AI English summary of an SEC filing — figures as filed
Tapestry TPRTapestry said full-year fiscal 2024 net sales for the year ended June 29, 2024 were $6.67 billion, up 1% from $6.66 billion in the prior year on a constant currency basis. The company said GAAP diluted EPS was $3.50 and non-GAAP diluted EPS was $4.29.
Key points
AI summaryTapestry said full-year fiscal 2024 net sales for the year ended June 29, 2024 were $6.67 billion, up 1% from $6.66 billion in the prior year on a constant currency basis. The company said GAAP diluted EPS was $3.50 and non-GAAP diluted EPS was $4.29.
The company said its full-year gross margin was 73.3%, compared with 70.8% in the prior year, and that the result included a benefit of 130 basis points from lower freight expense. It said full-year GAAP operating income was $1.14 billion, and non-GAAP operating income was $1.25 billion.
Tapestry said operating cash flow for fiscal 2024 was an inflow of $1.26 billion, compared with an inflow of $975 million in the prior year. It said free cash flow was an inflow of $1.15 billion, compared with an inflow of $791 million in the prior year. Excluding deal-related costs, free cash flow was $1.28 billion.
The company said it issued $6.1 billion of senior notes in November 2023 to fund the proposed acquisition of Capri Holdings Limited. It said the Federal Trade Commission (FTC) filed a lawsuit on April 22, 2024 in an attempt to block the acquisition. The company said it is working to close the transaction in calendar year 2024.
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.
Full-Year Net Sales and Diluted EPS
Tapestry said full-year fiscal 2024 net sales for the year ended June 29, 2024 were $6.67 billion, up 1% from $6.66 billion in the prior year on a constant currency basis. The company said GAAP diluted EPS was $3.50 and non-GAAP diluted EPS was $4.29.
Source · Based on the filing body and exhibits
Full-Year Gross Margin and Operating Income
The company said its full-year gross margin was 73.3%, compared with 70.8% in the prior year, and that the result included a benefit of 130 basis points from lower freight expense. It said full-year GAAP operating income was $1.14 billion, and non-GAAP operating income was $1.25 billion.
Source · Based on the filing body and exhibits
Full-Year Operating and Free Cash Flow
Tapestry said operating cash flow for fiscal 2024 was an inflow of $1.26 billion, compared with an inflow of $975 million in the prior year. It said free cash flow was an inflow of $1.15 billion, compared with an inflow of $791 million in the prior year. Excluding deal-related costs, free cash flow was $1.28 billion.
Source · Based on the filing body and exhibits
Capri Holdings Acquisition Financing and FTC Lawsuit
The company said it issued $6.1 billion of senior notes in November 2023 to fund the proposed acquisition of Capri Holdings Limited. It said the Federal Trade Commission (FTC) filed a lawsuit on April 22, 2024 in an attempt to block the acquisition. The company said it is working to close the transaction in calendar year 2024.
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.
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