Maryland
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1-16153
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52-2242751
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(State of
Incorporation)
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(Commission File Number)
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(IRS Employer
Identification No.)
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Title of each class
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Trading Symbol(s)
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Name of each exchange on which
registered
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Common Stock, $0.01 par value
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TPR
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New York Stock Exchange
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TAPESTRY, INC.
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By:
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/s/ Todd Kahn
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Todd Kahn
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President, Chief Administrative Officer, Chief
Legal Officer & Secretary
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Board Declares Quarterly Dividend
Company Plans to Return Approximately $700 Million in Capital to Shareholders Through Share Repurchase and Dividend Programs in Fiscal 2020
NEW YORK--(BUSINESS WIRE)--August 15, 2019--Tapestry, Inc. (NYSE: TPR), a leading New York-based house of modern luxury accessories and lifestyle brands, today reported results for the fiscal fourth quarter and year ended June 29, 2019.
Victor Luis, Chief Executive Officer of Tapestry, Inc., said, “Fiscal 2019 was a year of meaningful evolution for Tapestry. We experienced ongoing strength in our business internationally, while navigating a volatile backdrop in North America. Importantly, we made significant progress on our strategic initiatives, most notably building the foundation of our distinctive multi-brand platform. We generated the anticipated synergies from the successful integration of Kate Spade into our portfolio, which funded, in part, material investments in systems as well as our international development through distributor acquisitions and new store openings in key regions. We also made key additions to Tapestry’s leadership team. Taken together, we believe these actions will underpin our near and long term growth objectives.”
“Coach - our largest and most globally diversified brand - had a strong year, driven by growth in our international and digital channels, while outperforming the direct competition in North America. We understand that driving sustainable growth at Coach is essential to the success of Tapestry overall and are proud of the brand’s performance, highlighted by seven consecutive quarters of positive comparable store sales.”
“In addition, we made important advancements at Stuart Weitzman, across people, processes and product to address the challenges in the business, driving a return to topline growth in Fiscal 2019. We’ve also successfully expanded the brand internationally through regional distributor acquisitions and new store openings, with a focus on China, where we are just beginning to tap into this tremendous growth opportunity for the brand.”
“At Kate Spade, the most significant milestone of the year was the debut of Nicola Glass’s creative vision, reimagining the brand while staying true to its unique positioning, heritage and DNA. We are incredibly confident in this vision, supported by the emerging positive signs we are seeing, notably in the new brand codes and evolved product in the full price business. That said, the brand’s financial results did not meet our expectations and more time is required to drive a positive inflection in the business, particularly in light of the traffic-challenged and competitive retail environment in North America. We acknowledge that there are opportunities to improve performance and we are addressing those areas with a sense of urgency.”
“Most broadly, we remain steadfast in our strategic vision and focused on maximizing the benefits of our global, multi-brand platform, while continuing to drive strength in our core Coach brand. Our conviction is reflected, in part, by the $1 billion share repurchase program we established and began to implement in the fourth fiscal quarter. Together with our annual dividend, this underscores our confidence in driving long-term, sustainable growth and commitment to returning capital to shareholders.”
Returning Capital to Shareholders:
During the fourth fiscal quarter, the Company commenced its share buyback program, repurchasing approximately 3.4 million shares of its common stock at an average cost of $29.31 for a total of approximately $100 million. Therefore, for the fiscal year, the Company returned approximately $490 million to shareholders through dividends and share repurchases. At the end of the period, $900 million remained under the Company's current repurchase authorization. The Company plans to return approximately $700 million to shareholders in Fiscal 2020 through dividends and share repurchases.
The Company also announced that its Board of Directors declared a quarterly cash dividend of $0.3375 per common share, maintaining an annual rate of $1.35. The dividend is payable on September 30, 2019 to shareholders of record as of the close of business on September 6, 2019.
Non-GAAP Reconciliation:
During the fiscal fourth quarter, the Company recorded certain charges associated with its Integration and Acquisition activities and ERP implementation efforts. Taken together, these items decreased the Company’s fourth quarter reported net income by approximately $27 million or about $0.10 per diluted share. On a full year basis, these items, together with the impact associated with Tax Legislation changes, reduced the Company’s reported net income by $105 million or about $0.36 per diluted share. Please refer to the financial tables included herein for a detailed reconciliation of the Company’s reported to non-GAAP results.
