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Tapestry Inc (TPR.N)

TPR.N on New York Stock Exchange

48.02USD
19 Jul 2018
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Latest Key Developments (Source: Significant Developments)

Tapestry Sets Quarterly Cash Dividend Of $0.3375 Per Share
Thursday, 15 Feb 2018 06:45am EST 

Feb 15 (Reuters) - Tapestry Inc ::SETS QUARTERLY CASH DIVIDEND OF $0.3375PER SHARE.  Full Article

Tapestry Inc Files For Potential Mixed Shelf Offering
Wednesday, 7 Feb 2018 07:20pm EST 

Feb 7 (Reuters) - Tapestry Inc ::TAPESTRY INC FILES FOR POTENTIAL MIXED SHELF OFFERING; SIZE NOT DISCLOSED - SEC FILING.  Full Article

Tapestry Reports Q2 Non-GAAP EPS Of $1.07
Tuesday, 6 Feb 2018 06:45am EST 

Feb 6 (Reuters) - Tapestry Inc ::Q2 EARNINGS PER SHARE $0.22; Q2 NON-GAAP EARNINGS PER SHARE $1.07.Q2 SALES ROSE 35 PERCENT TO $1.79 BILLION.Q2 EARNINGS PER SHARE VIEW $0.89, REVENUE VIEW $1.77 BILLION -- THOMSON REUTERS I/B/E/S.Q2 SAME STORE SALES ROSE 3 PERCENT FOR COACH .RAISES FISCAL 2018 EARNINGS GUIDANCE​.SEES FY 2018 REVENUE $5.8 BILLION TO $5.9 BILLION, UP ABOUT 30 PERCENT.PROJECTS 2018 EARNINGS PER DILUTED SHARE IN RANGE OF $2.52-$2.60.FY2018 EARNINGS PER SHARE VIEW $2.41, REVENUE VIEW $5.82 BILLION -- THOMSON REUTERS I/B/E/S.AN INCREASE IN PROVISION FOR INCOME TAXES OF $194 MILLION IN QUARTER.QTRLY ‍KATE SPADE GLOBAL COMPARABLE STORE SALES DECLINED 7%​.QTRLY ‍NET SALES FOR KATE SPADE TOTALED $435 MILLION​.TAPESTRY - 2018 EARNINGS PER DILUTED SHARE OUTLOOK INCLUDES MID-TO-HIGH SINGLE DIGIT ACCRETION FROM KATE SPADE ACQUISITION.PRE-TAX CHARGES OF APPROXIMATELY $61 MILLION IN QUARTER, WHICH PRIMARILY RELATE TO PURCHASE AND INTEGRATION OF KATE SPADE.NET SALES FOR COACH TOTALED $1.23 BILLION FOR SECOND FISCAL QUARTER AS COMPARED TO $1.20 BILLION IN PRIOR YEAR.TAPESTRY - KATE SPADE BUSINESS AND RESULTING SYNERGIES ARE EXPECTED TO CONTRIBUTE ABOUT $130 TO $140 MILLION TO OPERATING INCOME IN 2018."WE HAVE NOW TAKEN OPERATIONAL CONTROL OF KATE SPADE JOINT VENTURES, FOR MAINLAND CHINA, HONG KONG, MACAU AND TAIWAN".ALSO ENTERED INTO A PURCHASE AGREEMENT TO ACQUIRE STUART WEITZMAN BUSINESS IN NORTHERN CHINA FROM DISTRIBUTOR.  Full Article

Tapestry Inc Announces Board Approval For Withdrawal Of Listing Of HDRS On HK Stock Exchange
Friday, 1 Dec 2017 06:37am EST 

Dec 1 (Reuters) - Tapestry Inc ::‍BOARD APPROVED PROPOSAL FOR WITHDRAWAL OF LISTING OF HDRS ON HONG KONG STOCK EXCHANGE.‍IF PROPOSAL APPROVED, WITHDRAWAL OF LISTING OF HDRS IS EXPECTED TO BECOME EFFECTIVE ON 2 MARCH 2018​.  Full Article

Tapestry says ‍board of directors has declared a quarterly cash dividend of $0.3375 per common share​
Wednesday, 15 Nov 2017 06:45am EST 

Nov 15 (Reuters) - Tapestry Inc :Tapestry Inc - ‍board of directors has declared a quarterly cash dividend of $0.3375 per common share​.  Full Article

Tapestry's Q1 gross margins pressured on Kate Spade integration
Tuesday, 7 Nov 2017 12:41pm EST 

