Tapestry, Inc. - TPR STOCK NEWS

Tapestry, Inc. is enhancing workplace diversity through its Employee Business Resource Groups (EBRGs), which facilitate inclusivity and mentorship. At the recent EBRG Fair, Tapestry highlighted the importance of these groups in creating a dynamic work environment. The company has established a global EI&D Champion Network that includes five ERGs and two task forces, fostering engagement among employees. Since launching its first EBRGs in 2020, membership has surged by 63%. These initiatives underscore Tapestry's commitment to building deep connections among employees of varying backgrounds and generations.

Tapestry, Inc. (NYSE: TPR) reported fiscal Q2 2023 revenue of $2.03 billion, down 5% year-over-year, with strong earnings per diluted share at $1.36, outperforming expectations. Operational improvements led to a gross margin increase to 68.6%, despite a 20% revenue decline in Greater China due to COVID-19 impacts. The company remains on track to return $1 billion to shareholders in FY 2023 through share repurchases and increased dividends. Tapestry raised its fiscal year earnings outlook, projecting earnings per diluted share of $3.70 to $3.75, despite anticipated currency headwinds. The company emphasizes continued focus on sustainable growth and customer engagement.

DETROIT, MI / ACCESSWIRE / February 2, 2023 / Tapestry, Inc. has partnered with Pensole Lewis College to launch the Coach Dream It Real x PLC Masterclass. This six-week virtual program aims to support aspiring accessories and footwear designers from underserved communities by offering tuition-free education. The course runs from March 6 to April 14, with final presentations on April 21 at Coach's headquarters. Participants will gain insights into design processes and sustainability, culminating in a Coach Certificate of Completion. This initiative aligns with Coach Foundation's mission to provide scholarships and opportunities, significantly impacting the fashion design landscape.

Tapestry (NYSE:TPR) emphasizes the importance of mentorship through its Dream It Real program, aiming to empower young people and support diverse talent. The initiative, led by Coach, has engaged over 150,000 youth globally and seeks to provide 5,000 scholarships by 2025. Each year, over 250 Coach employees mentor students, matching them based on shared interests. CEO Joanne C. Crevoiserat shares insights on leveraging strengths and collaboration for success in careers. This program not only fosters professional development but also addresses critical issues like climate change and social justice. Learn more about the initiative here.

Tapestry, Inc. (NYSE: TPR) will hold a conference call on February 9, 2023, at 8:00 a.m. (ET) to discuss its fiscal 2023 second quarter results, which will be released earlier that morning. Investors can participate via telephone by calling 1-866-847-4217 or 1-203-518-9845 with Conference ID 9704378. The audio webcast is accessible through Tapestry's investor page. A telephone replay will be available starting at 12:00 noon (ET) on the same day. Tapestry, which includes brands like Coach and kate spade, focuses on innovation, sustainability, and building a diverse company.

Tapestry has been recognized by Built In as one of the 'Best Places to Work' for the second consecutive year, earning the title of 'Best Large Company' in New York. The company emphasizes a supportive environment that fosters growth, diversity, and employee well-being. Tapestry's 2019 goals include increasing ethnic minority representation in leadership, improving Employee Inclusion Index scores, promoting internal career progression, and enhancing work-life balance through robust benefits. The commitment to its workforce is pivotal to Tapestry's success across its esteemed brands - Coach, kate spade new york, and Stuart Weitzman.

Tapestry, Inc. (NYSE: TPR) has declared a quarterly cash dividend of $0.30 per share, payable on December 27, 2022. Shareholders of record as of the close of business on December 9, 2022 will receive this dividend. The company, known for its luxury brands including Coach, Kate Spade, and Stuart Weitzman, emphasizes its commitment to sustainability and inclusivity in the fashion industry, leveraging its brand strengths to enhance customer experiences and community empowerment.

Tapestry, Inc. (NYSE: TPR) reported a record first quarter revenue of $1.5 billion, marking a 2% increase year-over-year on a reported basis and over 5% in constant currency. Diluted earnings per share (EPS) reached $0.79, surpassing expectations. The company anticipates returning $1 billion to shareholders in fiscal 2023, supported by a strong balance sheet. Despite a 370 basis point negative impact from foreign exchange, Tapestry maintained its revenue outlook, expecting $6.5 billion to $6.6 billion for the year, showing resilience amid uncertainties.