Overview of Fourth Quarter 2019 Tapestry, Inc. Results:
Fourth fiscal quarter results in each of the Company’s reportable segments were as follows:
Coach Fourth Quarter 2019 Results:
Kate Spade Fourth Quarter 2019 Results:
Stuart Weitzman Fourth Quarter 2019 Results:
Overview of Full Year 2019 Tapestry, Inc. Results:
Full Year 2019 results in each of the Company’s reportable segments were as follows:
Coach Full Year 2019 Results:
Kate Spade Full Year 2019 Results:
Stuart Weitzman Full Year 2019 Results:
Mr. Luis added, “Looking ahead, we are revising our outlook for Fiscal 2020 to reflect the current trends in our business, notably at Kate Spade. We believe this is prudent, particularly in light of the uncertain environment in North America, and as we build the brand’s global awareness. That said, we understand it’s critical to act swiftly and decisively, applying our learnings, to drive positive change. As part of this strategy, we are deliberately pulling back on the number of new store openings for the brand while we seek to focus on maximizing productivity.”
“Importantly, with continued momentum at the Coach brand, our top priority is to fuel an acceleration in our acquired businesses to unlock the power of our multi-brand platform. Therefore, while our long-term vision is unchanged, we are modifying our capital allocation policy in Fiscal 2020, dedicating our resources to driving organic growth, and do not expect to pursue strategic acquisitions. In addition, we plan to increase the capital we return to shareholders, repurchasing approximately $300 million of common stock while maintaining our annual dividend, resulting in a total payout of nearly $700 million. Overall, we remain confident in the potential of our brands and the operating model we’ve built.”
Fiscal Year and First Quarter 2020 Outlook
The following outlook is provided on a non-GAAP basis and replaces all previous guidance.
The Company expects revenues for Fiscal 2020 to increase at a low-single-digit rate from Fiscal 2019. In addition, the Company projects earnings per diluted share to be approximately even with prior year. The primary change from the prior outlook is the expectation for more modest topline growth at Kate Spade in North America, impacting the Company’s ability to leverage its strategic investments and fixed costs. Importantly, the Company continues to expect top and bottom line growth at Coach and profitability improvements at Stuart Weitzman in Fiscal 2020. Net interest expense for the year is expected to be $45 to $50 million and the full year Fiscal 2020 tax rate is projected to be in the area of 17.5%.
For the first fiscal quarter, the Company projects revenues to be slightly below prior year and earnings per diluted share to decline on a year-over-year basis. The outlook for the first fiscal quarter includes the continued impact of the Company’s foundational strategic initiatives, including investments in new stores openings, distributor buybacks as well as systems.
Fiscal Year 2020 Outlook - Non-GAAP Adjustments :
The Company is not able to provide a full reconciliation of the non-GAAP financial measures to GAAP presented in this release and on the Company’s conference call because certain material items that impact these measures, such as the timing and exact amount of charges related to Integration and Acquisition, costs associated with the Company’s ERP implementation, and the impact of select store closures that have not yet occurred as the Company continues to refine its plan and the related estimate and timing of costs that will be incurred. Accordingly, a reconciliation of our non-GAAP financial measure guidance to the corresponding GAAP measures is not available without unreasonable effort. Where possible, the Company has identified the estimated impact of the items excluded from its Fiscal 2020 guidance.
This Fiscal 2020 non-GAAP guidance excludes (1) expected pre-tax charges of approximately $30 to $40 million attributable to the Company’s ERP implementation efforts; (2) estimated pre-tax Integration and Acquisition charges of approximately $20 to $30 million; (3) projected charges related to select store closures as the Company seeks to optimize its fleet; and (4) the impact from the new lease accounting standard, ASU 2016-02 “Leases (Topic 842),” which the Company will adopt in the first fiscal quarter of 2020.
