Tapestry, Inc. Delivers Q3 Earnings Ahead of Expectations
-
Drove Fiscal Third Quarter Operating Income and EPS Outperformance Versus Expectations Fueled by
190 Basis Points of Gross Margin Expansion
-
Generated Robust Operating and Free Cash Flow of Over
$900 Million Year-to-Date, Significantly Above Prior Year
- Maintained EPS Outlook for Fiscal Year 2024
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Throughout the fiscal third quarter, the Company advanced its strategic priorities to:
Build Lasting Customer Relationships
-
Drove customer engagement, acquiring approximately 1.2 million new customers in
North America alone, of which over half were Gen Z and Millennials.
Power Global Growth
- Delivered total revenue approximately in-line with prior year in constant currency, consistent with the low-end of the guidance range, including a decline in direct-to-consumer sales, offset by growth in wholesale, led by International;
-
Achieved International revenue growth of 3% at constant currency , which included gains inEurope (+19%), Other Asia (+15%), andJapan (+2%); as expected, sales inGreater China declined 2% compared to the prior year; -
Realized a 3% decline in
North America compared to the prior year, amid a challenging consumer backdrop; -
Drove adjusted earnings per diluted share roughly
$0.15 ahead of expectations due to operational outperformance, as well as a favorable expense timing shift of approximately$0.06 with the fiscal fourth quarter; -
Generated robust operating and free cash flow of over
$900 million on a year-to-date basis, above prior year, fueling the Company’s strategic growth agenda.
Deliver Compelling Omni-Channel Experiences
- Launched immersive retail experiences and new concepts globally, which drove awareness and an increase in customer penetration among younger cohorts;
- Maintained strong Digital positioning, with revenuemore than three times above pre-pandemic levels, or over 25% of sales.
Fuel Fashion Innovation and Product Excellence
- Delivered compelling and distinctive assortments to consumers, with notable momentum at Coach, which drove handbag AUR growth at constant currency;
- Expanded gross margin by 190 basis points, benefiting from lower freight expense, FX tailwinds, and operational outperformance;
- Maintained tight inventory control, ending the quarter with inventory levels 12% below the prior year, reflecting the Company’s focus on disciplined inventory management.
Overview of Fiscal 2024 Third Quarter Financial Results
-
Net sales totaled
$1.48 billion compared to$1.51 billion in the prior year period, representing a decline of 2% on a reported basis. Excluding a currency headwind of approximately 160 basis points, sales were approximately even with the prior year. -
Gross profit totaled
$1.11 billion , while gross margin was 74.7%, which included a benefit of 100 basis points from lower freight expense, FX tailwinds, as well as operational improvements. This compared to prior year gross profit of$1.10 billion , representing a gross margin of 72.8%. -
SG&A expenses totaled
$903 million and represented 60.9% of sales on a reported basis. On a non-GAAP basis, SG&A expenses totaled$868 million and represented approximately 58.6% of sales. In the prior year period, SG&A expenses on both a reported and non-GAAP basis totaled$872 million , representing 57.8% of sales. -
Operating income was
$204 million on a reported basis, while operating margin was 13.8%. On a non-GAAP basis, operating income was$239 million , while operating margin was 16.1%. This compares to reported and non-GAAP operating income of$226 million and a 15.0% operating margin in the prior year period. -
Net interest expense was
$32 million on a reported basis, reflecting the incremental debt incurred related to the financing of the proposed acquisition of Capri Holdings Limited. On a non-GAAP basis, net interest income was$1 million . This compared to net interest expense of$6 million in the prior year period on both a reported and non-GAAP basis. -
Other expense was
$3 million , primarily due to an FX loss associated with the movement of theU.S. Dollar within the quarter. This compared to other income of$3 million in the prior year period primarily related to an FX gain. -
Net income was
$139 million , with earnings per diluted share of$0.60 . On a non-GAAP basis, net income was$190 million , with earnings per diluted share of$0.81 . In the prior year period, net income was$187 million , with earnings per diluted share of$0.78 on both a reported and non-GAAP basis. On a reported basis, the tax rate for the quarter was 17.7% and 19.9% on a non-GAAP basis. In the prior year period, the tax rate was 16.4% on both a reported and non-GAAP basis.
