AI English summary of an SEC filing — figures as filed
Tapestry TPRTapestry said net sales for the quarter ended September 28, 2024 were $1,507.5 million, roughly in line with $1,513.2 million a year earlier. Gross margin was 75.3%, compared with 72.5% a year earlier. The company cited operational improvements of 180 basis points and lower freight expense of 60 basis points as contributing factors.
Key points
AI summaryTapestry said net sales for the quarter ended September 28, 2024 were $1,507.5 million, roughly in line with $1,513.2 million a year earlier. Gross margin was 75.3%, compared with 72.5% a year earlier. The company cited operational improvements of 180 basis points and lower freight expense of 60 basis points as contributing factors.
The company said net income for the quarter was $186.6 million, or $0.79 per diluted share. On a non-GAAP basis, excluding acquisition costs, net income was $241.6 million, or $1.02 per diluted share. In the prior-year quarter, GAAP diluted EPS was $0.84 and non-GAAP diluted EPS was $0.93.
Tapestry reported operating cash flow of $119.5 million for the quarter, compared with $75.3 million a year earlier. Free cash flow was $94 million, versus $54 million a year earlier. The company said dividend payments for the same quarter were $81.4 million.
The company said its non-GAAP annual outlook calls for revenue of over $6.75 billion, diluted earnings per share of $4.50 to $4.55 (previous outlook of $4.45 to $4.50), and free cash flow of approximately $1.1 billion, excluding deal-related costs. The outlook assumes no impact from the proposed acquisition of Capri Holdings Limited.
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.
Quarterly Net Sales of $1,507.5 million, Gross Margin of 75.3%
Tapestry said net sales for the quarter ended September 28, 2024 were $1,507.5 million, roughly in line with $1,513.2 million a year earlier. Gross margin was 75.3%, compared with 72.5% a year earlier. The company cited operational improvements of 180 basis points and lower freight expense of 60 basis points as contributing factors.
Source · Based on the filing body and exhibits
Quarterly Net Income of $186.6 million, Non-GAAP Diluted EPS of $1.02
The company said net income for the quarter was $186.6 million, or $0.79 per diluted share. On a non-GAAP basis, excluding acquisition costs, net income was $241.6 million, or $1.02 per diluted share. In the prior-year quarter, GAAP diluted EPS was $0.84 and non-GAAP diluted EPS was $0.93.
Source · Based on the filing body and exhibits
Quarterly Operating Cash Flow of $119.5 million, Free Cash Flow of $94 million
Tapestry reported operating cash flow of $119.5 million for the quarter, compared with $75.3 million a year earlier. Free cash flow was $94 million, versus $54 million a year earlier. The company said dividend payments for the same quarter were $81.4 million.
Source · Based on the filing body and exhibits
Full-Year Outlook Raised: Diluted EPS of $4.50 to $4.55
The company said its non-GAAP annual outlook calls for revenue of over $6.75 billion, diluted earnings per share of $4.50 to $4.55 (previous outlook of $4.45 to $4.50), and free cash flow of approximately $1.1 billion, excluding deal-related costs. The outlook assumes no impact from the proposed acquisition of Capri Holdings Limited.
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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