公司预计美国进口关税将带来1.6亿美元的冲击，目前预计2026财年每股收益将在5.3至5.45美元之间， 而分析师预期为5.49美元。(格隆汇) Coach母公司Tapestry(TPR.US)一度跌超18%，最低触及92.64美元，或创下自2020年3月以来最大单日跌 幅。 消息面上，Tapestry第四财季营收同比增长8%至17.23亿美元，超过分析师平均预期的16.81亿美元。其 中，Coach品牌的销售额同比增长14%至14.25亿美元，超过预期的13.8亿美元。期内调整后每股收益 1.04美元，高于预期的1.02美元。 ...

Financial Data and Key Metrics Changes - Tapestry achieved $7 billion in revenue for fiscal year 2025, with an operating margin of 20% and adjusted EPS of $5.1, all showing significant growth compared to the previous year [6][27]. - The company reported a 5% revenue growth overall, with Coach specifically growing by 10% [27][28]. - Gross margins increased by 210 basis points, and earnings per share grew by 19% year-over-year [27][28]. Business Line Data and Key Metrics Changes - Coach experienced a 10% increase in revenue, with a 13% constant currency growth in the fourth quarter, driven by double-digit growth in North America (up 16%), China (up 22%), and Europe (up 12%) [12][28]. - Kate Spade's revenue decreased by 13% in the fourth quarter, reflecting ongoing brand reset efforts [20]. - The footwear segment, particularly sneakers, grew in the mid-single digits, indicating a focus on Gen Z consumers [16]. Market Data and Key Metrics Changes - North America sales increased by 8%, while Europe saw a 10% growth, and Greater China revenue grew by 18% [28][29]. - Japan experienced an 11% decline in sales, and other Asian markets saw a 1% decrease [29]. - The direct-to-consumer business grew by 6%, with digital revenue increasing in the mid-teens percentage [30]. Company Strategy and Development Direction - Tapestry aims to leverage its competitive advantages, global scale, and strong fundamentals to drive sustainable growth [11][26]. - The company is focused on building emotional connections with younger consumers, particularly Gen Z and millennials, to enhance customer acquisition and retention [9][12]. - Tapestry is investing in brand marketing and product innovation to strengthen its market position, particularly for Coach and Kate Spade [20][22]. Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating a complex macroeconomic environment, highlighting the resilience and agility of the business [7][11]. - The company anticipates continued mid-single-digit revenue growth for fiscal year 2026, despite facing tariff-related headwinds [39]. - Management emphasized the importance of customer acquisition and retention, particularly among younger demographics, as a foundation for future growth [66][68]. Other Important Information - Tapestry returned $2.3 billion to shareholders in fiscal year 2025, including $300 million in dividends and $2 billion in share repurchases [32]. - The company recorded a non-cash impairment charge of over $850 million related to Kate Spade, reflecting current business trends and strategic investments [36]. - Tapestry's capital allocation priorities include investing in brand growth and returning capital to shareholders, with a commitment to maintaining a solid investment-grade rating [33][34]. Q&A Session Summary Question: Can you help us unpack your outlook for fiscal '26 and what you're seeing in the business right now? - Management highlighted strong top-line results and continued growth momentum at Coach, with expectations for mid-single-digit growth in fiscal '26 despite tariff pressures [50][52]. Question: Can you provide insights on new customer growth and how you plan to maintain margins amid tariff impacts? - Management emphasized the importance of acquiring new customers, particularly younger ones, and expressed confidence in maintaining margins through strategic actions [66][71]. Question: How do you see the interplay between AUR and units as contributors to revenue growth? - Management indicated that while AUR growth is a primary driver, unit growth is also expected to continue, supported by a focus on fewer, high-impact product offerings [78][80]. Question: Can you elaborate on the structural differences today compared to previous years that enable margin expansion? - Management noted that Tapestry is more direct-to-consumer and geographically diversified than in the past, which supports better margin management [94][96].

