Exhibit 99.2 |
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This presentation contains certain “forward-looking statements” based on management’s current expectations. Forward-looking statements include, but are not limited to statements which can be identified by the use of forward-looking terminology such as "may," "will," “can,” "should," "expect," "intend," "estimate," "continue," "project," "guidance," "forecast," “outlook,” "anticipate," “moving,” “leveraging,” “capitalizing,” “developing,” “drive,” “targeting,” “assume,” “plan,” “build,” “pursue,” “maintain,” “on track,” “well positioned to,” “look forward to,” “to acquire,” “achieve,” “strategic vision,” “growth opportunities” or comparable terms, and similar or other references to future periods. Statements herein regarding our business and growth strategies; our plans, objectives, goals, beliefs, future events, business conditions, results of operations and financial position; and our business outlook and business trends are forward-looking statements.Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements due to a number of important factors. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following:risks and uncertainties such as expected economic trends;the ability to anticipate consumer preferences;the ability to control costs; the ability to successfully execute our ERP implementation and growth strategies;the ability to achieve intended benefits, cost savings and synergies from acquisitions; the risk of cybersecurity threats and privacy or data security breaches; andthe impact of tax legislation;the impact of the coronavirus outbreak on our financial results.Please refer to the Company’s latest Annual Report on Form 10-K and its other filings with the Securities and Exchange Commission for a complete list of risks and important factors.We assume no obligation to revise or update any such forward-looking statements for any reason, except as required by law. 2
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tapestry optimistic innovative, inclusive OUR VALUES: brand-led, consumer-centric meritocracy OUR PRINCIPLES: global, unique & differentiated OUR BRANDS: disciplined, shared & scalable OUR MODEL: 3
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DEFINED BY INCLUSIVITY RATHER THAN EXCLUSIVITY, we area global house of brands that embraces the exploration of individuality.We believe that true luxury is a freedom of expression that ignites confidence and authenticity.Approachable and inviting, we celebrate brands that create joy every day for people around the world. Our passion, detailed approach and genuine love of what we do enables us to develop and nurture brands so that they can reach their full potential.The value of our brands is not bestowed by previous generations or borrowed from tradition. It is determined by quality, craftsmanship, creativity and the opportunity for self-expression they provide. We believe anyone from anywhere can have the best idea, and with hard work and dedication anything is possible. 4
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established 1941 AUTHENTIC CONFIDENT MODERN established 1986 EMPOWERED POLISHED SOPHISTICATED established 1993 JOYFUL FEMININE OPTIMISTIC 5
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6 As of FY19. Non-GAAP Financials. As of Fiscal 2020, foreign currency gains and losses previously reported in SG&A expenses are reflected in Other Expense/(Income). Prior year results have been recast for comparability. Store counts reflect directly operated locations. revenue $6.0B operating margin 15.8% stores 1,540 revenue $4.3B operating margin 27.1% stores 986 revenue $1.4B operating margin 13.6% stores 407 revenue $389M operating margin (4.3%) stores 147
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TAPESTRY PRODUCT, GEOGRAPHIC & CHANNEL BREAKDOWNGLOBAL HOUSE OF MODERN LUXURY BRANDS WITH FOCUS ON INTERNATIONAL GROWTH &DIRECT-TO-CONSUMER DISTRIBUTION 7 As of FY19.
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OPPORTUNITY ACROSS BRANDS IN THE ATTRACTIVE AND GROWING GLOBAL PREMIUM HANDBAG & ACCESSORIES, FOOTWEAR AND OUTERWEAR MARKETs Handbags & Accessories Footwear Outerwear $95B FY19 Handbags & Accessories Footwear Outerwear $91B FY18 8 +7% GROWTH Source: Tapestry proprietary global market sizing model & Euromonitor. Growth noted is in constant currency.
