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(Exact name of registrant as specified in its charter)
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(State of Incorporation)
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(Commission File Number)
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(IRS Employer Identification No.)
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(Address of principal executive offices) (Zip Code)
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(
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Title of each class
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Trading Symbol(s)
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Name of each exchange on which
registered
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Emerging growth company
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| Item 7.01 |
Regulation FD Disclosure.
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| Item 8.01 |
Other Events.
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| Item 9.01 |
Financial Statements and Exhibits.
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99.1
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Text of Press Release, dated September 10, 2025
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104
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Cover Page Interactive Data File (embedded within the Inline XBRL document)
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Dated: September 10, 2025
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TAPESTRY, INC.
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By:
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/s/ David E. Howard |
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David E. Howard
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Chief Legal Officer and Secretary
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| 99.1 |
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Text of Press Release, dated September 10, 2025 |
| 104 |
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Cover Page Interactive Data File (embedded within the Inline XBRL document) |
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Expects to Drive Continued Durable, Profitable Growth and Significant Shareholder Returns Over the Three-Year Planning Horizon
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Initiates Outlook for Mid-Single Digit Revenue Increase, Strong Margin Expansion, and Low-Double-Digit Diluted EPS Growth in Fiscal Years 2027 and 2028; Maintains Growth Outlook
for Fiscal Year 2026
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Plans to Return $4 Billion in Capital to Shareholders Through Fiscal Year 2028 via Share Repurchases and Dividends, Supported by the Company’s Robust Free Cash Flow
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Announces New $3 Billion Share Repurchase Authorization
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Build Emotional Connections with Consumers – Driving new
customer acquisition, with a focus on Gen Z consumers entering the market to build brand love and lifetime value;
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Fuel Fashion Innovation & Product Excellence – Leading
with handbags and leathergoods with targeted lifestyle expansion in footwear;
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Deliver Compelling Experiences to Drive Global Growth –
Sustaining growth in North America and accelerating momentum in international markets, prioritizing Greater China and Europe;
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Ignite the Power of Our People – Future-proofing growth by
continuing to develop a consumer-obsessed culture that is agile and always looking forward.
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Dividend: In Fiscal 2026, the Company
continues to anticipate an annual dividend of $1.60 per share. Moving forward, Tapestry expects to grow its dividend at least in-line with earnings growth, with a payout ratio of approximately 30% through Fiscal 2028.
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Share Repurchases: The Company expects to
buy back approximately $3 billion in common stock cumulatively from Fiscal 2026 through Fiscal 2028. Consistent with this strategy, the Company announced a new $3 billion share repurchase authorization.
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Revenue growth of mid-single digits
annually;
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Operating margin expansion to over 22% by
Fiscal 2028, an increase of over 200 basis points versus Fiscal 2025, which includes gross margin gains and continued investment in marketing;
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Earnings per diluted share growth of low
double-digits in Fiscal 2027 and Fiscal 2028.
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Coach to deliver a three-year mid-single-digit revenue CAGR
with operating margin expanding to a mid-30% rate over the planning horizon; the Company has a longer-term ambition for the brand to reach $10 billion in revenue; and
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Kate Spade to return to profitable topline growth in Fiscal
2027 and accelerate to mid-single-digit revenue growth and a high single-digit operating margin in Fiscal 2028.
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Embeds U.S. trade and tax policies as of August 1, 2025 including the elimination of Section 321 benefits as of August 29, 2025;
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Includes foreign currency exchange rates using spot rates at the time of forecast;
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Assumes no material worsening of inflationary pressures or consumer confidence;
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Excludes one-time costs associated with the sale of Stuart Weitzman, which closed on August 4, 2025, as well as the brand’s results for the period under ownership in Fiscal 2026;
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Excludes non-recurring costs associated with the Company’s organizational efficiency efforts.
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