AI English summary of an SEC filing — figures as filed
Tapestry TPRThe company said net sales for fiscal 2024 rose 0.2% to $6.67 billion, and operating income fell $32.3 million to $1.14 billion. Excluding comparability items of $109.9 million, it said operating income rose $77.6 million to $1.25 billion.
Key points
AI summaryThe company said net sales for fiscal 2024 rose 0.2% to $6.67 billion, and operating income fell $32.3 million to $1.14 billion. Excluding comparability items of $109.9 million, it said operating income rose $77.6 million to $1.25 billion.
Tapestry said it recorded pre-tax charges of $226.6 million related to the Capri acquisition in fiscal 2024, including $116.7 million in interest expense and $109.9 million in SG&A expenses. The U.S. Federal Trade Commission filed a lawsuit seeking to block the acquisition on April 22, 2024. The company said it believes the FTC's claims are without merit and plans to defend the case vigorously.
The company said gross profit for fiscal 2024 rose 3.7% to $4.89 billion, and gross margin improved 250 basis points to 73.3% from 70.8%. It cited lower freight costs, net pricing improvements and favorable currency impacts as the factors.
Tapestry said net sales for fiscal 2024 rose 2.7% to $5.10 billion at Coach, fell 6.0% to $1.33 billion at Kate Spade, and fell 14.2% to $241.5 million at Stuart Weitzman.
Key figures
Fiscal year ended June 29, 2024
- Revenue
- $6.7B
- Operating income
- $1.1B
- Net income
- $816M
- EPS
- $3.50
- Gross profit
- $4.9B
- Operating cash flow
- $1.3B
From the XBRL financial data filed with the SEC · not processed by AI.
Summary
AI-writtenAnalysis 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.
Annual Net Sales and Operating Income (GAAP and Adjusted)
The company said net sales for fiscal 2024 rose 0.2% to $6.67 billion, and operating income fell $32.3 million to $1.14 billion. Excluding comparability items of $109.9 million, it said operating income rose $77.6 million to $1.25 billion.
Source · Based on the MD&A text of the filing
Capri Acquisition Costs and FTC Lawsuit
Tapestry said it recorded pre-tax charges of $226.6 million related to the Capri acquisition in fiscal 2024, including $116.7 million in interest expense and $109.9 million in SG&A expenses. The U.S. Federal Trade Commission filed a lawsuit seeking to block the acquisition on April 22, 2024. The company said it believes the FTC's claims are without merit and plans to defend the case vigorously.
Source · Based on the MD&A text of the filing
Gross Margin and Factors Cited by the Company
The company said gross profit for fiscal 2024 rose 3.7% to $4.89 billion, and gross margin improved 250 basis points to 73.3% from 70.8%. It cited lower freight costs, net pricing improvements and favorable currency impacts as the factors.
Source · Based on the MD&A text of the filing
Net Sales Change by Brand
Tapestry said net sales for fiscal 2024 rose 2.7% to $5.10 billion at Coach, fell 6.0% to $1.33 billion at Kate Spade, and fell 14.2% to $241.5 million at Stuart Weitzman.
Source · Based on the MD&A text of the filing
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.
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