Balance Sheet and Cash Flow Highlights
-
Cash, cash equivalents and short-term investments totaled
$7.42 billion and total borrowings outstanding were$7.70 billion , reflecting$6.1 billion in senior notes issued inNovember 2023 to fund the anticipated acquisition of Capri Holdings Limited. -
Inventory of
$824 million was below the prior year’s ending inventory of$934 million . -
Cash flow from operating activities for the fiscal third quarter was an inflow of
$98 million compared to an inflow of$112 million in the prior year. On a year-to-date basis, cash flow from operating activities was an inflow of$1.00 billion compared to an inflow of$575 million in the prior year.Free cash flow for the fiscal third quarter wasan inflow of$79 million compared to an inflow of approximately$71 million in the prior year. On a year-to-date basis, free cash flow was an inflow of$937 million compared to an inflow of approximately$425 million in the prior year. -
CapEx and implementation costs related to Cloud Computing for the fiscal third quarter were
$29 million versus$57 million a year ago. On a year-to-date basis, CapEx and implementation costs related to Cloud Computing were$88 million versus$206 million a year ago.
Dividend
The Company’s Board of Directors declared a quarterly cash dividend of
In the fiscal year, Tapestry continues to expect to return approximately
Acquisition of Capri Holdings Limited
On
The combination is expected to:
- Expand the Company’s portfolio reach and diversification across consumer segments, geographies and product categories within the growing $200+ billion global luxury market for handbags, accessories, footwear and apparel;
- Leverage Tapestry’s consumer engagement platform to drive direct-to-consumer opportunities;
-
Unlock opportunity for significant cost synergies of over
$200 million within three years of closing; - Generate highly diversified, strong, and consistent cash flow, enabling investment in the combined entity’s brands, talent, and business while supporting rapid debt paydown, consistent with the Company’s commitment to achieving its stated target of a gross leverage ratio of below 2.5x debt/adjusted EBITDA within 24 months of transaction close;
- Power continued progress as a purpose-led, people-centered company; and,
- Create a path to deliver enhanced total shareholder returns, including strong double-digit EPS accretion on an adjusted basis and compelling ROIC.
On
Non-GAAP Reconciliation
During the fiscal third quarter of 2024, Tapestry recorded certain items that decreased the Company’s pre-tax income by
Please refer to Financial Schedules 3 and 4 included herein for a detailed reconciliation of the Company’s reported GAAP to non-GAAP results.
Financial Outlook
Tapestry now expects the following for Fiscal 2024, which replaces all previous guidance and is provided on a non-GAAP basis:
-
Revenue of over
$6.6 billion , approximately in-line with prior year on a reported basis and representing growth of approximately 1% on a constant currency basis; -
Net interest expense of approximately
$12 million ; - Tax rate of approximately 20%;
- Weighted average diluted share count of approximately 233 million shares;
-
Earnings per diluted share of
$4.20 to$4.25 , representing 8% to 9% growth compared to the prior year; -
Free cash flow of approximately
$1.1 billion , excluding deal-related costs.
Please note this outlook assumes the following:
- No revenue or earnings contribution or deal-related costs related to the proposed acquisition of Capri Holdings Limited;
-
No further appreciation of the
U.S. Dollar; information provided based on spot rates at the time of forecast; - No material worsening of inflationary pressures or consumer confidence; and
- No benefit from the potential reinstatement of the Generalized System of Preferences (“GSP”).
Given the dynamic nature of these and other external factors, financial results could differ materially from the outlook provided.
Financial 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 acquisition, financing, purchase accounting and integration-related charges and Company costs associated with the acquisition of Capri Holdings Limited have not yet occurred and cannot be reasonably estimated at this time. Accordingly, a reconciliation of the Company’s non-GAAP financial measure guidance to the corresponding GAAP measure is not available without unreasonable effort.
Conference Call Details
The Company will host a conference call to review these results at
Upcoming Events
The Company expects to report Fiscal 2024 fourth quarter and full year results on
To receive notification of future announcements, please register at www.tapestry.com/investors ("Subscribe to E-Mail Alerts").