Financial Data and Key Metrics Changes - Tapestry reported a record revenue of $7 billion for fiscal year 2025, with an operating margin of 20% and adjusted EPS of $5.1, all showing significant growth compared to the previous year [5][27]. - The company achieved a 5% revenue growth overall, with Coach leading at 10% growth [27][28]. - Gross margins increased by 210 basis points, and EPS grew by 19% year-over-year [27][31]. Business Line Data and Key Metrics Changes - Coach experienced a 10% revenue increase for the year, with a 13% constant currency growth in Q4, driven by strong performance in North America (up 16%), China (up 22%), and Europe (up 12%) [11][28]. - Kate Spade's revenue decreased by 13% in Q4, reflecting ongoing brand reset efforts, while the company is focused on increasing brand awareness and customer acquisition [19][21]. - Stuart Weitzman was sold to Caleres, aligning with Tapestry's strategy for disciplined capital allocation [24]. Market Data and Key Metrics Changes - North America sales increased by 8%, with significant contributions from Coach [28]. - In Europe, revenue grew by 10%, driven by local consumer spending and new customer acquisition, particularly among Gen Z [29]. - Greater China saw an 18% revenue growth, indicating strong performance across all channels, especially digital [29]. Company Strategy and Development Direction - Tapestry aims to leverage its competitive advantages, global scale, and strong fundamentals to drive sustainable growth [10][25]. - The company is focused on building emotional connections with younger consumers, particularly Gen Z and millennials, to enhance customer lifetime value [7][12]. - Tapestry is investing in brand marketing and product innovation to strengthen its market position and drive future growth [21][23]. Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating a complex macroeconomic environment, highlighting the resilience and agility of the business [6][10]. - The company anticipates continued mid-single-digit revenue growth for fiscal year 2026, despite facing tariff-related challenges [39][40]. - Management emphasized the importance of customer acquisition and retention, particularly among younger demographics, as a foundation for future growth [66][67]. Other Important Information - Tapestry returned $2.3 billion to shareholders in fiscal year 2025, including $300 million in dividends and $2 billion in share repurchases [32][33]. - The company recorded a non-cash impairment charge of over $850 million related to Kate Spade, reflecting current business trends and strategic investments [36]. Q&A Session Summary Question: Can you help us unpack your outlook for fiscal '26 and what you're seeing in the business right now? - Management highlighted strong top-line results and continued growth momentum, particularly at Coach, while acknowledging tariff impacts [50][52]. Question: Can you help us with the data or the new customer growth? - Management noted significant new customer acquisition, particularly among Gen Z and millennials, which is expected to drive future growth [66][67]. Question: Can you talk about structurally what is different today for Coach? - Management emphasized the brand's direct-to-consumer focus, geographic diversification, and data-driven decision-making as key structural advantages [94][96]. Question: Can you elaborate on the phasing of gross margin for fiscal '26? - Management indicated that gross margins would be stronger in the first half of the year, with tariff impacts expected to affect the second half [86][87].

Core Viewpoint - Tapestry's latest quarterly earnings report exceeded expectations, but the company's annual outlook fell short due to tariff costs impacting key profitability metrics, leading to a significant drop in stock price [1] Group 1: Financial Performance - For the fourth quarter of fiscal year 2025, Tapestry reported an adjusted earnings per share of $1.04, surpassing analyst expectations by $0.02 [1] - The quarterly sales reached $1.72 billion, exceeding the forecast of $1.68 billion [1] - The company anticipates diluted earnings per share for fiscal year 2026 to be between $5.30 and $5.45, reflecting a growth of 4% to 7% year-over-year, but below the analyst expectation of $5.49 [1] Group 2: Tariff Impact - Tapestry's management indicated that tariffs are expected to result in a negative impact of $0.60 per share [1] - CFO Scott Roe mentioned that the additional tariff costs for the fiscal year would amount to approximately $160 million, which