Tapestry Inc Stock Price, News & Analysis

Tapestry, Inc. (NYSE: TPR), a prominent luxury accessory brand house, announced a $500,000,000 cash tender offer for its senior notes. The total consideration and reference yield for the tender offer have been established, with expectations to accept $296.6 million of the 4.250% Notes due 2025 and $203.4 million of the 4.125% Notes due 2027. The offer expires on December 13, 2021, contingent upon the issuance of new debt amounting to $500 million by December 1, 2021.

Tapestry, Inc. (NYSE: TPR) announced early tender results for its cash tender offer to purchase up to $500,000,000 of its 4.250% Notes due 2025 and 4.125% Notes due 2027. As of the Early Tender Deadline on November 29, 2021, a total of $296,608,000 of the 4.250% Notes and $264,805,000 of the 4.125% Notes were validly tendered. The settlement is set for December 1, 2021. The offering is conditioned on the successful issuance of new debt financing of at least $500,000,000 on satisfactory terms.

Tapestry, Inc. (NYSE: TPR) announced the pricing of $500 million in 3.050% senior unsecured notes due 2032. The offering is set to close on December 1, 2021, pending normal closing conditions. Proceeds will be used to buy back $500 million of existing senior notes due 2025 and 2027, with any surplus directed toward general corporate purposes. This offering is independent of the successful completion of the tender offer for existing notes. Tapestry emphasizes its commitment to sustainability and innovation across its luxury brands.

Tapestry, Inc. (NYSE: TPR) has announced the groundbreaking of its new North Las Vegas Fulfillment Center, expected to create over 400 jobs by 2029. The facility aims to enhance Tapestry's omni-channel capabilities and is projected to handle 22.2 million units annually across its brands, including Coach and Kate Spade. The NVFC will feature advanced technology and is designed for LEED Gold certification, reflecting Tapestry's commitment to sustainability. This strategic move is set to improve service delivery to West Coast customers and support company growth.

Tapestry, Inc. (NYSE: TPR) has announced a cash tender offer for up to $500,000,000 of its 4.250% Notes due 2025 and 4.125% Notes due 2027. The tender offer will expire on December 13, 2021, unless extended. The Early Tender Deadline is set for November 29, 2021, allowing holders to receive an early tender premium. The offer is not conditioned on a minimum amount of notes being tendered and aims to streamline Tapestry's debt management strategy. The company also expects to incur a one-time charge in Q2 due to the early extinguishment of debt.

Tapestry, Inc. (TPR) reported a strong fiscal first quarter, achieving a 26% revenue increase year-over-year, totaling $1.48 billion. Compared to pre-pandemic levels, revenue rose 9%. Gross margin expanded by 140 basis points to 72.2%. The company announced a $1 billion share buyback and declared a $0.25 quarterly dividend. For FY22, Tapestry raised its revenue outlook to $6.6 billion and EPS guidance to $3.45-$3.50. The success is attributed to strong demand in North America and digital channels, despite ongoing supply chain challenges.

Tapestry, Inc. (NYSE: TPR) will announce its fiscal 2022 first quarter results on November 11, 2021, at 8:00 a.m. ET. A conference call will follow the release, where details will be discussed. To participate, dial 1-866-847-4217 or 1-203-518-9845 using Conference ID 6831609. An audio webcast will also be available on Tapestry's investor page. A replay will be accessible for five business days post-call. Tapestry emphasizes its commitment to innovation and sustainability across its renowned brands like Coach and kate spade.

Tapestry, Inc. (NYSE: TPR) has committed to align its climate mitigation targets with the Paris Climate Agreement by signing the Science Based Targets initiative (SBTi) Business Ambition for 1.5°C. This commitment involves setting science-based emissions reduction targets to achieve net-zero global emissions by 2050. Tapestry aims to procure 100% renewable electricity across its operations by 2025 and has established a $50 million Tapestry Foundation to support equity and combat climate change.

Tapestry, Inc. (NYSE: TPR) has appointed Hanneke Faber to its Board of Directors, increasing the board membership to eleven, including ten independent directors. Ms. Faber, currently with Unilever, has nearly 30 years of experience in consumer goods and retail, and her diverse background is expected to enhance Tapestry's strategic focus on growth and sustainability. CEO Joanne Crevoiserat and Chair Susan Kropf expressed confidence in Ms. Faber's impact on the company as it aims for long-term profitability and brand development.