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Leadership Team Sarah DunnGlobal Human Resources Officer Joanne CrevoiseratChief Financial Officer Joshua SchulmanCEO and Brand President,Coach Zeynep SchoenwaelderGlobal Head of Strategy & Data Labs Todd KahnPresident, Chief Administrative Officer and Chief Legal Officer Andrea Shaw ResnickGlobal Head of Investor Relations & Corporate Communications Eraldo PolettoCEO and Brand President,Stuart Weitzman Noam ParanskyChief Digital Officer Jide ZeitlinChairman and Chief Executive Officer Tom Glaser Chief Operations Officer
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overview 2020
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INNOVATION AND EXCELLENCE IN execution FUELBRANDINNOVATION DRIVEGLOBALGROWTH INVEST inDIGITAL& DATA HARNESS the POWER of MULTI-BRAND Accelerate product newnessBuild brand connections through cultural relevance Maximize the opportunity with the Chinese consumer globally and across brands Increase power of digital platforms: e-commerce, customer experience & marketingFurther integrate Data Labs into core processes Capture full benefit of multi-brand structureIncrease speed and flexibility of Supply ChainProvide opportunities for talent movement across brands, regions and functions FISCAL 2020 STRATEGIC PRIORITIES 11
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12 we are dedicated to driving organic growth, rather than pursuing strategic acquisitions, while returning capital to shareholders. ORGANIC GROWTH FISCAL 2020 CAPITAL ALLOCATION PRIORITIES With continued momentum at Coach, our main priority is to fuel an acceleration in our acquired businesses to unlock the power of our multi-brand platform.At this time, we do not expect to pursue strategic acquisitions. COMMITMENT TO SHAREHOLDER RETURNS Consistent with our expectations, we bought back $300M of common stock in the first quarter. Together with our current annual dividend payout, we are on track to return approximately $700M to shareholders during the fiscal year, which represents the vast majority of our free cash flow.
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RECENT HIGHLIGHTS Pleased with our holiday quarter performance, which outperformed plan.Drove continued momentum at Coach – the largest brand of our house – highlighted by the ninth consecutive quarter of positive comparable store sales growth.Realized sequential improvement at Kate Spade as we further implemented key product and merchandising actions to optimize the assortment and enhance the brand’s novelty offering, while also moving through excess inventory.Continued to experience challenges at Stuart Weitzman due to softer demand across channels; building on our learnings, we are reinvigorating our footwear icons, while injecting innovation into the overall assortment in keeping with market trends.Made key changes to our executive leadership team: appointed Liz Fraser CEO & Brand President of Kate Spade and announced the promotions of Giorgio Sarné, to CEO & Brand President of Stuart Weitzman, and Yann Bozec, to President of Tapestry Asia Pacific. Completed comprehensive review of our business, which pointed to the opportunity to accelerate long-term growth across our brands; we believe we have the team and the means to effect significant and positive change at our Company.Entered the third fiscal quarter with strong underlying trends; however, the escalating coronavirus outbreak in China is now materially impacting our business, which resulted in a revision to our annual outlook.Remain confident in our ability to effectively navigate through this period of uncertainty in order to best protect our people, our brands and every aspect of our business. Our strong balance sheet, cash position and globally diversified sourcing base and supply chain provide us flexibility to operate our Company for the long term.
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highlights 2019 from
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15 A YEAR OF meaningful evolution FISCAL 2019 MILESTONES Achieved ongoing strength in our businesses internationally, while navigating a challenging retail backdrop in North America.Advanced our strategic initiatives, most notably building the foundation of our multi-brand platform, as we generated the anticipated synergies from the successful integration of Kate Spade, which funded, in part, material investments in systems, as well as our international development.Strengthened Tapestry’s leadership team with key hires: Noam Paransky, Chief Digital Officer; Tom Glaser, Chief Operations Officer; Joanne Crevoiserat, Chief Financial Officer.Delivered strong results at Coach – the largest and most globally diversified brand of our house – highlighted by positive comparable store sales growth and gross margin expansion, underscoring its health and vibrancy.Debuted Nicola Glass’s creative vision at Kate Spade with the new iconic branding elements garnering a positive response from consumers; identified learnings and action items to inform go-forward strategy. Drove top-line growth at Stuart Weitzman, reflecting important progress across people, processes and product.Established and commenced $1B share repurchase program, underscoring our confidence in the future; returned $490M to shareholders through dividend and share repurchase program.Remain steadfast in our long-term strategic vision and focused on maximizing the benefits of our differentiated multi-brand model.