is expected to have a significant impact [2] - The company expressed confidence in its ability to gradually mitigate the impact of tariffs [2] Group 3: Brand Performance - Coach's revenue grew by 13% in the last quarter when excluding currency effects, while Kate Spade's revenue declined by 13% [2] - Tapestry's revenue for the fiscal year ending in June is projected to reach $7.2 billion, slightly above market expectations of $7.12 billion, with a mid-single-digit growth year-over-year [2] - Coach ranked as the fifth most popular fashion brand globally in June, with its Tabby and Brooklyn bags becoming standout products [3] Group 4: Market Position - Despite the dominance of European luxury brands, Coach has successfully positioned itself as a competitive American brand, maintaining a more approachable pricing strategy [3] - Analysts noted that the strong performance of Tapestry's brands suggests potential for continued market share expansion and maintenance of operating margins amid rising price sensitivity and tariff risks [3]

Financial Performance Highlights - Tapestry delivered record revenue of over $7.01 billion, a 5% increase compared to the prior year[46,54] - The company achieved record EPS of $5.10, representing a 19% growth[46,54] - Adjusted free cash flow exceeded expectations, generating over $1.3 billion in the year[46] - Operating margin increased to 20.0%, driven by 210 basis points of gross margin expansion[46,54] Brand Performance - Coach's net sales reached $5.60 billion, with a 10% increase year-over-year[54] - Kate Spade's net sales were $1.20 billion, a 10% decrease year-over-year[54] - Stuart Weitzman's net sales were $215 million, an 11% decrease year-over-year[54] Geographical Trends - North America saw a 5% revenue increase, led by double-digit growth at Coach[50] - Europe experienced a 28% revenue increase, driven by DTC strength and new customer acquisition[50] - Greater China's revenue increased by 5%, with strength in Digital[50] Fiscal Year 2026 Outlook - The company expects revenue to approach $7.2 billion, with mid-single-digit growth[62] - Diluted adjusted EPS is projected to be $5.30 to $5.45, up 4% to 7%[62] - Free cash flow is expected to approach $1.3 billion[62] Shareholder Value - Tapestry returned $2.3 billion to shareholders in FY25 alone[68] - The company executed a $2 billion Accelerated Share Repurchase program[70] - The annual dividend rate increased by 14% to $1.60 per share in Fiscal 2026[70]

Financial Performance - Tapestry 预计本财年每股摊薄收益在 530 美分至 545 美分之间 [1] - 预计每股收益同比增长 4% 至 7% [1]

Part I [Business](index=5&type=section&id=Item%201.%20Business) Tapestry, Inc. is a global house of brands, primarily comprising Coach and kate spade new york, following the divestiture of Stuart Weitzman, operating mainly through Direct-to-Consumer channels with a 'futurespeed' growth strategy focused on customer relationships, product innovation, omni-channel experience, and global growth - Tapestry operates through three reportable segments: Coach, Kate Spade, and Stuart Weitzman Coach is the largest, representing **79.9% of total net sales in fiscal 2025**, followed by Kate Spade at **17.1%** and Stuart Weitzman at **3.0%**[24](index=24&type=chunk) - On February 16, 2025, the Company entered into an agreement to sell the Stuart Weitzman business to Caleres, Inc The sale was completed subsequent to the fiscal year-end on August 4, 2025[21](index=21&type=chunk) - The company's 'futurespeed' growth strategy, introduced in fiscal 2023, is built on four pillars: building lasting customer relationships, fueling fashion innovation, delivering compelling omni-channel experiences, and powering global growth[23](index=23&type=chunk)[28](index=28&type=chunk) Net Sales by Product Category (Fiscal 2025) | Category | Amount (millions) | % of Total Net Sales | | :--- | :--- | :--- | | Handbags | $3,846.3 | 54.9% | | Accessories | $1,809.3 | 25.8% | | Footwear | $612.8 | 8.7% | | Other | $742.3 | 10.6% | | **Total Tapestry** | **$7,010.7** | **100.0%** | Total Store Count by Brand (2023-2025) | Brand | 2025 | 2024 | 2023 | | :--- | :--- | :--- | :--- | | Total Coach | 931 | 930 | 939 | | Total Kate Spade | 360 | 378 | 397 | | Total Stuart Weitzman | 80 | 94 | 93 | | **Total Tapestry** | **1,371** | **1,402** | **1,429** | [Risk Factors](index=17&type=section&id=Item%201A.