Tapestry entered into a Termination Agreement with Capri on November 13, 2024 to terminate the Merger Agreement, and reimbursed Capri for its expenses of $45.1 million in cash on November 14, 2024.

1. 01

   Tapestry entered into a Termination Agreement with Capri on November 13, 2024 to terminate the Merger Agreement, and reimbursed Capri for its expenses of $45.1 million in cash on November 14, 2024.

2. 02

   Following the termination of the Merger Agreement, the company redeemed all outstanding Capri Acquisition Senior Notes on November 25, 2024 at a redemption price of 101% of the aggregate principal amount plus accrued and unpaid interest, and loss on extinguishment of debt for the first 6 months was $120.1 million.

3. 03

   The company said net sales for the first 6 months of fiscal 2025 increased 2.9% to $3.70 billion, operating income increased $44.0 million to $744.8 million, and operating margin was 20.1%.

4. 04

   Tapestry paid $2.00 billion under Accelerated Share Repurchase Agreements entered into on November 21, 2024 and received initial delivery of 28,363,766 shares at $56.41 per share on November 26, 2024. Final settlement is expected to occur by Q1 of fiscal 2026.

Key figures

Quarter ended December 28, 2024

Revenue

$2.2B

Operating income

$493M

Net income

$310M

EPS

$1.38

Gross profit

$1.6B

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.