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16 Non-GAAP Financials. Tapestry includes Corporate segment SG&A expenses of $376M (not shown). As of Fiscal 2020, foreign currency gains and losses previously reported in SG&A expenses are reflected in Other Expense/(Income). Prior year results have been recast for comparability. FISCAL 2019 P&L OVERVIEW BY BRAND NET REVENUE GROSS PROFIT SG&A EXPENSES OPERATING INCOME EARNINGS PER DILUTED SHARE TAPESTRY $6,027M+3% growth $4,081M67.7% margin; +30bps vs. LY $3,131M51.9% of sales; +140bps vs. LY $951M15.8% margin; (110bps) vs. LY $2.57(2%) vs. LY COACH $4,271M+1% growth $2,998M70.2% margin; +70bps vs. LY $1,841M43.1% of sales; +20bps vs. LY $1,157M27.1% margin; +50bps vs. LY KATE SPADE $1,367M+6% growth $870M63.6% margin; +40bps vs. LY $684M50.0% of sales;+210bps vs. LY $186M13.6% margin; (170bps) vs. LY STUART WEITZMAN $389M+4% growth $213M54.8% margin; (330bps) vs. LY $230M59.1% of sales;+390bps vs. LY ($17M)(4.3%) margin; (720bps) vs. LY
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FISCAL 2019 CAPITAL ALLOCATION MILESTONES 17 share repurchase program. $1B Board of Directors approved to shareholders through dividends & share repurchases. $490M Company returned RETURNED 95% of free cash flow TO SHAREHOLDERS THROUGH DIVIDEND &SHARE REPURCHASE PROGRAM
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OVERVIEWbyBRAND
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THE SHOPSAT HUDSON YARDSNEW YORK CITY
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Horse & carriage pop-up at david plazaZhengzhou, china
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Rexy float at MACY’S THANKSGIVING DAY PARADENEW YORK CITY
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“For over 75 years, Coach has been part of the American landscape. As we write our next chapter, we’re building on our heritage of craftsmanship and confident New York style to deliver a complete lifestyle brand formodern lives.” Joshua Schulman, CEO & Brand President, Coach 24
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Coach inspires the dreamer in all of us, connecting our modern lives with the spirit of the open road. our vision 25
13,500EMPLOYEES 986DIRECTLY OPERATED STORES $4.27BANNUAL REVENUE 26 As of FY19.
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COACH FISCAL 2019 MILESTONES Achieved seven consecutive quarters of global comparable store sales increases and gross margin expansion for the fiscal year.Delivered strong international growth and outperformed accessible luxury peers in North America; drove e-commerce gains globally.Cascaded leathergoods innovation across the pyramid of fashion, occasion and price; realized continued growth in iconic Signature platform.Gained traction in lifestyle categories, including footwear and ready-to-wear; grew men’s business to nearly $900M at POS.Fueled brand momentum and cultural relevance through collaborations, store initiatives and disruptive marketing campaigns, reinforcing Coach’s distinctive global positioning.
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coach product, geographic & channel breakdownDirect-to-consumer focused with diversified product categories & geographies 28 As of FY19.
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COACH FISCAL 2020 STRATEGIC PRIORITIES DRIVE product innovation & disruption enforce Fashion Authority through cultural relevance Inject excitement into stores Fuel Digital Innovation & E-commerce Growth 29
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THE SHOPSAT HUDSON YARDSNEW YORK CITY
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“Since our founding, our brand has inspired generations of women to live their lives with substance, sophistication and a smile. Today, we continue to offer a distinct and positive point of view through a combination of pragmatic and witty designs, color and a unique celebratory approach to living. We are committed to delighting our customers by igniting their minds, spirit and very own sense of style.” NICOLA GLASS, CREATIVE DIRECTOR, Kate Spade 33
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OUR VISION A globally admired aspirational life & style brand, delivering brand-enhancing profitable growth,where people — our customers and teams — areat the center of everything we do.
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4,800EMPLOYEES 407DIRECTLY OPERATED STORES $1.37B ANNUAL REVENUE 35 As of FY19.
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Kate spade FISCAL 2019 Milestones Debuted Nicola Glass’s creative vision with new & iconic brand elements, garnering a positive response; identified clear learnings to inform go-forward strategy.Maintained unique brand positioning with leadership in attributes of Fun, Fashionable & Feminine per U.S. Brand Tracking Survey.Expanded international presence through new store openings and acquisition of operations in Singapore, Malaysia & Australia.Gained notable traction in Greater China, a significant area of opportunity for the brand, highlighted by positive comparable store sales.Announced plans to take footwear business in-house, building on the brand’s strong lifestyle offering.* *Kate Spade intends to bring women’s footwear business in-house from licensed partner, Steve Madden, in the second half of fiscal 2020.
