Tapestry, Inc. reports developments for a global accessories and lifestyle brand company built around Coach and kate spade new york. Recurring news includes quarterly earnings, full-year outlook updates, brand-level performance, regional sales trends, margin commentary, and customer growth across company-operated stores, digital channels, and wholesale partners.
Company updates also cover technology and operating initiatives, including the proprietary AI platform Mira, board and governance changes, corporate responsibility reporting, renewable electricity sourcing, leather supply-chain programs, and community solar partnerships tied to Tapestry's global retail and fulfillment footprint.
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.
Tapestry, Inc. (TPR) reported robust fiscal Q4 and FY 2021 results, showing a 126% revenue increase in Q4 to $1.62 billion, surpassing pre-pandemic levels. Full year revenue rose 16% to $5.75 billion. Digital sales achieved $1.6 billion, tripling year-over-year. The company plans to return over $750 million to shareholders via dividends and stock repurchases in FY 2022. Tapestry reinstated a quarterly dividend of $0.25 and aims for future increases. Despite challenges from COVID-19, they anticipate continued growth with FY 2022 revenue guidance of $6.4 billion, driven by strong consumer demand.
Tapestry, Inc. (NYSE: TPR) will hold a conference call on August 19, 2021, at 8:00 a.m. ET to discuss its fiscal fourth quarter and year-end results. The earnings will be shared via press release earlier that morning. Interested participants can dial 1-866-847-4217 or 1-203-518-9845, using Conference ID 6727129. An audio webcast will be available at www.tapestry.com/investors. A replay of the call will be accessible for five business days after, with specific numbers provided for access.
Tapestry, Inc. (NYSE: TPR) has launched a new Tapestry Foundation to enhance access and equity initiatives and combat climate change. The Company committed $25 million to the Foundation and announced an additional $25 million from the Coach Foundation. Tapestry is implementing four significant ESG commitments, including tying 10% of leadership compensation to diversity goals and providing all employees with a paid volunteer day. Furthermore, Tapestry will introduce a minimum wage of $15 per hour for U.S. employees and offer appreciation bonuses to retail staff. No impact on FY21 and FY22 results is anticipated.