AI English summary of an SEC filing — figures as filed
Tapestry TPRTapestry said net sales for the fiscal 2024 Q3 quarter ended March 30, 2024 were $1.48 billion, down 2% from $1.51 billion a year earlier on a reported basis. Net income was $139 million, diluted earnings per share were $0.60, and non-GAAP diluted earnings per share were $0.81.
Key points
AI summaryTapestry said net sales for the fiscal 2024 Q3 quarter ended March 30, 2024 were $1.48 billion, down 2% from $1.51 billion a year earlier on a reported basis. Net income was $139 million, diluted earnings per share were $0.60, and non-GAAP diluted earnings per share were $0.81.
Tapestry said gross margin for Q3 was 74.7%, expanding 190 basis points from 72.8% a year earlier. The company cited lower freight expense, favorable FX, and operational improvements as factors.
Tapestry said operating cash flow for the first 9 months of fiscal 2024 was an inflow of $1.00 billion, compared with an inflow of $575 million in the same period a year earlier. Free cash flow for the same period was an inflow of $937 million, compared with an inflow of about $425 million a year earlier.
The company said it issued $6.1 billion of senior notes in November 2023 to fund the Capri Holdings Limited acquisition. It said cash, cash equivalents and short-term investments were $7.42 billion and total borrowings were $7.70 billion, both as of March 30. It also said that on April 22, 2024, the Federal Trade Commission filed a lawsuit to block the acquisition.
Summary
AI-writtenAnalysis scope · Filing body and confirmed press-release exhibitWe analyzed the filing body and confirmed exhibits. This is not a review of other exhibits, investor presentations or the full earnings call.
Tapestry Fiscal 2024 Q3 Results: Net Sales $1.48 billion, Diluted EPS $0.60
Tapestry said net sales for the fiscal 2024 Q3 quarter ended March 30, 2024 were $1.48 billion, down 2% from $1.51 billion a year earlier on a reported basis. Net income was $139 million, diluted earnings per share were $0.60, and non-GAAP diluted earnings per share were $0.81.
Source · Based on the filing body and exhibits
Gross Margin 74.7% for Q3, Up 190 basis points
Tapestry said gross margin for Q3 was 74.7%, expanding 190 basis points from 72.8% a year earlier. The company cited lower freight expense, favorable FX, and operational improvements as factors.
Source · Based on the filing body and exhibits
Year-to-Date Operating Cash Flow $1.00 billion, Free Cash Flow $937 million
Tapestry said operating cash flow for the first 9 months of fiscal 2024 was an inflow of $1.00 billion, compared with an inflow of $575 million in the same period a year earlier. Free cash flow for the same period was an inflow of $937 million, compared with an inflow of about $425 million a year earlier.
Source · Based on the filing body and exhibits
Capri Holdings Limited Acquisition Financing and FTC Lawsuit
The company said it issued $6.1 billion of senior notes in November 2023 to fund the Capri Holdings Limited acquisition. It said cash, cash equivalents and short-term investments were $7.42 billion and total borrowings were $7.70 billion, both as of March 30. It also said that on April 22, 2024, the Federal Trade Commission filed a lawsuit to block the acquisition.
Source · Based on the filing body and exhibits
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.
Loading the filing text…