About
Our global house of brands unites the magic of Coach, kate spade new york and
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 “Financial Outlook,” statements regarding long term performance, statements regarding the Company’s capital deployment plans, including anticipated annual dividend rates and share repurchase plans, and statements that can be identified by the use of forward-looking terminology such as "may," "will," “can,” "should," "expect," “expectation,” “proposed acquisition,” “looks forward to,” “move forward,” “working expeditiously,” “potential,” "intend," "estimate," "continue," "guidance," "forecast," “outlook,” “commit,” "anticipate," “goal,” “leveraging,” “sharpening,” transforming,” “create,” accelerating,” “expand,” “unlock,” “generate,” “enhancing,” “innovation,” “drive,” “targeting,” “assume,” “plan,” “effort,” “progress,” “confident,” “future,” “uncertain,” “achieve,” “strategic,” “growth,” “vision,” “we can stretch what’s possible,” 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 the impact of economic conditions, recession and inflationary measures, the impact of the Covid-19 pandemic, risks associated with operating in international markets and our global sourcing activities, the ability to anticipate consumer preferences and retain the value of our brands, including our ability to execute on our e-commerce and digital strategies, the ability to successfully implement the initiatives under our 2025 growth strategy, the effect of existing and new competition in the marketplace, our ability to control costs, the effect of seasonal and quarterly fluctuations on our sales or operating results; the risk of cybersecurity threats and privacy or data security breaches, our ability to protect against infringement of our trademarks and other proprietary rights, the impact of tax and other legislation, the risks associated with potential changes to international trade agreements and the imposition of additional duties on importing our products, our ability to achieve intended benefits, cost savings and synergies from acquisitions including our proposed acquisition of Capri Holdings Limited (“Capri”), the anticipated impact of the proposed acquisition of Capri on the combined company’s business and future financial and operating results, the anticipated closing date for the proposed acquisition of Capri,
the satisfaction of the conditions precedent to consummation of the proposed acquisition of Capri, including the ability to secure regulatory approval in
Schedule 1: Consolidated Statements of Operations
|
|||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS |
|||||||||||||
For the Quarter and Nine Months Ended |
|||||||||||||
(in millions, except per share data) |
|||||||||||||
(unaudited) | (unaudited) | ||||||||||||
QUARTER ENDED | NINE MONTHS ENDED | ||||||||||||
|
|
|
|
||||||||||
Net sales |
$ |
1,482.4 |
$ |
1,509.5 |
|
$ |
5,080.1 |
|
$ |
5,041.4 |
|||
Cost of sales |
|
375.0 |
|
411.2 |
|
|
1,381.8 |
|
|
1,499.2 |
|||
Gross profit |
|
1,107.4 |
|
1,098.3 |
|
|
3,698.3 |
|
|
3,542.2 |
|||
Selling, general and administrative expenses |
|
903.1 |
|
872.0 |
|
|
2,793.2 |
|
|
2,643.4 |
|||
Operating income (loss) |
|
204.3 |
|
226.3 |
|
|
905.1 |
|
|
898.8 |
|||
Interest expense, net |
|
32.0 |
|
6.1 |
|
|
94.5 |
|
|
21.4 |
|||
Other expense (income) |
|
2.8 |
|
(3.0 |
) |
|
(0.5 |
) |
|
1.1 |
|||
Income (loss) before provision for income taxes |