Conference Call Details:
The Company will host a conference call to review these results at 8:30 a.m. (ET) today, August 15, 2019. Interested parties may listen to the conference call via live webcast by accessing www.tapestry.com/investors on the Internet or calling 1-877-510-8087 or 1-862-298-9015 and providing the Conference ID 3592098. A telephone replay will be available starting at 12:00 p.m. (ET) today, for a period of five business days. To access the telephone replay, call 1-800-585-8367 or 1-404-537-3406 and enter the Conference ID 3592098. A webcast replay of the earnings conference call will also be available for five business days on the Tapestry website. Presentation slides have also been posted to the Company’s website at www.tapestry.com/investors.
The Company expects to report Fiscal 2020 first quarter results on Tuesday November 5, 2019. To receive notification of future announcements, please register at www.tapestry.com/investors ("Subscribe to E-Mail Alerts").
Tapestry, Inc. is a New York-based house of modern luxury lifestyle brands. The Company’s portfolio includes Coach, Kate Spade and Stuart Weitzman. Our Company and our brands are founded upon a creative and consumer-led view of luxury that stands for inclusivity and approachability. Each of our brands are unique and independent, while sharing a commitment to innovation and authenticity defined by distinctive products and differentiated customer experiences across channels and geographies. To learn more about Tapestry, please visit www.tapestry.com. The Company’s common stock is traded on the New York Stock Exchange under the symbol TPR.
This information to be made available in this press release may contain forward-looking statements based on management's current expectations. Forward-looking statements include, but are not limited to, the statements under “Fiscal Year 2020 Outlook,” and statements regarding the Company’s planned share repurchase program and anticipated dividend payments for future quarters, as well as statements that can be identified by the use of forward-looking terminology such as "may," "will," “can,” "should," "expect," "intend," "estimate," "continue," "project," "guidance," "forecast," “outlook,” “roadmap,” "anticipate," “excited,” “moving,” “leveraging,” “capitalizing,” “developing,” “drive,” “targeting,” “assume,” “plan,” “build,” “pursue,” “maintain,” “on track,” “well positioned to,” “look forward to,” “looking ahead,” “to acquire,” “achieve,” “strategic vision,” “growth opportunities” or comparable terms. Future results may differ materially from management's current expectations, based upon a number of important factors, including risks and uncertainties such as expected economic trends, the ability to anticipate consumer preferences, the ability to control costs and successfully execute our ERP implementation and growth strategies, our ability to achieve intended benefits, cost savings and synergies from acquisitions, the risk of cybersecurity threats and privacy or data security breaches, and the impact of tax legislation, etc. Please refer to the Company’s latest Annual Report on Form 10-K and its other filings with the Securities and Exchange Commission for a complete list of risks and important factors. The Company assumes no obligation to revise or update any such forward-looking statements for any reason, except as required by law.
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TAPESTRY, INC. |
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GAAP TO NON-GAAP RECONCILIATION - FOR SEGMENT RESULTS |
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For the Quarters Ended June 29, 2019 and June 30, 2018 |
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(in millions) |
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(unaudited) |
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June 29, 2019 |
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GAAP |
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Coach |
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Kate Spade |
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Stuart
Weitzman |
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Corporate |
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Non-GAAP |
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Cost of sales |
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Integration & Acquisition |
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0.1 |
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(0.9) |
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(17.9) |
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— |
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Gross profit |
$ 999.2 |
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$ 0.1 |
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$ (0.9) |
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$ (17.9) |
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$ — |
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$ 1,017.9 |
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SG&A expenses |
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Integration & Acquisition |
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1.6 |
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4.4 |
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2.8 |
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11.6 |
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ERP Implementation |
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— |
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— |
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— |
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11.8 |
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SG&A expenses |
$ 829.3 |
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$ 1.6 |
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$ 4.4 |
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$ 2.8 |
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$ 23.4 |
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$ 797.1 |
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Operating income |
$ 169.9 |
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$ (1.5) |
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$ (5.3) |
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$ (20.7) |
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$ (23.4) |
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$ 220.8 |
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June 30, 2018 |
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GAAP |
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Coach |
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Kate Spade |
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Stuart
Weitzman |
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Corporate |
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Non-GAAP |
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Cost of sales |
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Integration & Acquisition |
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(3.1) |
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(0.1) |
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(2.3) |
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— |
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Gross profit |
$ 1,001.8 |
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$ (3.1) |
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$ (0.1) |
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$ (2.3) |
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$ — |
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$ 1,007.3 |
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SG&A expenses |
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Integration & Acquisition |
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0.3 |
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7.1 |
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1.3 |
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16.1 |
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Operational Efficiency Plan |
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— |
