Tapestry, Inc. 10-Q: Revenue Dip in Q2 FY25

TL;DR

Tapestry's Q2 sales down slightly to $1.77B, watch for Q3.

AI Summary

Tapestry, Inc. filed its 10-Q for the period ending December 28, 2024, reporting on its financial performance. The company's revenue for the six months ended December 28, 2024, was $1.59 billion, a slight decrease from $1.61 billion in the same period last year. Net sales for the second quarter of fiscal 2025 were $1.77 billion, down from $1.80 billion in the prior year's second quarter. The company's fiscal year ends on June 27.

Why It Matters

This filing provides insight into Tapestry's recent financial health, indicating a slight downturn in sales which could impact investor confidence and future strategic decisions.

Risk Assessment

Risk Level: medium — The slight decrease in revenue and net sales suggests potential market challenges or competitive pressures that could impact future performance.

Key Numbers

• $1.59B — Revenue (6 months ended 12/28/24) (Represents a slight decrease compared to the prior year period.)
• $1.77B — Net Sales (Q2 FY25) (Indicates a marginal decline in quarterly sales performance.)
• $1.61B — Revenue (6 months ended 12/30/23) (Prior year comparable period revenue.)
• $1.80B — Net Sales (Q2 FY24) (Prior year comparable period net sales.)
• 0627 — Fiscal Year End (Defines the company's annual financial reporting cycle.)

Key Players & Entities

• Tapestry, Inc. (company) — Filer of the 10-Q
• 10 HUDSON YARDS (location) — Company's business and mailing address
• 20241228 (date) — End of the reporting period
• 20250206 (date) — Filing date
• $1.59 billion (dollar_amount) — Revenue for the six months ended December 28, 2024
• $1.61 billion (dollar_amount) — Revenue for the six months ended December 30, 2023
• $1.77 billion (dollar_amount) — Net sales for the second quarter of fiscal 2025
• $1.80 billion (dollar_amount) — Net sales for the second quarter of fiscal 2024

FAQ

Filing Documents

• tpr-20241228.htm (10-Q) — 1814KB
• exhibit104-tapestryxamendm.htm (EX-10.4) — 1015KB
• exhibit311-q22025.htm (EX-31.1) — 10KB
• exhibit312-q22025.htm (EX-31.2) — 10KB
• exhibit321-q22025.htm (EX-32.1) — 5KB
• exhibit322-q22025.htm (EX-32.2) — 5KB
• 0001116132-25-000005.txt ( ) — 10881KB
• tpr-20241228.xsd (EX-101.SCH) — 48KB
• tpr-20241228_cal.xml (EX-101.CAL) — 81KB
• tpr-20241228_lab.xml (EX-101.LAB) — 643KB
• tpr-20241228_pre.xml (EX-101.PRE) — 493KB
• tpr-20241228_def.xml (EX-101.DEF) — 270KB
• tpr-20241228_htm.xml (XML) — 1785KB

– 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 29

Quantitative and Qualitative Disclosures about Market Risk

ITEM 3. Quantitative and Qualitative Disclosures about Market Risk 49

Controls and Procedures

ITEM 4. Controls and Procedures 49

– OTHER INFORMATION

PART II – OTHER INFORMATION

Legal Proceedings

ITEM 1. Legal Proceedings 50

Risk Factors

ITEM 1A. Risk Factors 50

Unregistered Sales of Equity Securities and Use of Proceeds

ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds 51

Exhibits

ITEM 6. Exhibits 52 SIGNATUR ES 53 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," "if," "continue," "project," "assumption," "should," "expect," "confidence," "goals," "trends," "anticipate," "intend," "estimate," "on track," "future," "well positioned to," "plan," "potential," "position," "deliver," "believe," "seek," "see," "will," "would," "uncertain," "achieve," "strategic," "growth," "target," "forecast," "outlook," "commit," "innovation," "drive," "proposed acquisition," "we can stretch what's possible," 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