|
169.5 |
|
223.2 |
|
|
811.1 |
|
|
876.3 |
|||
Provision (benefit) for income taxes |
|
30.1 |
|
36.5 |
|
|
154.4 |
|
|
164.4 |
|||
Net income (loss) |
$ |
139.4 |
$ |
186.7 |
|
$ |
656.7 |
|
$ |
711.9 |
|||
Net income (loss) per share: | |||||||||||||
Basic |
$ |
0.61 |
$ |
0.80 |
|
$ |
2.87 |
|
$ |
2.99 |
|||
Diluted |
$ |
0.60 |
$ |
0.78 |
|
$ |
2.82 |
|
$ |
2.93 |
|||
Shares used in computing net income (loss) per share: | |||||||||||||
Basic |
|
229.5 |
|
234.6 |
|
|
229.0 |
|
|
238.4 |
|||
Diluted |
|
234.2 |
|
239.7 |
|
|
232.8 |
|
|
243.2 |
Schedule 2: Detail to
|
||||||||||||
DETAIL TO |
||||||||||||
For the Quarter and Nine Months Ended |
||||||||||||
(in millions) | ||||||||||||
(unaudited) | ||||||||||||
QUARTER ENDED | ||||||||||||
|
|
% Change vs. FY23 |
Constant Currency % Change FY23 |
|||||||||
Coach |
$ |
1,145.6 |
$ |
1,144.0 |
— |
% |
2 |
% |
||||
|
|
280.7 |
|
297.2 |
(6 |
)% |
(5 |
)% |
||||
|
|
56.1 |
|
68.3 |
(18 |
)% |
(17 |
)% |
||||
Total Tapestry |
$ |
1,482.4 |
$ |
1,509.5 |
(2 |
)% |
— |
% |
||||
NINE MONTHS ENDED | ||||||||||||
|
|
% Change vs. FY23 |
Constant Currency % Change FY23 |
|||||||||
Coach |
$ |
3,844.9 |
$ |
3,713.0 |
4 |
% |
5 |
% |
||||
|
|
1,044.3 |
|
1,109.4 |
(6 |
)% |
(5 |
)% |
||||
|
|
190.9 |
|
219.0 |
(13 |
)% |
(12 |
)% |
||||
Total Tapestry |
$ |
5,080.1 |
$ |
5,041.4 |
1 |
% |
2 |
% |
Schedules 3 & 4: Consolidated Segment Data and GAAP to Non-GAAP Reconciliation
|
|||||||||||||||||||
CONSOLIDATED SEGMENT DATA AND | |||||||||||||||||||
GAAP TO NON-GAAP RECONCILIATION | |||||||||||||||||||
(in millions, except per share data) | |||||||||||||||||||
(unaudited) | |||||||||||||||||||
For the Quarter Ended |
For the Nine Months Ended |
||||||||||||||||||
Items Affecting Comparability | Items Affecting Comparability | ||||||||||||||||||
GAAP Basis (As Reported) |
Acquisition Costs |
Non-GAAP Basis (Excluding Items) |
GAAP Basis (As Reported) |
Acquisition Costs |
Non-GAAP Basis (Excluding Items) |
||||||||||||||
Gross Profit | |||||||||||||||||||
Coach |
|
891.3 |
|
|
— |
|
|
891.3 |
|
|
2,906.4 |
|
|
— |
|
|
2,906.4 |
|
|
|
|
183.6 |
|
|
— |
|
|
183.6 |
|
|
676.9 |
|
|
— |
|
|
676.9 |
|
|
|
|
32.5 |
|
|
— |
|
|
32.5 |
|
|
115.0 |
|
|
— |
|
|
115.0 |
|
|
Gross profit |
$ |
1,107.4 |
|
$ |
— |
|
$ |
1,107.4 |
|
$ |
3,698.3 |
|
$ |
— |
|
$ |
3,698.3 |
|
|
SG&A expenses | |||||||||||||||||||
Coach |
|
528.6 |
|
|
— |
|
|
528.6 |
|
|
1,644.1 |
|
|
— |
|
|
1,644.1 |
|
|
|
|
173.6 |
|
|
— |
|
|
173.6 |
|
|
568.2 |
|
|
— |
|
|
568.2 |
|
|
|
|
37.2 |
|
|
— |
|
|
37.2 |
|
|
126.9 |
|
|
— |
|
|
126.9 |
|
|
Corporate |
|
163.7 |
|
|
35.0 |
|
|
128.7 |
|
|
454.0 |
|
|
82.9 |
|
|
371.1 |
|
|
SG&A expenses |
$ |
903.1 |
|
$ |
35.0 |
|
$ |
868.1 |
|
$ |
2,793.2 |
|
$ |
82.9 |
|
$ |
2,710.3 |
|
|
Operating income (loss) | |||||||||||||||||||
Coach |
|
362.7 |
|
|
— |
|
|
362.7 |
|
|
1,262.3 |
|
|
— |
|
|
1,262.3 |
|
|
|
|
10.0 |
|
|
— |
|
|
10.0 |
|
|
108.7 |
|
|
— |
|
|
108.7 |
|
|
|
|
(4.7 |
) |
|
— |
|
|
(4.7 |
) |
|
(11.9 |
) |
|
— |
|
|
(11.9 |
) |
|
Corporate |
|
(163.7 |
) |
|
(35.0 |
) |
|
(128.7 |
) |
|
(454.0 |
) |
|
(82.9 |
) |
|
(371.1 |
) |
|
Operating income (loss) |
$ |
204.3 |
|
$ |
(35.0 |
) |
$ |
239.3 |
|
$ |
905.1 |
|
$ |
(82.9 |
) |
$ |
988.0 |
|
|
Interest expense, net |
|
32.0 |
|
|
32.9 |
|
|
(0.9 |
) |
|
94.5 |
|
|
83.7 |
|
|
10.8 |
|
|
Provision for income taxes |
|
30.1 |
|
|
(17.2 |