Nov 7 (Reuters) - Tapestry Inc :Tapestry CEO - Co on track to drive double-digit growth for the year at Stuart Weitzman -conf call.Tapestry CEO - Q1 gross margins were negatively impacted by about 130 basis points due to addition of Kate Spade -conf call.Tapestry - Q1 impacted by higher SG&A due to an increase in Coach brand expenses versus prior year on lower level of sales, addition of Kate Spade.Tapestry - Inventory levels at quarter-end were $853 million, including about $283 million associated with Kate Spade.Tapestry - Expect to reduce outstanding borrowings to $1.9 billion by end of fiscal 2018 with repayment of an $800 million, 6-month term loan with excess cash.Tapestry - experienced disruption to Jacksonville, Florida distribution center in Q1, which services all of co's North America business due to hurricanes.Tapestry Executive - "With those factors once in play (hurricanes, typhoons), we estimate that our global comp would've been positive in the quarter (Q1)".Tapestry CFO- Kate Spade's synergies are split evenly between cost of goods sold and SG&A of co.  Full Article

Hurricanes cause disruptions in Tapestry's Florida facility in Q1
Tuesday, 7 Nov 2017 12:31pm EST 

Nov 7 (Reuters) - Tapestry Inc :Tapestry- Movement of mid-autumn festival, reduced Chinese tourist flows, stockouts and shortages of certain products hurt sales in Q1 -conf call.Tapestry- Due to hurricanes in North America, typhoons in Asia experienced disruption to Jacksonville, Florida distribution center in Q1.Tapestry- Due to hurricanes there was disruption in Jacksonville, Florida distribution center in receiving shipments into facility and sending inventory out to stores.Tapestry - Q1 sales at POS declined due to the rapid impact of spring 2017 door closures.  Full Article

Tapestry reports Q1 earnings per share $0.42
Tuesday, 7 Nov 2017 06:45am EST 

Nov 7 (Reuters) - Tapestry Inc :Tapestry, Inc. reports fiscal 2018 first quarter results.Q1 earnings per share $0.42.Q1 same store sales fell 2 percent.Q1 earnings per share view $0.36 -- Thomson Reuters I/B/E/S.Sees FY 2018 revenue up about 30 percent.Sees FY 2018 revenue $5.8 billion to $5.9 billion.Q1 sales $1.29 billion versus I/B/E/S view $1.31 billion.Q1 non-GAAP earnings per share $0.42.Tapestry Inc - ‍Maintains fiscal 2018 guidance​.Tapestry Inc - ‍Expect to achieve run-rate synergies of approximately $100 to $115 million in fiscal 2019 versus previous guidance of $50 million​.FY2018 earnings per share view $2.36, revenue view $5.86 billion -- Thomson Reuters I/B/E/S.Tapestry -‍ Coach comparable store sales impacted by both expected calendar shifts & inventory challenges, unanticipated natural disasters​ in quarter.Tapestry Inc - ‍Recorded charges of approximately $188 million, which relate to purchase and integration of Kate Spade​, in quarter on a reported basis.Tapestry Inc - Qtrly‍​ global comparable store sales declined 2% for Coach.Tapestry Inc - ‍Run-rate synergies of about $100 to $115 million in fiscal 2019 expected from Kate Spade acquisition​.  Full Article

Coach Inc to change its name to Tapestry Inc
Wednesday, 11 Oct 2017 09:15am EDT 

Oct 11 (Reuters) - Coach Inc :Coach, Inc. to change its name to Tapestry, Inc..Coach Inc - ‍announced that it will be changing its name to Tapestry Inc effective October 31​.Coach Inc - co's common stock, traded on new york stock exchange under symbol COH, will change to TPR on October 31​.  Full Article

Coach expects to open 20-25 net Kate Spade stores in FY18, mainly in outlet channel
Tuesday, 15 Aug 2017 10:36am EDT 

Aug 15 (Reuters) - Coach Inc :CEO on Conf call- Q4 sales in Japan decreased due to fewer Chinese tourists and as company continues to cut down on distribution.CEO-Will continue to cut down on flash sales and reduce wholesale distribution for Kate Spade in line with coach's overall strategy.CFO-With change in reporting segments according to brand, co will start providing global brand comparable sales from fiscal 2018.CEO- full-price stores are suffering more from traffic declines than the outlet channel.CFO- achieved cost reductions in Q4, but wasn't enough to offset the ongoing promotional activity, which hurt Q4 gross margins.CFO- in Q4 we saw an uptick in demand for logo products; co was a bit behind on that trend in quarter.Coach inc- in q1 , operating income will decline due to calendar shifts, FX headwinds; gross margins are expected to see lower pressure than that in Q4.Coach inc- Coach brand will have modest gross margin expansion, Kate Spade will have upto 200 basis point impact for the year.Coach-Expect Pretax charges of $150-200 million in fy18 , with about $35 million non cash due to costs related to Kate Spade integration, store closure costs.Coach-Expect 50 net closures globally for coach brand with closures in North America, Japan partially offset by openings in Europe and mainland China.Coach-Expect 20-25 net openings globally for Kate Spade, with majority of store growth coming in outlet channel in fiscal 2018.  Full Article

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Kate Spade items fly off virtual thrift shop shelves after designer's death

(Corrects spelling of "ThreadUP" to "thredUP" in second to last paragraph.)