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4-Traders Homepage  >  Equities  >  Nyse  >  Tapestry Inc    TPR

TAPESTRY INC (TPR)
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Delayed Quote. Delayed  - 11/17 10:02:08 pm
41.66 USD   +1.61%
11/15 TAPESTRY, INC. : Declares Quarterly Cash Dividend
11/08 TAPESTRY : Appoints Nicola Glass Creative Director of Kate Spade
11/07 COACH : Tapestry reports 1Q loss
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TAPESTRY, INC. : Results of Operations and Financial Condition, Financial Statements and Exhibits (form 8-K)

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11/07/2017 | 12:47pm CET
Item 2.02 Results of Operations and Financial Condition.
On November 7, 2017, Tapestry, Inc. (the "Company") issued a press release (the
"Press Release") in which the Company announced its financial results for its
first fiscal quarter ended September 30, 2017.  All information in the Press
Release is being furnished to the Securities and Exchange Commission and shall
not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act
of 1934 (the "Exchange Act") or otherwise subject to liability under that
section, nor shall it be deemed incorporated by reference in any filing under
the Securities Act of 1933, as amended, or the Exchange Act, except as expressly
set forth by specific reference in such a filing.
Item 8.01 Other Events
The Company has changed its reportable segments to align with the new structure
of its business as a New York-based house of brands. Prior to the fiscal year
ending June 30, 2018, ("fiscal 2018"), the Company had the following three
reportable segments: North America (Coach brand), International (Coach brand)
and Stuart Weitzman. Beginning in fiscal 2018, following the acquisition of Kate
Spade & Company, the Company's reportable segments are:
• Coach - Includes worldwide sales of Coach brand products to customers through

Coach operated stores, including the Internet, concession shop-in-shops and

sales to wholesale customers and independent third party distributors.

• Kate Spade - Includes worldwide sales primarily of kate spade new york brand

products to customers through Kate Spade operated stores, including the

Internet, concession shop-in-shops, independent third party distributors and to

  wholesale customers.



• Stuart Weitzman - Includes worldwide sales of Stuart Weitzman brand products

primarily to wholesale customers, numerous independent third party distributors

and through Stuart Weitzman operated stores, including the Internet.



The new segment structure is consistent with how the Company establishes its
overall business strategy, allocates resources and assesses performance. No
operating segments were aggregated to form the Company's reportable segments. In
addition to these reportable segments, the Company also has one non-reportable
segment, Corporate, which represents certain costs that are not directly
attributable to a brand. These costs primarily represent administration and
information systems expense.
As a result of the change in reportable segments, certain costs were
reclassified from Corporate unallocated, which was not a reportable segment, to
the Coach and Stuart Weitzman segments, as the costs can now be specifically
identified to each segment. The Company has historically included Corporate
unallocated as part of the Coach brand consolidated results. Beginning in the
Quarterly Report on Form 10-Q for the first quarter of fiscal 2018, all prior
period segment information has been recast to reflect the realignment of the
Company's reportable and non-reportable segments.
--------------------------------------------------------------------------------

The below table provides recasted segment reporting financial information by
quarter and full fiscal year ended July 1, 2017 ("fiscal 2017"), as well as for
the full fiscal year ended July 2, 2016 ("fiscal 2016") to provide historical
financial information that is consistent with the Company's new reporting
structure. The changes in the reportable segment structure discussed above
affect only the manner in which the results of the Company's reportable segments
were previously reported. This Form 8-K does not reclassify nor restate the
Company's previously reported consolidated financial statements for any period.
Nor does it reflect any subsequent information or events, other than as required
to reflect the change in segments as described above. This Form 8-K should be
read in conjunction with the fiscal 2016 Form 10-K and fiscal 2017 Form 10-K and
the Company's subsequent filings with the Securities and Exchange Commission.
The following tables summarize the recasted segment performance for each quarter
in fiscal 2017:

                                                                 Fiscal 2017
                                             Coach         Stuart         Corporate        Total
                                                          Weitzman
                                                                 (millions)
                                                                 (unaudited)
Three Months Ended October 1, 2016
Net sales                                  $   950.1$      87.5     $         -     $ 1,037.6
Gross profit                                   663.6            51.1               -         714.7
Operating income (loss)                        232.3             3.9           (70.3 )       165.9

