Tapestry, Inc. Files 10-Q for Period Ending December 30, 2023

TL;DR

<b>Tapestry, Inc. (TPR) filed its 10-Q report for the period ending December 30, 2023, detailing financial performance across its brands and geographic regions.</b>

AI Summary

TAPESTRY, INC. (TPR) filed a Quarterly Report (10-Q) with the SEC on February 8, 2024. Tapestry, Inc. reported financial results for the period ending December 30, 2023. The filing covers the second quarter of fiscal year 2024. Key segments include Coach, Kate Spade, and Stuart Weitzman. Geographic segments include North America, Greater China, Other Asia, and Other Countries. The company's fiscal year ends on June 27.

Why It Matters

For investors and stakeholders tracking TAPESTRY, INC., this filing contains several important signals. This filing provides investors with a detailed look at Tapestry's financial health and operational performance during the second quarter of fiscal year 2024. Understanding the segment and geographic performance is crucial for assessing the company's growth strategies and market penetration.

Risk Assessment

Risk Level: — TAPESTRY, INC. shows moderate risk based on this filing. The filing is a standard 10-Q, which provides a snapshot of financial performance but does not include forward-looking statements or significant new risk disclosures beyond typical quarterly reporting.

Analyst Insight

Review the detailed segment and geographic revenue breakdowns to identify growth trends and potential areas of concern for each brand.

Key Numbers

• 20231230 — Period End Date (Conformed Period of Report)
• 20240208 — Filing Date (Date Filed)
• 0627 — Fiscal Year End (Fiscal Year End)

Key Players & Entities

• TAPESTRY, INC. (company) — Filer
• TPR (company) — Ticker Symbol
• 20231230 (date) — Period of Report
• 20240208 (date) — Filing Date
• 10 HUDSON YARDS (address) — Business Address
• COACH INC (company) — Former Company Name

Forward-Looking Statements

• Coach brand will continue to be the primary revenue driver for Tapestry in the next fiscal quarter. (Coach) — high confidence, target: 2024-03-30
• Tapestry will continue to focus on growth in the Greater China market for its brands. (Greater China) — medium confidence, target: 2024-06-30

FAQ

Industry Context

Tapestry operates in the global apparel and accessories industry, focusing on luxury and premium brands.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring regular reporting of financial information.

What Investors Should Do

1. Analyze revenue trends by brand (Coach, Kate Spade, Stuart Weitzman) and region (North America, Greater China, etc.).
2. Review any disclosed operational or financial risks in the full 10-Q document.
3. Compare current period performance against prior year periods if available in the full filing.

Key Dates

• 2023-12-30: Period End Date — End of the reporting period for the 10-Q filing.
• 2024-02-08: Filing Date — Date the 10-Q report was officially filed with the SEC.

Year-Over-Year Comparison

This is the initial filing analyzed for the period ending December 30, 2023; comparison to prior filings will require access to those documents.

Filing Documents

• tpr-20231230.htm (10-Q) — 1670KB
• exhibit311-q22024.htm (EX-31.1) — 10KB
• exhibit312-q22024.htm (EX-31.2) — 10KB
• exhibit321-q22024.htm (EX-32.1) — 5KB
• exhibit322-q22024.htm (EX-32.2) — 5KB
• 0001116132-24-000007.txt (&nbsp;) — 9079KB
• tpr-20231230.xsd (EX-101.SCH) — 45KB
• tpr-20231230_cal.xml (EX-101.CAL) — 77KB
• tpr-20231230_lab.xml (EX-101.LAB) — 643KB
• tpr-20231230_pre.xml (EX-101.PRE) — 459KB
• tpr-20231230_def.xml (EX-101.DEF) — 251KB
• tpr-20231230_htm.xml (XML) — 1759KB

– FINANCIAL INFORMATION (unaudited)

PART I – FINANCIAL INFORMATION (unaudited)

Financial Statements

ITEM 1. Financial Statements: Condensed Consolidated Balance Sheets 1 Condensed Consolidated Statements of Operations 2 Condensed Consolidated Statements of Comprehensive Income (Loss) 3 Condensed Consolidated Statements of Cash Flows 4 Notes to Condensed Consolidated Financial Statements 5

Management's Discussion and Analysis of Financial Condition and Results of Operations

ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 27

Quantitative and Qualitative Disclosures about Market Risk

ITEM 3. Quantitative and Qualitative Disclosures about Market Risk 44

Controls and Procedures

ITEM 4. Controls and Procedures 45

– OTHER INFORMATION

PART II – OTHER INFORMATION

Legal Proceedings

ITEM 1. Legal Proceedings 46

Risk Factors

ITEM 1A. Risk Factors 46

Unregistered Sales of Equity Securities and Use of Proceeds

ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds 47

Exhibits

ITEM 6. Exhibits 48 SIGNATURE 49 In this Form 10-Q, references to "we," "our," "us," "Tapestry" and the "Company" refer to Tapestry, Inc., including consolidated subsidiaries. References to "Coach," "Kate Spade," "kate spade new york" or "Stuart Weitzman" refer only to the referenced brand. SPECIAL NOTE ON FORWARD-LOOKING INFORMATION This document, and the documents incorporated by reference in this document, our press releases and oral statements made from time to time by us or on our behalf, may contain certain "forward-looking statements" within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are based on management's current expectations, that involve risks and uncertainties that could cause our actual results to differ materially from our current expectations. In this context, forward-looking statements often address expected future business and financial performance and financial condition, and often contain words such as "may," "can," "continue," "project," "assumption," "should," "expect," "confidence," "goals," "trends," "anticipate," "intend," "estimate," "on track," "future," "well positioned to," "plan," "potential," "position," "believe," "seek," "see," "will," "would," "target," similar expressions, and variations or negatives of these words. Forward-looking statements by their nature address matters that are, to different degrees, uncertain. Such statements involve risks, uncertainties and assumptions. If such risks or uncertainties materialize or such assumptions prove incorrect, the results of Tapestry, Inc. and its consolidated subsidiaries could differ materially from those expressed or implied by such forward-looking statements and assumptions. All statements other than statements of historical fact are statements that could be deemed forward-looking statements. Tapestry, Inc. assumes no obligation to revise