growth agenda, named the Acceleration Program, focuses on consumer-centricity, digital leadership, and operational efficiencies to drive brand building and high-return investments [9][10][16] - The company aims to expand customer reach, particularly among younger audiences, while increasing purchase frequency and retention rates across its brands [24][34] - Tapestry is committed to enhancing its digital capabilities and investing in high-growth opportunities in China and other markets [40][54] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to connect with consumers and deliver strong results despite challenging macroeconomic conditions [65] - The outlook for fiscal year 2023 anticipates constant currency revenue growth of 6% to 7%, with a reported revenue growth of 3% to 4% [54][60] - Management acknowledged potential headwinds, including currency fluctuations, ongoing COVID-related disruptions, and inflationary pressures, while emphasizing the strength of their brands and pricing power [53][56] Other Important Information - Tapestry achieved $300 million in run-rate expense savings, which supported growth initiatives and increased brand marketing to 8% of sales [14][15] - The company has made significant progress on corporate responsibility commitments, including partnerships for social justice and sustainability initiatives [15] Q&A Session Summary Question: Confidence in delivering strong year for shareholders - Management highlighted the acquisition of 15 million new customers in North America and record revenue levels, emphasizing the strength of their brands and the success of the Acceleration Program [65] Question: Shape of the year and GSP impact - Management provided insights on expected growth moderation in North America and anticipated improvements in China, with a potential $90 million annual benefit from GSP if passed retroactively [70][74] Question: Health of the store fleet and e-commerce impact - Management expressed confidence in the store fleet's profitability and emphasized the importance of physical stores while also highlighting significant growth in digital sales [76] Question: AUR trends and ticket increases - Management confirmed slight AUR decline in North America for Coach but anticipated a return to AUR growth with planned ticket increases [80] Question: SKU reduction and data analytics in product design - Management explained the use of data analytics to drive SKU reduction and improve product assortment, emphasizing the blend of creativity and analytics in the design process [83][85]