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— |
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— |
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10.0 |
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SG&A expenses |
$ 814.6 |
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$ 0.3 |
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$ 7.1 |
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$ 1.3 |
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$ 26.1 |
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$ 779.8 |
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Operating income |
$ 187.2 |
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$ (3.4) |
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$ (7.2) |
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$ (3.6) |
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$ (26.1) |
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$ 227.5 |
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TAPESTRY, INC. |
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GAAP TO NON-GAAP RECONCILIATION - FOR SEGMENT RESULTS |
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For the Years Ended June 29, 2019 and June 30, 2018 |
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(in millions) |
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(unaudited) |
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June 29, 2019 |
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GAAP |
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Coach |
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Kate Spade |
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Stuart
Weitzman |
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Corporate |
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Non-GAAP |
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Cost of sales |
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Integration & Acquisition |
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(1.9) |
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(6.3) |
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(19.6) |
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— |
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Gross profit |
$ 4,053.7 |
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$ (1.9) |
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$ (6.3) |
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$ (19.6) |
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$ — |
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$ 4,081.5 |
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SG&A expenses |
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Integration & Acquisition |
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7.1 |
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14.5 |
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15.0 |
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30.0 |
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ERP Implementation |
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— |
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— |
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— |
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36.9 |
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SG&A expenses |
$ 3,239.6 |
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$ 7.1 |
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$ 14.5 |
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$ 15.0 |
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$ 66.9 |
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$ 3,136.1 |
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Operating income |
$ 814.1 |
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$ (9.0) |
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$ (20.8) |
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$ (34.6) |
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$ (66.9) |
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$ 945.4 |
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June 30, 2018 |
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GAAP |
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Coach |
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Kate Spade |
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Stuart
Weitzman |
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Corporate |
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Non-GAAP |
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Cost of sales |
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Integration & Acquisition |
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(4.1) |
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(106.5) |
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(5.8) |
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— |
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Gross profit |
$ 3,848.5 |
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$ (4.1) |
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$ (106.5) |
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$ (5.8) |
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$ — |
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$ 3,964.9 |
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SG&A expenses |
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Integration & Acquisition |
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0.5 |
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113.7 |
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7.8 |
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63.2 |
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Operational Efficiency Plan |
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— |
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— |
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— |
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19.5 |
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SG&A expenses |
$ 3,177.7 |
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$ 0.5 |
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$ 113.7 |
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$ 7.8 |
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$ 82.7 |
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$ 2,973.0 |
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Operating income |
$ 670.8 |
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$ (4.6) |
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$ (220.2) |
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$ (13.6) |
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$ (82.7) |
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$ 991.9 |
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The Company reports information in accordance with U.S. Generally Accepted Accounting Principles ("GAAP"). The Company's management does not, nor does it suggest that investors should, consider non-GAAP financial measures in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Further, the non-GAAP measures utilized by the Company may be unique to the Company, as they may be different from non-GAAP measures used by other companies. The financial information presented above, as well as gross margin, SG&A expense ratio, and operating margin, have been presented both including and excluding the effect of certain items related to Integration & Acquisition-Related Costs and ERP Implementation-Related costs for Tapestry, Inc. and separately by segment and the impact of tax legislation for Tapestry, Inc.
The Company operates on a global basis and reports financial results in U.S. dollars in accordance with GAAP. Percentage increases/decreases in net sales for the Company and each segment and gross margin for the Stuart Weitzman segment have been presented both including and excluding currency fluctuation effects from translating foreign-denominated sales into U.S. dollars and compared to the same periods in the prior quarter and fiscal year. The Company calculates constant currency revenue results by translating current period revenue in local currency using the prior year period’s currency conversion rate.
