Tapestry Inc Stock Price, News & Analysis

On Feb. 23, 2021, Coach unveiled its Fall 2021 collection, Coach Forever Season Two, through a virtual presentation on Instagram. The collection, crafted by Stuart Vevers, features layered silhouettes, oversized shearling coats, and collaborations with Schott NYC. The presentation, blending fashion and pop culture, includes appearances from celebrities like Jennifer Lopez and Michael B. Jordan. Additionally, the Coach Foundation has donated to support restaurant workers in NYC impacted by COVID-19.

Tapestry, Inc. (NYSE: TPR) announced its commitment to the Black in Fashion Council's Active Allyship Pledge, aimed at advancing Black individuals in the fashion industry. CEO Joanne Crevoiserat highlighted the company's goal to enhance diversity within its leadership teams. Over the next three years, Tapestry will collaborate with BIFC Executive board members for guidance. Additionally, initiatives include partnering with HBCUs for talent sourcing fairs and launching a scholarship program through the Coach Foundation to support HBCU students. Tapestry has also been recognized for its diversity efforts.

Tapestry, Inc. (NYSE: TPR) reported Q2 results for the fiscal year ending December 26, 2020, with net sales of $1.69 billion, a 7% decline from $1.82 billion last year. Despite this, the company achieved a gross margin of 69.6%, up from 66.6%, due to reduced promotional activity. Operating income rose to $389 million, marking a 7% increase year-over-year. E-commerce saw triple-digit growth, representing one-third of global sales, with strong performance in China. Tapestry anticipates high-single-digit revenue growth for the fiscal year.

On January 22, 2021, Coach launched Coach Conversations, a monthly YouTube series focused on culture and creativity. The first episode features Jennifer Lopez and Jay Shetty discussing themes like purpose and self-trust. Coach's Creative Director, Stuart Vevers, emphasizes a community-driven dialogue in fashion. Future episodes will include Michael B. Jordan, coinciding with significant cultural moments. Coach aims to inspire discussions on personal values and support within the community.

Tapestry, Inc. (NYSE: TPR) will hold a conference call on February 4, 2021, at 7:30 a.m. (ET) to discuss its second-quarter results. The call follows a press release with the financial results earlier that day. Interested parties can join by dialing 1-877-510-8087 or 1-862-298-9015 with Conference ID 4990276. An audio webcast will also be available at www.tapestry.com/investors. A telephone replay will be offered for five business days post-event. Tapestry is known for luxury brands including Coach, Kate Spade, and Stuart Weitzman.

Coach has launched its global advertising campaign, "Coach It Forward," for the Spring 2021 collection. The campaign emphasizes positivity, collective action, and gratitude, encouraging customers to acknowledge those who uplift them. Featuring celebrities like Jennifer Lopez and Michael B. Jordan, it highlights personal dedications and appreciation. The initiative includes a live Zoom event showcasing messages of gratitude, aiming to connect communities worldwide and inspire optimism. Coach, known for its luxury accessories, is a brand under Tapestry, Inc., which trades on the NYSE as TPR.

Google Cloud has entered a multi-year agreement with Tapestry to migrate its SAP S/4HANA environment to the cloud, enhancing operational efficiency. This collaboration, completed in just three and a half months, was aimed at supporting Tapestry's acceleration program and maximizing profitability across its brands—Coach, Kate Spade, and Stuart Weitzman. The migration positions Tapestry for improved digital capabilities, leveraging Google's technology to quickly resolve connectivity issues and bolster the online shopping experience, especially during peak seasons.

Tapestry, Inc. (NYSE: TPR) has appointed Pam Lifford and Tom Greco to its Board of Directors, expanding the board to ten members, including nine independent directors. CEO Joanne Crevoiserat expressed confidence in their ability to support the company's Acceleration Program and drive long-term growth. Lifford brings extensive experience from WarnerMedia and Disney, while Greco has a strong background in corporate strategy from Advance Auto Parts and PepsiCo. Their appointments aim to enhance the board's expertise and positively impact Tapestry's future.

Tapestry, Inc. (NYSE: TPR) reported strong fiscal Q1 2021 results, with net sales of $1.17 billion, down 14% year-over-year, but significantly improved earnings per share (EPS) of $0.83 compared to $0.07 in the prior year. The company achieved a gross margin of 70.8%, up from 67.3%, while managing SG&A expenses down by 27%. Notably, e-commerce sales grew triple digits, and there was a 300 basis points increase in gross margins. The company ended the quarter with $1.5 billion in cash and positive free cash flow of $64 million, showcasing resilience amidst challenges.