) |
|
47.3 |
|
|
154.4 |
|
|
(40.2 |
) |
|
194.6 |
|
|
Net income (loss) |
$ |
139.4 |
|
$ |
(50.7 |
) |
$ |
190.1 |
|
$ |
656.7 |
|
$ |
(126.4 |
) |
$ |
783.1 |
|
|
Net income (loss) per diluted common share |
$ |
0.60 |
|
$ |
(0.21 |
) |
$ |
0.81 |
|
$ |
2.82 |
|
$ |
(0.54 |
) |
$ |
3.36 |
|
|
|||||||
CONSOLIDATED SEGMENT DATA AND | |||||||
GAAP TO NON-GAAP RECONCILIATION | |||||||
(in millions, except per share data) | |||||||
(unaudited) | |||||||
For the Quarter Ended |
For the Nine Months Ended |
||||||
GAAP Basis (As Reported)(1) |
GAAP Basis (As Reported)(1) |
||||||
Gross Profit | |||||||
Coach |
|
866.5 |
|
|
2,710.7 |
|
|
|
|
191.1 |
|
|
701.0 |
|
|
|
|
40.7 |
|
|
130.5 |
|
|
Gross profit |
$ |
1,098.3 |
|
$ |
3,542.2 |
|
|
SG&A expenses | |||||||
Coach |
|
524.3 |
|
|
1,576.1 |
|
|
|
|
183.1 |
|
|
600.8 |
|
|
|
|
39.9 |
|
|
134.1 |
|
|
Corporate |
|
124.7 |
|
|
332.4 |
|
|
SG&A expenses |
$ |
872.0 |
|
$ |
2,643.4 |
|
|
Operating income (loss) | |||||||
Coach |
|
342.2 |
|
|
1,134.6 |
|
|
|
|
8.0 |
|
|
100.2 |
|
|
|
|
0.8 |
|
|
(3.6 |
) |
|
Corporate |
|
(124.7 |
) |
|
(332.4 |
) |
|
Operating income (loss) |
$ |
226.3 |
|
$ |
898.8 |
|
|
Provision for income taxes |
|
36.5 |
|
|
164.4 |
|
|
Net income (loss) |
$ |
186.7 |
|
$ |
711.9 |
|
|
Net income (loss) per diluted common share |
$ |
0.78 |
|
$ |
2.93 |
|
(1) There were no items affecting comparability in the third quarter and first nine months of fiscal 2023. |
Management utilizes 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.
The Company reports information in accordance with
The Company operates on a global basis and reports financial results in
The segment operating income and supplemental segment SG&A expenses presented in the Consolidated Segment Data, and GAAP to non-GAAP Reconciliation Table above, as well as SG&A expense ratio, and operating margin, are considered non-GAAP measures. These measures have been presented both including and excluding acquisition costs for the third quarter and first nine months of fiscal year 2024. In addition, segment Operating Income (loss), Net income (loss), and Net Income (loss) per diluted common share, have been presented both including and excluding acquisition costs for the third quarter and first nine months of fiscal year 2024.
There were no items affecting comparability for the third quarter and first nine months of fiscal year 2023.
The Company also presents free cash flow, which is a non-GAAP measure, Free cash flow is calculated by taking the “Net cash flows provided by (used in) operating activities” less “Purchases of property and equipment” from the Condensed Consolidated Statement of Cash Flows. The Company believes that free cash flow is an important liquidity measure of the cash that is available after capital expenditures for operational expenses and investment in our business. The Company believes that free cash flow is useful to investors because it measures the Company’s ability to generate or use cash. Once our business needs and obligations are met, cash can be used to maintain a strong balance sheet, invest in future growth and return capital to stockholders. Adjusted EBITDA is calculated as Net Income, excluding, Interest expense, Provision for income taxes, Depreciation and amortization, Cloud computing amortization costs, Shared-based compensation and Items affecting comparability including Acquisition and Integration costs.