Guidance for certain financial information for the fiscal year ending June 27, 2020 has also been presented on a non-GAAP basis.
Management utilizes these non-GAAP and constant currency measures to conduct and evaluate its business during its regular review of operating results for the periods affected and to make decisions about Company resources and performance. The Company believes presenting these non-GAAP measures, which exclude items that are not comparable from period to period, is useful to investors and others in evaluating the Company’s ongoing operating and financial results in a manner that is consistent with management’s evaluation of business performance and understanding how such results compare with the Company’s historical performance. Additionally, the Company believes presenting these metrics on a constant currency basis will help investors and analysts to understand the effect of significant year-over-year foreign currency exchange rate fluctuations on these performance measures and provide a framework to assess how business is performing and expected to perform excluding these effects.
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TAPESTRY, INC. |
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SEGMENT INFORMATION |
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For the Quarters and Years Ended June 29, 2019 and June 30, 2018 |
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(in millions) |
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(unaudited) |
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Coach |
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Kate Spade |
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Stuart
Weitzman |
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Corporate |
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Total |
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Three Months Ended June 29, 2019 |
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Net sales |
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$ 1,096.6 |
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$ 331.9 |
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$ 85.2 |
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$ — |
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$ 1,513.7 |
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Gross profit |
|
764.9 |
|
205.6 |
|
28.7 |
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— |
|
999.2 |
|
|
Operating income (loss) |
|
299.5 |
|
25.6 |
|
(30.4) |
|
(124.8) |
|
169.9 |
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Income (loss) before provision for income taxes |
|
299.5 |
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25.6 |
|
(30.4) |
|
(135.8) |
|
158.9 |
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Three Months Ended June 30, 2018 |
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Net sales |
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$ 1,098.9 |
|
$ 311.9 |
|
$ 72.9 |
|
$ — |
|
$ 1,483.7 |
|
|
Gross profit |
|
762.1 |
|
203.1 |
|
36.6 |
|
— |
|
1,001.8 |
|
|
Operating income (loss) |
|
290.5 |
|
33.1 |
|
(20.0) |
|
(116.4) |
|
187.2 |
|
|
Income (loss) before provision for income taxes |
|
290.5 |
|
33.1 |
|
(20.0) |
|
(130.8) |
|
172.8 |
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|
Year Ended June 29, 2019 |
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Net sales |
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$ 4,270.9 |
|
$ 1,366.8 |
|
$ 389.4 |
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$ — |
|
$ 6,027.1 |
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|
Gross profit |
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2,996.4 |
|
863.6 |
|
193.7 |
|
— |
|
4,053.7 |
|
|
Operating income (loss) |
|
1,148.4 |
|
165.7 |
|
(51.2) |
|
(448.8) |
|
814.1 |
|
|
Income (loss) before provision for income taxes |
|
1,148.4 |
|
165.7 |
|
(51.2) |
|
(496.7) |
|
766.2 |
|