Three Months Ended December 31, 2016
Net sales                                  $ 1,203.4$     118.3     $         -     $ 1,321.7
Gross profit                                   830.2            76.0               -         906.2
Operating income (loss)                        338.7            12.0           (73.3 )       277.4

Three Months Ended April 1, 2017
Net sales                                  $   915.3$      79.9     $         -     $   995.2
Gross profit                                   656.1            49.6               -         705.7
Operating income (loss)                        222.9             2.5           (74.3 )       151.1

Three Months Ended July 1, 2017
Net sales                                  $ 1,045.9$      87.9     $         -     $ 1,133.8
Gross profit                                   705.1            49.4               -         754.5
Operating income (loss)                        246.1            (2.9 )         (50.2 )       193.0


--------------------------------------------------------------------------------

The following tables summarize the recasted segment performance for fiscal 2017
and fiscal 2016:

                                                                 Fiscal 2017
                                             Coach         Stuart         Corporate        Total
                                                          Weitzman
                                                                 (millions)
                                                                 (unaudited)
Twelve months ended July 1, 2017
Net sales                                  $ 4,114.7$     373.6     $         -     $ 4,488.3
Gross profit                                 2,855.0           226.1               -       3,081.1
Operating income (loss)                      1,040.0            15.5          (268.1 )       787.4

                                                                 Fiscal 2016
                                             Coach         Stuart         Corporate        Total
                                                          Weitzman
                                                                 (millions)
                                                                 (unaudited)
Twelve Months Ended July 2, 2016
Net sales                                  $ 4,147.1$     344.7     $         -     $ 4,491.8
Gross profit                                 2,848.9           202.4               -        3051.3
Operating income (loss)                      1,024.4            32.5          (403.4 )       653.5




The above amounts include charges incurred under the Company's previously
announced Operational Efficiency and Transformation Plans as well as
non-recurring integration and acquisition-related charges. These charges are
recorded within cost of sales and selling, general & administrative expenses
("SG&A").
The following tables summarizes these charges for each quarter in fiscal 2017
and in total for fiscal 2017 and fiscal 2016:

Stuart Weitzman

                                             Three Months Ended                               Twelve Months Ended
                         October 1,       December 31,       April 1,       July 1,        July 1,           July 2,
                            2016              2016             2017           2017           2017             2016
                                                                  (millions)
                                                                 (unaudited)
Cost of sales
Integration &
Acquisition (1)                  0.4                0.2              -            2.3            2.9               1.1
Gross profit            $        0.4     $          0.2     $        -     $      2.3$      2.9$       1.1

SG&A
Integration &
Acquisition (1)                  1.0               10.0            1.7            5.0           17.7              14.6
SG&A                    $        1.0     $         10.0     $      1.7$      5.0$     17.7$      14.6

--------------------------------------------------------------------------------

Corporate
                                             Three Months Ended                              Twelve Months Ended
                         October 1,      December 31,       April 1,       July 1,        July 1,          July 2,
                            2016             2016             2017           2017           2017             2016
                                                                 (millions)
                                                                (unaudited)
SG&A
Integration &
Acquisition (1)                  2.4               3.0            2.8          (35.0 )        (26.8 )           19.4
Operational
Efficiency Plan (2)              7.1               3.7            6.4            6.8           24.0             43.9
Transformation Plan
(3)                                -                 -              -              -              -             44.1
SG&A                    $        9.5     $         6.7     $      9.2$    (28.2 )$     (2.8 )$    107.4

--------------------------------------------------------------------------------

(1) Represent charges attributable to the integration and acquisition of Stuart

Weitzman Holdings LLC and Kate Spade & Company.

(2) Fiscal 2017 charges primarily reflect organizational efficiency and

technology infrastructure costs. Fiscal 2016 reflect charges primarily

related to organizational efficiency costs and to a lesser extent, network

optimization costs.

(3) The Transformation Plan was completed in fiscal 2016. Fiscal 2016 charges

related to lease termination charges and organizational efficiency costs.


Item 9.01 Financial Statements and Exhibits.
(d)  Exhibits.  The following exhibit is being furnished herewith:

99.1           Text of Press Release, dated November 7, 2017

--------------------------------------------------------------------------------

© Edgar Online, source Glimpses

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