Schedule 5: Condensed Consolidated Balance Sheets
|
|||||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||
At |
|||||
(in millions) | |||||
(unaudited) | (audited) | ||||
|
|
||||
ASSETS | |||||
Cash, cash equivalents and short-term investments |
$ |
7,418.0 |
$ |
741.5 |
|
Receivables |
|
276.7 |
|
211.5 |
|
Inventories |
|
824.1 |
|
919.5 |
|
Other current assets |
|
478.2 |
|
491.0 |
|
Total current assets |
|
8,997.0 |
|
2,363.5 |
|
Property and equipment, net |
|
518.4 |
|
564.5 |
|
Operating lease right-of-use assets |
|
1,352.1 |
|
1,378.7 |
|
Other assets |
|
2,860.4 |
|
2,810.1 |
|
Total assets |
$ |
13,727.9 |
$ |
7,116.8 |
|
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||
Accounts payable |
$ |
373.1 |
$ |
416.9 |
|
Accrued liabilities |
|
658.9 |
|
547.1 |
|
Current portion of operating lease liabilities |
|
308.9 |
|
297.5 |
|
Current debt |
|
25.0 |
|
25.0 |
|
Total current liabilities |
|
1,365.9 |
|
1,286.5 |
|
Long-term debt |
|
7,673.7 |
|
1,635.8 |
|
Long-term operating lease liabilities |
|
1,262.2 |
|
1,333.7 |
|
Other liabilities |
|
651.0 |
|
583.0 |
|
Stockholders' equity |
|
2,775.1 |
|
2,277.8 |
|
Total liabilities and stockholders' equity |
$ |
13,727.9 |
$ |
7,116.8 |
Schedule 6: Condensed Consolidated Statement of Cash Flows
|
|||||||
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS | |||||||
For the Nine Months Ended |
|||||||
(in millions) | |||||||
(unaudited) | (unaudited) | ||||||
|
|
||||||
CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES | |||||||
Net income (loss) |
$ |
656.7 |
|
$ |
711.9 |
|
|
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||||||
Depreciation and amortization |
|
125.8 |
|
|
130.5 |
|
|
Other non-cash items |
|
100.7 |
|
|
45.7 |
|
|
Changes in operating assets and liabilities |
|
116.4 |
|
|
(313.3 |
) |
|
Net cash provided by (used in) operating activities |
|
999.6 |
|
|
574.8 |
|
|
CASH FLOWS PROVIDED BY (USED IN) INVESTING ACTIVITIES | |||||||
Purchases of property and equipment |
|
(62.7 |
) |
|
(149.6 |
) |
|
Purchases of investments |
|
(1,126.0 |
) |
|
(6.3 |
) |
|
Other items |
|
702.6 |
|
|
196.5 |
|
|
Net cash provided by (used in) investing activities |
|
(486.1 |
) |
|
40.6 |
|
|
CASH FLOWS PROVIDED BY (USED IN) FINANCING ACTIVITIES | |||||||
Payment of dividends |
|
(240.9 |
) |
|
(214.2 |
) |
|
Repurchase of common stock |
|
— |
|
|
(502.0 |
) |
|
Proceeds from issuance of debt, net of discount |
|
6,089.5 |
|
|
— |
|
|
Other items |
|
(115.0 |
) |
|
(52.5 |
) |
|
Net cash provided by (used in) financing activities |
|
5,733.6 |
|
|
(768.7 |
) |
|
Effect of exchange rate on cash and cash equivalents |
|
1.9 |
|
|
0.7 |
|
|
Net (decrease) increase in cash and cash equivalents |
|
6,249.0 |
|
|
(152.6 |
) |
|
Cash and cash equivalents at beginning of period |
$ |
726.1 |
|
$ |
789.8 |
|
|
Cash and cash equivalents at end of period |
$ |
6,975.1 |
|
$ |
637.2 |
|
Schedules 7 & 8: Store Count by Brand
|
||||
STORE COUNT | ||||
At |
||||
(unaudited) | ||||
As of | As of | |||
Directly-Operated Store Count: |
|
Openings | (Closures) |
|
Coach | ||||
|
331 |
1 |
(6) |
326 |
International |
613 |
4 |
(6) |
611 |
|
|
|
|
|
|
|
|
|
|
|
205 |
1 |
(8) |
198 |
International |
194 |
2 |
(11) |
185 |
|
|
|
|
|
|
|
|
|
|
|
38 |
— |
— |
38 |
International |
61 |
3 |
(2) |
62 |
|
||||
STORE COUNT | ||||
At |
||||
(unaudited) | ||||
As of | As of | |||
Directly-Operated Store Count: |
|
Openings | (Closures) |
|
Coach | ||||
|
330 |
3 |
(7) |
326 |
International |
609 |
17 |
(15) |
611 |
|
|
|
|
|
|
|
|
|
|
|
205 |
2 |
(9) |
198 |
International |
192 |
7 |
(14) |
185 |
|
|
|
|
|
|
|
|
|
|
|
36 |
2 |
— |
38 |
International |
57 |
10 |
(5) |
62 |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240509889515/en/
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