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Tapestry Inc (TPR.N)

TPR.N on New York Stock Exchange

34.96USD
11 Dec 2018
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Latest Key Developments (Source: Significant Developments)

Tapestry CFO Wills To Leave Search Commencing For Successor
Tuesday, 6 Nov 2018 06:45am EST 

Nov 6 (Reuters) - Tapestry Inc ::TAPESTRY CFO WILLS TO LEAVE; SEARCH COMMENCING FOR SUCCESSOR.TAPESTRY INC - WILLS IS EXPECTED TO STAY THROUGH FEBRUARY 8, 2019.TAPESTRY INC - COMPANY IS COMMENCING A SEARCH FOR HIS SUCCESSOR WITH SPENCER STUART.TAPESTRY INC - KEVIN WILLS WILL BE "DEPARTING COMPANY TO PURSUE ANOTHER OPPORTUNITY".  Full Article

Tapestry CFO On Tariffs Says "It's Certainly Not A Material Impact At This Point" - Conf Call
Tuesday, 30 Oct 2018 10:15am EDT 

Oct 30 (Reuters) - Tapestry Inc ::CEO - BELIEVES MORE INVESTMENT IN DOMESTIC MARKETS "WITH CHINA, THE MOST IMPORTANT" IS BEST HEDGE AGAINST VOLATILITY THAT MAY OCCUR IN TOURIST SPENDING - CONF CALL.CEO SAYS WILL BE LAUNCHING INFLUENCER PROJECT IN CHINA THIS SPRING WITH "LEADING FASHION INFLUENCER".CFO - "WE FEEL COMFORTABLE WITH OUR INVENTORY POSITION HEADING INTO THE HOLIDAY SEASON".CFO SAYS GUIDANCE NOW CONTEMPLATES EXPECTED IMPACT OF ANNOUNCED CHINA TARIFFS ON HANDBAGS, WHICH REPRESENTS LESS THAN 5% OF CO'S PRODUCTION.CEO SAYS TOTAL TAPESTRY PORTFOLIO IS MORE IN THE MID-TO-HIGH TEENS TODAY IN TERMS OF SALES TO CHINESE CONSUMERS.CFO ON TARIFFS SAYS "IT'S CERTAINLY NOT A MATERIAL IMPACT AT THIS POINT".CFO - ASSUMING TARIFFS INCREASE TO 25 PERCENT ON JAN 1, WE HAVE INCLUDED THAT IN GUIDANCE AND IT WILL HAVE LITTLE BIT OF HEADWIND."WE CONTINUE TO BELIEVE THAT KATE SPADE CAN APPROACH $2 BILLION IN SALES AT SIGNIFICANT HIGHER OPERATING MARGINS" - CONF CALL.CEO SAYS WILL DELIVER STRONG BLACK FRIDAY ASSORTMENT THIS YEAR - CONF CALL.CEO SAYS WILL OFFER FULL RANGE OF LIFESTYLE CATEGORIES, INCLUDING OUTERWEAR, SHOES IN ADDITION TO LEATHER GOODS ON BLACK FRIDAY THIS YEAR.CFO SAYS EXPECT TO OPEN ABOUT 30 NET NEW LOCATIONS THIS FY FOR STUART WEITZMAN, PRIMARILY IN CHINA.STUART WEITZMAN TRENDS IMPROVED FROM PRIOR QTRS WITH SALES ONLY SLIGHTLY BELOW LAST YEAR; REMAIN ON TRACK FOR PROFITABLE SALES GROWTH IN HOLIDAY QUARTER.  Full Article

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

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Tapestry tops sales estimates as Coach handbags draw shoppers

Tapestry Inc topped Wall Street estimates for first-quarter sales on Tuesday, helped by stronger demand for Coach and Kate Spade handbags.