%20Risk%20Factors) The company identifies several key risks across macroeconomic conditions, business specifics, information security, indebtedness, and corporate responsibility, including international trade disputes, economic downturns, and cybersecurity threats - The company faces significant risks from potential changes to international trade agreements and the imposition of new or increased tariffs, particularly on goods from Vietnam, Cambodia, the Philippines, and mainland China, where its products are primarily manufactured[87](index=87&type=chunk)[88](index=88&type=chunk) - Economic downturns, recessions, and inflation could adversely affect consumer purchases of discretionary items like the Company's products, which tend to decline when disposable income is lower[89](index=89&type=chunk)[90](index=90&type=chunk) - Cybersecurity threats and personal data breaches pose a serious risk, potentially damaging customer relationships, harming reputation, and exposing the company to litigation and fines under regulations like GDPR and CCPA[136](index=136&type=chunk)[138](index=138&type=chunk) - As of June 28, 2025, the company had approximately **$2.39 billion in consolidated debt** This substantial indebtedness could restrict its ability to engage in additional transactions or incur more debt and requires compliance with financial covenants, such as a maximum net leverage ratio[142](index=142&type=chunk)[144](index=144&type=chunk) - Risks associated with climate change could disrupt the supply chain, impact raw material availability and pricing, and lead to increased operational and compliance costs due to new legislation[148](index=148&type=chunk)[149](index=149&type=chunk) [Unresolved Staff Comments](index=30&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) The company reports that there are no unresolved staff comments from the Securities and Exchange Commission - None[172](index=172&type=chunk) [Cybersecurity](index=30&type=section&id=Item%201C.%20Cybersecurity) Tapestry manages cybersecurity risk through its Enterprise Risk Management (ERM) program, with Board and Audit Committee oversight, comprehensive risk assessments, and a multi-year strategy - Cybersecurity risk is managed through a formal Enterprise Risk Management (ERM) program with direct oversight from the Board of Directors and its Audit Committee[173](index=173&type=chunk)[179](index=179&type=chunk) - The Chief Information Security Officer (CISO), who has over 30 years of experience, manages the cybersecurity program and provides quarterly updates to the Audit Committee and annual updates to the full Board[180](index=180&type=chunk)[181](index=181&type=chunk) - The company utilizes independent third-party experts for cybersecurity maturity assessments based on the NIST framework and has processes for vulnerability management, security monitoring, incident response, and employee awareness training[175](index=175&type=chunk)[177](index=177&type=chunk)[184](index=184&type=chunk) - During the three fiscal years presented, the company's results of operations and financial condition have not been materially affected by cybersecurity risks and incidents[179](index=179&type=chunk) [Properties](index=32&type=section&id=Item%202.%20Properties) The company leases all of its key fulfillment, corporate, and product development facilities, including major centers in Florida and New York, with leases expiring through fiscal 2037 Key Leased Facilities | Location | Use | Approx. Square Footage | | :--- | :--- | :--- | | Jacksonville, Florida | Coach North America fulfillment | 1,050,000 | | Las Vegas, Nevada | Coach North America fulfillment | 789,000 | | Westchester, Ohio | Kate Spade & Stuart Weitzman NA fulfillment | 601,000 | | New York, New York | Corporate global headquarters | 546,000 | - All key properties, including fulfillment centers, corporate offices, and retail stores, are leased Leases expire at various times through fiscal 2036 and 2037[185](index=185&type=chunk)[186](index=186&type=chunk) [Legal Proceedings](index=32&type=section&id=Item%203.%20Legal%20Proceedings) The company is involved in various routine legal proceedings, with detailed information available in Note 13, "Commitments and Contingencies," of the consolidated financial statements - Refer to Note 13, "Commitments and Contingencies," for details on legal proceedings[187](index=187&type=chunk) [Mine Safety Disclosures](index=32&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not applicable[188](index=188&type=chunk) Part II [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=33&type=section&id=Item%205.