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KATE SPADE product, geographic & channel breakdownOpportunity to expand internationally with unique and globally-relevant positioning 37 As of FY19. OTHER ASIA12%
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KATE SPADE FISCAL 2020 STRATEGIC PRIORITIES 38 Solidify brand authority INTRODUCE exceptional and inspiring products Enhance omni-channel platform globally CREATE immersive channel experiences Engage with Chinese consumers globally
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THE SHOPSAT HUDSON YARDSNEW YORK CITY
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“Stuart Weitzman footwear has long represented quality, style and the beautiful combination of fashion and function. We are building on this foundation as we evolve into a global, multi-channel and multi-category brand.” ERALDO POLETTO, CEO & Brand President, Stuart Weitzman 42
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Our vision STUART WEITZMAN IS THE EMBODIMENT OF STRENGTH IN FEMININITY – EMPOWERING AND INSPIRING WOMEN TO TAKE ON THE WORLD IN FASHION AND FUNCTIONAL FOOTWEAR & ACCESSORIES. 43
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1,100EMPLOYEES 147DIRECTLY OPERATED STORES $389MANNUAL REVENUE 44 As of FY19.
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Stuart Weitzman FISCAL 2019 Milestones DELIVERED TOP-LINE GROWTH, ADDRESSING AREAS OF OPPORTUNITY EXITING FISCAL 2018.FOCUSED ON PRODUCT FIT AND CONSTRUCTION, CREATING FOUNDATIONAL PIECES CONSISTENT WITH THE BRAND’S DNA.GAINED FURTHER CREDIBILITY IN HANDBAGS AND LEATHERGOODS, A CONTINUED AREA OF OPPORTUNITY FOR THE BRAND.DROVE INTERNATIONAL EXPANSION WITH NEW STORE OPENINGS IN NORTHERN CHINA AND THE BUY-BACK OF OUR OPERATIONS IN SOUTHERN CHINA & AUSTRALIA.EVOLVED MARKETING, FEATURING NEW AND CULTURALLY RELEVANT GLOBAL BRAND AMBASSADORS.
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Stuart weitzman FISCAL 2020 STRATEGIC priorities 46 ENHANCE SYSTEMS AND PROCESSES Maintain Boot & Sandal Authority while Expanding Footwear Expression DRIVE CREDIBILITY IN HANDBAGS FUEL CONSUMER DESIRE & BRAND AWARENESS Expand Globally,with Focus on China
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STUART WEITZMAN product, geographic & channel breakdownOpportunity to expand internationally WITH SOPHISTICATED FOOTWEAR & ACCESSORIES OFFERING COMBINING FUNCTION AND FIT 47 REST OF WORLD18% As of FY19.
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corporate RESPONSIBILITY
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Built on our values of Optimism, Innovation and Inclusivity, these goals solidify our commitment to responsible citizenship, as we recognize our role as a leader in our industry to effect real, measurable change. Addressing pressing global issues and contributing to a world that is inclusive, sustainable and safe is a responsibility that we all share. 2025 CORPORATE RESPONSIBILITY STRATEGY & GOALS OURPEOPLEOURPLANETOURCOMMUNITIES 49
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CORPORATE SOCIAL RESPONSIBILITY OUR PROGRAM IS FOCUSED ON THREE strategic pillars OUR PEOPLE Having individuals from different backgrounds with different experiences around the table creates a diversity of perspectives that enrich our organization. 1 OURPLANET Tapestry is dedicated to reducing its environmental impact across the world through continuous innovation. 2 OURCOMMUNITIES Tapestry engages closely with the communities in which our employees live and work, helping to strengthen them. 3 50
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Build diversity in North America Tapestry and brand leadership teams by increasing the number of North America-based ethnic minority leaders to better reflect the company’s general corporate population.Reduce gender and ethnicity differences in the Employee Inclusion Index scores from our Employee Engagement Survey.Demonstrate a focus on career progression, development and mobility by filling 60% of leadership roles (VP+) internally.Enable employees to manage their work and personal life balance by achieving a global core benefit standard for self-care, parental and family care leave policies. 2025GOALS CORPORATE SOCIAL RESPONSIBILITY our people 1
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RECENTMILESTONES Expanded our maternity leave in 2018 in the United States. Donated approximately $500K in fiscal 2018 to organizations that our employees are passionate about through our matching gift programs. Achieved a score of 100 for the sixth consecutive year on the Human Rights Campaign Corporate Equality Index, earningthe designation as a Best Place to Work for LGBTQ Equality.Recognized on the Forbes Diversity & Inclusion List in 2019 for the third consecutive year. Signed the CEO Action Pledge for Diversity & Inclusion, the Open to All Pledge and the Fashion Pact in 2019.Maintained a Board of Directors with ethnic, gender and nationality diversity. CORPORATE SOCIAL RESPONSIBILITY our people 1 52
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CORPORATE SOCIAL RESPONSIBILITY our planet 2 Achieve a 20% reduction in absolute Scope 1 & Scope 2 CO2e emissions & 20% reduction in absolute Scope 3 emissions from freight shipping over a 2017 baseline.Attain a 95% traceability & mapping of our raw materials to ensure a transparent & responsible supply chain.Ensure that 90% of leather is sourced from Silver- and Gold-rated Leather Working Group tanneries.Achieve 75% recycled content in packaging and 25% reduction in North America corporate & distribution center waste.Achieve a 10% reduction in water usage across Tapestry and its supply chain. 2025GOALS Photo courtesy of Friends of the High Line.
