Tapestry said net sales for the first 9 months of fiscal 2024 increased 0.8%, or $5.08 billion. Coach rose 3.6%, Kate Spade fell 5.9%, and Stuart Weitzman fell 12.8%.

1. 01

   Tapestry said net sales for the first 9 months of fiscal 2024 increased 0.8%, or $5.08 billion. Coach rose 3.6%, Kate Spade fell 5.9%, and Stuart Weitzman fell 12.8%.

2. 02

   The company said GAAP operating income for the first 9 months was $905.1 million. Excluding acquisition costs of $82.9 million, it was $988.0 million, and the operating margin was 19.4%. Gross margin for the same period rose 250 basis points to 72.8%.

3. 03

   The company said the total enterprise value of the Capri Acquisition is approximately $8.5 billion. On April 22, 2024, the FTC filed a lawsuit seeking to enjoin the acquisition. The company said it believes the FTC's claims are without merit and intends to defend the lawsuit vigorously.

4. 04

   The company said net cash provided by financing activities for the first 9 months was $5.7 billion. It cited the issuance of $6.1 billion in senior unsecured notes to fund the Capri Acquisition as the main factor, partially offset by dividend payments of $240.9 million.

Key figures

Quarter ended March 30, 2024

Revenue

$1.5B

Operating income

$204M

Net income

$139M

EPS

$0.60

Gross profit

$1.1B

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.