%20Market%20for%20Registrant%27s%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) Tapestry's common stock trades on the NYSE under "TPR", with active share repurchase programs, including a **$2.00 billion ASR program** initiated in November 2024, and its stock performance significantly outpaced market indices - On November 13, 2024, the Board authorized a **$2.00 billion share repurchase program** Subsequently, on November 21, 2024, the company entered into Accelerated Share Repurchase (ASR) agreements for this amount, receiving an initial delivery of **28,363,766 shares**[196](index=196&type=chunk) - As of June 28, 2025, the company had **$800.0 million remaining** under its 2022 Share Repurchase Program[197](index=197&type=chunk) Cumulative Total Stockholder Return (5-Year Period) | Index | Fiscal 2020 | Fiscal 2025 | | :--- | :--- | :--- | | TPR | $100.00 | $779.94 | | S&P 1500 Apparel, Accessories & Luxury Goods | $100.00 | $101.11 | | S&P 500 | $100.00 | $221.32 | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=35&type=section&id=Item%207.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) In fiscal 2025, Tapestry's net sales grew **5.1% to $7.01 billion**, driven by Coach, but operating income fell sharply to **$415.0 million** due to significant one-time charges, including **$854.8 million impairment** and **$268.4 million** from the terminated Capri acquisition - The company terminated its merger agreement with Capri Holdings Limited on November 13, 2024, resulting in significant one-time costs, including a **$45.1 million expense reimbursement** to Capri and the redemption of all senior notes issued for the acquisition financing[206](index=206&type=chunk) - During the fourth quarter of fiscal 2025, the company recorded significant impairment charges related to the Kate Spade brand: **$244.1 million for goodwill** and **$610.7 million for the indefinite-lived brand intangible asset**, totaling **$854.8 million**[217](index=217&type=chunk)[227](index=227&type=chunk) Fiscal 2025 vs. Fiscal 2024 Results of Operations | Metric (in millions, except per share) | FY 2025 (GAAP) | FY 2024 (GAAP) | % Change | | :--- | :--- | :--- | :--- | | Net Sales | $7,010.7 | $6,671.2 | 5.1% | | Gross Profit | $5,288.9 | $4,889.5 | 8.2% | | Operating Income (Loss) | $415.0 | $1,140.1 | (63.6)% | | Net Income (Loss) | $183.2 | $816.0 | (77.6)% | | Diluted EPS | $0.82 | $3.50 | (76.5)% | Net Sales by Brand (FY2025 vs. FY2024) | Brand | FY 2025 Sales (millions) | FY 2024 Sales (millions) | % Change | | :--- | :--- | :--- | :--- | | Coach | $5,598.5 | $5,095.3 | 9.9% | | Kate Spade | $1,197.1 | $1,334.4 | (10.3)% | | Stuart Weitzman | $215.1 | $241.5 | (10.9)% | [Quantitative and Qualitative Disclosures About Market Risk](index=53&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company is exposed to market risks from foreign currency exchange rates and interest rates, managed through derivative instruments, with a hypothetical **10% change in the U.S. dollar** impacting the derivative portfolio by **$294 million** - The company uses forward currency contracts and cross-currency swaps to hedge against foreign exchange rate fluctuations on inventory transactions, intercompany loans, and net investments in foreign subsidiaries[312](index=312&type=chunk)[313](index=313&type=chunk)[315](index=315&type=chunk) - A sensitivity analysis as of June 28, 2025, indicated that a **10% appreciation or depreciation of the U.S. Dollar** against hedged foreign currencies would result in a net change of approximately **$294 million** in the fair value of the derivative portfolio, which would be largely offset by changes in the underlying hedged items[316](index=316&type=chunk) - Interest rate risk is primarily attributable to borrowings under the **$2.00 billion Amended Revolving Credit Facility**, which bear variable interest rates based on benchmarks like SOFR[317](index=317&type=chunk)[318](index=318&type=chunk) [Financial Statements and Supplementary Data](index=54&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This section refers to the Index to Financial Statements at the end of the Form 10-K, which includes the consolidated financial statements and supplementary data - This section directs the reader to the detailed financial statements and schedules located at the end of the report[322](index=322&type=chunk) [Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](index=55&type=section&id=Item%209.