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RECENTMILESTONES CORPORATE SOCIAL RESPONSIBILITY our planet 2 Achieved a 4.4% reduction in absolute Scope 1 and 2CO2e emissions across Tapestry in fiscal 2018 over a2017 baseline. Provided in-person compliance and anti-corruption training to over 100 suppliers and manufacturers infiscal 2019.Signed the UN Global Compact in October 2018, reinforcing our commitment to sustainability.Implemented a Coach fur-free policy, beginning with the Fall 2019 collection. 54
CORPORATE SOCIAL RESPONSIBILITY our communities 3 2025GOALS Dedicate 100,000 volunteer service hours completed by our employees around the globe.Give $75M in financial and product donations to nonprofit organizations globally.Provide 50,000 people crafting Coach, kate spade new york and Stuart Weitzman products access to empowerment programs during the workday.
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RECENTMILESTONES CORPORATE SOCIAL RESPONSIBILITY our communities 3 Donated over $48M through The Coach Foundation since its inception in 2008 and launched the “Dream It Real” initiative which supports young people as they pursue their dreams.Employed and empowered 162 women in Masoro, Rwanda through the Kate Spade on purpose program in 2017. Engaged 1,850 employees to volunteer a combined 6,000 hours across projects to support their local communities in fiscal 2018. Distributed numerous grants worldwide to nonprofit organizations through the Coach and Kate Spade Foundations. Provided humanitarian response to victims of hurricanes and other natural disasters. 56
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JIDE ZEITLIN, CHAIRMAN & CEO 58 “We are stewards of three powerful brands and we believe we have the leadership team and the means to effect significant and positive change to define the next chapter of sustainable growth at our Company.”
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APPENDIX
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The Company reports information in accordance with U.S. Generally Accepted Accounting Principles ("GAAP"). The Company's management does not, nor does it suggest that investors should, consider non-GAAP financial measures in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Further, the non-GAAP measures utilized by the Company may be unique to the Company, as they may be different from non-GAAP measures used by other companies. The financial information presented has been presented both including and excluding the effect of certain items related to our Operational Efficiency Plan, Integration & Acquisition-Related Costs, ERP implementation efforts and the impact of tax legislation for Tapestry, Inc. Guidance for certain financial information for the fiscal year ending June 27, 2020 has also been presented on a non-GAAP basis. A reconciliation of our non-GAAP financial measure guidance to the corresponding GAAP measures is not available without unreasonable effort because certain material items that impact these measures, such as the timing and exact amount of charges related to Integration and Acquisition and the costs associated with the Company’s ERP implementation have not yet occurred.The Company operates on a global basis and reports financial results in U.S. dollars in accordance with GAAP. Sales and gross margin for each segment have been described excluding currency fluctuation effects from translating foreign-denominated sales into U.S. dollars. The Company calculates constant currency revenue results by translating current period revenue in local currency using the prior year period’s currency conversion rate.Management utilizes these non-GAAP 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. 60