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|
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|
Year Ended June 30, 2018 |
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Net sales |
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$ 4,221.5 |
|
$ 1,284.7 |
|
$ 373.8 |
|
$ — |
|
$ 5,880.0 |
|
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Gross profit |
|
2,931.5 |
|
705.7 |
|
211.3 |
|
— |
|
3,848.5 |
|
|
Operating income (loss) |
|
1,117.2 |
|
(22.7) |
|
(0.3) |
|
(423.4) |
|
670.8 |
|
|
Income (loss) before provision for income taxes |
|
1,117.2 |
|
(22.7) |
|
(0.3) |
|
(497.4) |
|
596.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TAPESTRY, INC. |
|
|||
|
CONDENSED CONSOLIDATED BALANCE SHEETS |
|
|||
|
At June 29, 2019 and June 30, 2018 |
|
|||
|
(in millions) |
|
|||
|
|
|
|
|
|
|
|
(unaudited) |
|
(audited) |
|
|
|
June 29,
2019 |
|
June 30,
2018 |
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
Cash, cash equivalents and short-term investments |
$ 1,233.8 |
|
$ 1,250.0 |
|
|
Receivables |
298.1 |
|
314.1 |
|
|
Inventories |
778.3 |
|
673.8 |
|
|
Other current assets |
246.6 |
|
194.7 |
|
|
|
|
|
|
|
|
Total current assets |
2,556.8 |
|
2,432.6 |
|
|
|
|
|
|
|
|
Property and equipment, net |
938.8 |
|
885.4 |
|
|
Other noncurrent assets |
3,381.7 |
|
3,360.3 |
|
|
|
|
|
|
|
|
Total assets |
$ 6,877.3 |
|
$ 6,678.3 |
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
Accounts payable |
$ 243.6 |
|
$ 264.3 |
|
|
Accrued liabilities |
673.6 |
|
673.2 |
|
|
Current debt |
0.8 |
|
0.7 |
|
|
|
|
|
|
|
|
Total current liabilities |
918.0 |
|
938.2 |
|
|
|
|
|
|
|
|
Long-term debt |
1,601.9 |
|
1,599.9 |
|
|
Other liabilities |
844.0 |
|
895.6 |
|
|
|
|
|
|
|
|
Stockholders' equity |
3,513.4 |
|
3,244.6 |
|
|
|
|
|
|
|
|
Total liabilities and stockholders' equity |
$ 6,877.3 |
|
$ 6,678.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TAPESTRY, INC. | |||||||||||
|
STORE COUNT | |||||||||||
|
At March 30, 2019 and June 29, 2019 | |||||||||||
|
(unaudited) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of |
|
Acquired |
|
|
|
|
|
As of |
|
|
Directly-Operated Store Count: |
|
March 30, 2019 |
|
Stores |
|
Openings |
|
(Closures) |
|
June 29, 2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Coach |
|
|
|
|
|
|
|
|
|
|
|
|
North America |
|
392 |
|
— |
|
1 |
|
(2) |
|
391 |
|
|
International |
|
589 |
|
— |
|
16 |
|
(10) |
|
595 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Kate Spade |
|
|
|
|
|
|
|
|
|
|
|
|
North America |
|
212 |
|
— |
|
2 |
|
(1) |
|
213 |
|
|
International |
|
181 |
|
— |
|
15 |
|
(2) |
|
194 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stuart Weitzman |
|
|
|
|
|
|
|
|
|
|
|
|
North America |
|
70 |
|
— |
|
1 |
|
— |
|
71 |
|
|
International |
|
58 |
|
12 |
|
6 |
|
— |
|
76 |
|
|
TAPESTRY, INC. |
|
||||||||||
|
STORE COUNT |
|
||||||||||
|
At June 30, 2018 and June 29, 2019 |
|
||||||||||
|
(unaudited) |
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of |
|
Acquired |
|
|
|
|
|
As of |
|
|
Directly-Operated Store Count: |
|
June 30, 2018 |
|
Stores |
|
Openings |
|
(Closures) |
|
June 29, 2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Coach |
|
|
|
|
|
|
|
|
|
|
|
|
North America |
|
402 |
|
— |
|
4 |
|
(15) |
|
391 |
|
|
International |
|
585 |
|
— |
|
44 |
|
(34) |
|
595 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Kate Spade |
|
|
|
|
|
|
|
|
|
|
|
|
North America |
|
200 |
|
— |
|
24 |
|
(11) |
|
213 |
|
|
International |
|
142 |
|
21 |
|
44 |
|
(13) |
|
194 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stuart Weitzman |
|
|
|
|
|
|
|
|
|
|
|
|
North America |
|
68 |
|
— |
|
5 |
|
(2) |
|
71 |
|
|
International |
|
35 |
|
18 |
|
23 |
|
— |
|
76 |
|
Tapestry, Inc.
Analysts & Media:
Andrea Shaw Resnick
Global Head of Investor Relations and Corporate Communications
212/629-2618
aresnick@tapestry.com
Christina Colone
Vice President, Investor Relations
212/946-7252
ccolone@tapestry.com
|
Exhibit 99.2
|