%20Changes%20in%20and%20Disagreements%20with%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure) The company reports no changes in or disagreements with its accountants on accounting and financial disclosure - None[323](index=323&type=chunk) [Controls and Procedures](index=55&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management, including the CEO and CFO, concluded that the company's disclosure controls and procedures and internal control over financial reporting were effective as of the fiscal year-end - The principal executive and financial officers concluded that the company's disclosure controls and procedures were effective as of June 28, 2025[324](index=324&type=chunk) - Management concluded that the company's internal control over financial reporting was effective as of June 28, 2025, based on the COSO framework[325](index=325&type=chunk) [Other Information](index=55&type=section&id=Item%209B.%20Other%20Information) The company reports that there was no adoption, modification, or termination of any Rule 10b5-1 plan or other trading arrangements by its directors and officers during the fourth quarter ended June 28, 2025 - No Rule 10b5-1 plans were adopted, modified, or terminated by directors and officers in the fourth quarter of fiscal 2025[328](index=328&type=chunk) [Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](index=55&type=section&id=Item%209C.%20Disclosure%20Regarding%20Foreign%20Jurisdictions%20that%20Prevent%20Inspections) This item is not applicable to the company - None[329](index=329&type=chunk) Part III [Directors, Executive Officers and Corporate Governance](index=56&type=section&id=Item%2010.%20Directors%2C%20Executive%20Officers%20and%20Corporate%20Governance) Information required for this item will be incorporated by reference from the company's 2025 Proxy Statement, to be filed within 120 days of the fiscal year-end - Information is incorporated by reference from the 2025 Proxy Statement[332](index=332&type=chunk) [Executive Compensation](index=56&type=section&id=Item%2011.%20Executive%20Compensation) Information required for this item will be incorporated by reference from the company's 2025 Proxy Statement - Information is incorporated by reference from the 2025 Proxy Statement[333](index=333&type=chunk) [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=56&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters) Information required for this item will be incorporated by reference from the company's 2025 Proxy Statement - Information is incorporated by reference from the 2025 Proxy Statement[334](index=334&type=chunk) [Certain Relationships and Related Transactions, and Director Independence](index=56&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions%2C%20and%20Director%20Independence) Information required for this item will be incorporated by reference from the company's 2025 Proxy Statement - Information is incorporated by reference from the 2025 Proxy Statement[336](index=336&type=chunk) [Principal Accounting Fees and Services](index=56&type=section&id=Item%2014.%20Principal%20Accounting%20Fees%20and%20Services) Information required for this item will be incorporated by reference from the company's 2025 Proxy Statement - Information is incorporated by reference from the 2025 Proxy Statement[337](index=337&type=chunk) Part IV [Exhibits and Financial Statement Schedules](index=57&type=section&id=Item%2015.%20Exhibits%20and%20Financial%20Statement%20Schedules) This section lists the financial statements, financial statement schedules (specifically Schedule II - Valuation and Qualifying Accounts), and exhibits filed as part of the Form 10-K report - Lists all financial statements, schedules, and exhibits filed with the report[339](index=339&type=chunk) [Form 10-K Summary](index=60&type=section&id=Item%2016.%20Form%2010-K%20Summary) The company indicates that there is no Form 10-K summary - None[346](index=346&type=chunk) Financial Statements and Notes [Consolidated Financial Statements](index=66&type=section&id=Consolidated%20Financial%20Statements) The consolidated financial statements present Tapestry's financial position, results of operations, and cash flows for the fiscal years ended June 28, 2025, and June 29, 2024, with **net income significantly decreasing to $183.2 million** in fiscal 2025 due to impairment and acquisition-related charges Consolidated Balance Sheet Summary (FY2025 vs FY2024) | Account (in millions) | June 28, 2025 | June 29, 2024 | | :--- | :--- | :--- | | Total Current Assets | $2,905.6 | $8,803.7 | | Total Assets | $6,580.5 | $13,396.3 | | Total Current Liabilities | $1,556.9 | $1,711.6 | | Total Liabilities | $5,722.7 | $10,499.4 | | Total Stockholders' Equity | $857.8 | $2,896.9 | Consolidated Statement of Operations Summary (FY2025 vs FY2024) | Account (in millions) | FY 2025 | FY 2024 | | :--- | :--- | :--- | | Net Sales | $7,010.7 | $6,671.2 | | Gross Profit | $5,288.9 | $4,889.5 | | Operating Income (Loss) | $415.0 | $1,140.1 | | Net Income (Loss) | $183.2 | $816.0 | [Notes to Consolidated Financial Statements](index=71&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) The notes provide detailed information on the Stuart Weitzman divestiture, costs from the terminated Capri acquisition, significant impairment charges for Kate Spade's goodwill and brand intangible assets, and a comprehensive breakdown of debt and lease obligations - **Stuart Weitzman Divestiture**: The company entered an agreement to sell the Stuart Weitzman business on Feb 16, 2025, which was completed on Aug 4, 2025 As of year-end, related assets of **$176.4 million** and liabilities of **$48.2 million** were classified as held for sale[471](index=471&type=chunk)[472](index=472&type=chunk)[477](index=477&type=chunk) - **Terminated Capri Acquisition**: The company incurred **$268.4 million** in pre-tax expenses in FY2025 related to the terminated Capri acquisition, including debt extinguishment costs, financing fees, and an expense reimbursement payment to Capri[479](index=479&type=chunk)[482](index=482&type=chunk) - **Goodwill and Intangible Asset Impairment**: In FY2025, the company recorded a goodwill impairment charge of **$244.1 million** and a brand intangible asset impairment charge of **$610.7 million**, both related to the Kate Spade segment[568](index=568&type=chunk)[570](index=570&type=chunk) Net Sales by Geography (Fiscal 2025) | Geography | Amount (millions) | | :--- | :--- | | North America | $4,516.5 | | Greater China | $1,059.7 | | Other Asia | $895.1 | | Other | $539.4 | | **Total** | **$7,010.7** |

Revenue Performance - Achieved record fourth quarter revenue of $1.7 billion, an increase of 8% versus prior year, led by a 14% gain at the Coach brand[2] - Delivered record annual revenue of $7.0 billion in fiscal year 2025, an increase of 5% versus prior year, fueled by 10% Coach brand growth[2] - Tapestry's net sales for the quarter ended June 28, 2025, were $1,723.2 million, compared to $1,591.1 million for the same quarter in the previous year, representing a year-over-year increase[37] - For the quarter ended June 28, 2025, Tapestry reported total revenue of $1,723.2 million, an increase of 8% compared to $1,591.1 million in the same quarter of the previous year[39] - For the year ended June 28, 2025, total revenue reached $7,010.7 million, a 5% increase from $6,671.2 million in the prior year[39] Profitability and Margins - Drove gross margin expansion of 210 basis points in fiscal year 2025, reaching a gross margin of 75.4%[16] - Net income for fiscal year 2025 was $183 million, with earnings per diluted share of $0.82 on a GAAP basis[17] - The gross profit for the year ended June 28, 2025, was $5,288.9 million, up from $4,889.5 million in the prior year[37] - Gross profit for the quarter was $1,315.1 million, with a gross margin of approximately 76.3%[41] - The company reported a significant impairment cost related to the Kate Spade brand, contributing to the net loss[42] - Tapestry's operating income for the quarter was $(583.5) million, indicating challenges in maintaining profitability across segments[41] Shareholder Returns - Returned $2.3 billion to shareholders in fiscal year 2025, including a 14% increase in dividends[11] - The company expects to continue strong capital return programs in fiscal year 2026, supported by robust cash flow generation[12] - The company repurchased $1,718.7 million in common stock during the fiscal year, reflecting a strategic move to enhance shareholder value[51] Customer Acquisition and Market Trends - Acquired approximately 1.5 million new customers in North America for the quarter, with Gen Z and Millennial consumers representing approximately 60% of new customers[4] - Increased direct-to-consumer revenue by 6% for the quarter and 5% for the year on a constant currency basis[7] - Achieved a mid-teens percentage rate AUR gain for handbag revenue at Coach for the quarter[8] Future Projections - Tapestry is projecting revenue of approximately $7.2 billion for Fiscal 2026, indicating low-single-digit growth compared to the prior year, with mid-single-digit growth expected when excluding Stuart Weitzman[18] - The company anticipates an operating margin