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GAAP to non-GAAP ReconciliationFor the Year Ended June 29, 2019 in mi
llions, except per share data; unaudited GAAP BASIS(AS REPORTED) ERP IMPLEMENTATION INTEGRATION & ACQUISITION IMPACT OF TAX LEGISLATION NON-GAAP BASIS(EXCLUDING ITEMS) Coach $2,996.4 $— $(1.9) $— $2,998.3 Kate Spade 863.6 — (6.3) — 869.9 Stuart Weitzman 193.7 — (19.6) — 213.3 Gross profit(1) 4,053.7 — (27.8) — 4,081.5 Coach 1,848.0 — 7.1 — 1,840.9 Kate Spade 698.2 — 14.5 — 683.7 Stuart Weitzman 245.2 — 15.0 — 230.2 Corporate 442.6 36.9 30.0 — 375.7 Selling, general and administrative expenses 3,234.0 36.9 66.6 — 3,130.5 Coach 1,148.4 — (9.0) — 1,157.4 Kate Spade 165.4 — (20.8) — 186.2 Stuart Weitzman (51.5) — (34.6) — (16.9) Corporate (442.6) (36.9) (30.0) — (375.7) Operating income (loss) 819.7 (36.9) (94.4) — 951.0 Provision for income taxes 122.8 (9.4) (25.8) 9.2 148.8 Net income 643.4 (27.5) (68.6) (9.2) 748.7 Net income per diluted common share 2.21 (0.09) (0.24) (0.03) 2.57 (1) Adjustments within Gross profit are recorded within Cost of sales.
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GAAP to non-GAAP ReconciliationFor the Year Ended June 30, 2018 in millions, except per share data; unaudited GAAP BASIS(AS REPORTED) OPERATIONAL EFFICIENCY PLAN INTEGRATION & ACQUISITION IMPACT OF TAX LEGISLATION NON-GAAP BASIS(EXCLUDING ITEMS) Coach $2,931.5 $— $(4.1) $— $2,935.6 Kate Spade 705.7 — (106.5) — 812.2 Stuart Weitzman 211.3 — (5.8) — 217.1 Gross profit(1) 3,848.5 — (116.4) — 3,964.9 Coach 1,812.1 — 0.5 — 1,811.6 Kate Spade 728.6 — 113.7 — 614.9 Stuart Weitzman 214.1 — 7.8 — 206.3 Corporate 421.7 19.5 63.2 — 339.0 Selling, general and administrative expenses 3,176.5 19.5 185.2 — 2,971.8 Coach 1,119.4 — (4.6) — 1,124.0 Kate Spade (22.9) — (220.2) — 197.3 Stuart Weitzman (2.8) — (13.6) — 10.8 Corporate (421.7) (19.5) (63.2) — (339.0) Operating income (loss) 672.0 (19.5) (301.6) — 993.1 Provision for income taxes 199.3 (6.2) (130.7) 178.2 158.0 Net income 397.5 (13.3) (170.9) (178.2) 759.9 Net income per diluted common share 1.38 (0.05) (0.58) (0.62) 2.63 (1) Adjustments within Gross profit are recorded within Cost of sales.
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Fiscal 2019 foreign exchange gain/loss recast by quarter in millions; Non-GAAP financials 1Q19 2Q19 3Q19 4Q19 FY19 Coach $448.8 $481.6 $446.7 $463.8 $1,840.9 Kate Spade 159.5 179.5 168.8 175.6 683.4 Stuart Weitzman 54.6 59.2 59.8 56.3 229.9 Corporate 91.6 84.4 104.5 101.4 381.9 Selling, general and administrative expenses 754.5 804.7 779.8 797.1 3,136.1 Coach 4.2 (4.1) (0.6) 0.5 -- Kate Spade (0.1) (0.9) 1.0 (0.3) (0.3) Stuart Weitzman 0.7 (1.3) (0.5) 0.8 (0.3) Corporate (0.2) 2.1 4.1 0.2 6.2 Foreign Exchange (Gain)/Loss 4.6 (4.2) 4.0 1.2 5.6 Coach 444.6 485.7 447.3 463.3 1,840.9 Kate Spade 159.6 180.4 167.8 175.9 683.7 Stuart Weitzman 53.9 60.5 60.3 55.5 230.2 Corporate 91.8 82.3 100.4 101.2 375.7 Selling, general and administrative expenses 749.9 808.9 775.7 796.1 3,130.5 FY19 SG&A (as previously reported) FX (Gain) / Loss FY19 SG&A (recast)
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