improvement of over 250 basis points, despite a negative impact from tariffs and duties estimated at approximately 230 basis points or $160 million[18] - Earnings per diluted share are expected to be between $5.30 and $5.45, reflecting a growth of 4% to 7% year-over-year, which includes a negative impact of over $0.60 from tariffs and duties[18] - Adjusted free cash flow is projected to approach $1.3 billion for Fiscal 2026[18] Cash Flow and Financial Position - Cash flow from operating activities for the fiscal year was an inflow of $1.22 billion[17] - Total assets decreased from $13,396.3 million as of June 29, 2024, to $6,580.5 million as of June 28, 2025, representing a decline of approximately 51.1%[49] - Cash and cash equivalents at the end of the period decreased to $1,100.0 million from $6,142.0 million, a decline of approximately 82.1%[51] - Operating cash flow for the year was $1,216.6 million, slightly down from $1,255.6 million in the previous year, a decrease of about 3.1%[51] - The company reported a net cash used in financing activities of $(7,175.2) million, compared to $5,214.4 million in the previous year, indicating a significant shift in cash flow management[51] Strategic Initiatives - Tapestry plans to host an Investor Day on September 10, 2025, to discuss long-term strategic initiatives and financial outlook[23] - The company expects to report its Fiscal 2026 first quarter results on November 6, 2025[24] - The company will exclude one-time costs related to the sale of Stuart Weitzman, which closed on August 4, 2025, from its financial outlook[22] Challenges and Losses - The company reported a net loss of $517.1 million for the quarter ended June 28, 2025, compared to a net income of $159.3 million for the same quarter in the previous year[37] - The net loss for the quarter was $517.1 million, resulting in a net loss per diluted share of $(2.49)[41] - Tapestry incurred acquisition and divestiture costs of $5.1 million during the quarter, impacting overall profitability[41] - Impairment charges for the fiscal year were $854.8 million, significantly impacting net income[51] - Net income for the fiscal year ended June 28, 2025, was $183.2 million, down from $816.0 million for the previous year, indicating a decrease of about 77.6%[51]

Group 1 - Tapestry, Inc. is set to release its fourth-quarter earnings results on August 14, with analysts expecting earnings of $1.02 per share, an increase from $0.92 per share in the same period last year [1] - The projected quarterly revenue for Tapestry is $1.68 billion, compared to $1.59 billion a year earlier [1] - Tapestry's shares rose by 2.4% to close at $113.53 following a renewed multi-year collaboration with Gen Phoenix, a leader in eco-friendly recycled leather fibers [2] Group 2 - Telsey Advisory Group analyst Dana Telsey maintained an Outperform rating and raised the price target from $92 to $125 [8] - UBS analyst Jay Sole maintained a Neutral rating and increased the price target from $73 to $112 [8] - B of A Securities analyst Lorraine Hutchinson downgraded the stock from Buy to Hold while raising the price target from $95 to $115 [8] - JP Morgan analyst Matthew Boss maintained an Overweight rating and raised the price target from $104 to $145 [8] - Raymond James analyst Rick Patel reiterated an Outperform rating and boosted the price target from $85 to $115 [8]

Group 1 - Tapestry Inc is expected to announce its fiscal fourth-quarter earnings on August 14, 2025, with analysts predicting earnings of $1.02 per share and revenue of $1.68 billion, reflecting an 11% increase in adjusted earnings and a 6% rise in sales year-over-year [3] - The company has a current market capitalization of $23 billion, with revenue for the past twelve months at $6.9 billion, operating profits of $1.2 billion, and net income of $860 million [3] - Historically, Tapestry shares have shown a tendency to rise post-earnings, with a 74% likelihood of an increase and an average one-day gain of 4.0% following earnings releases [3][5] Group 2 - The historical data indicates that there have been 19 earnings data points over the past five years, with 14 positive and 5 negative one-day returns, resulting in a 74% occurrence of positive returns [5] - The median of the 14 positive returns is 4.0%, while the median of the 5 negative returns is -3.1% [5] - Analyzing the correlation between short-term and medium-term returns post-earnings can provide insights for traders, particularly if the 1D and 5D returns show a strong correlation [6]