Tapestry Inc - TPR STOCK NEWS

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.

Coach has unveiled its global Fall 2021 campaign featuring a star-studded cast including Jennifer Lopez, Michael B. Jordan, and Jeremy Lin. The campaign emphasizes friendship and community, showcasing the new Fall collection with bags like the Tate, Soft Tabby, Hitch Backpack, and the iconic Rogue. Creative Director Stuart Vevers highlights themes of connection and joy, inspired by outdoor gatherings and real communities worldwide. The campaign expresses optimism and spontaneity, resonating with the brand's legacy of craftsmanship and inclusivity, as part of Tapestry, Inc. (TPR).

Tapestry, Inc. (NYSE: TPR) announced that CEO Joanne Crevoiserat will present at the Bernstein Strategic Decisions Conference on June 2nd at 11:00 a.m. ET. The presentation will be webcast live to the public and archived for five business days. Tapestry is a New York-based luxury lifestyle brand house, including Coach, Kate Spade, and Stuart Weitzman, known for its focus on creativity, inclusivity, and authenticity. For more information and to access the presentation, visit www.tapestry.com/investors.

Tapestry, Inc. (NYSE: TPR) reported strong fiscal Q3 2021 results with a 19% increase in net sales to $1.27 billion, driven by robust digital growth and a 175% revenue surge in Mainland China compared to FY20. Gross margin improved to 71.6% from 57.4% year-over-year, supported by discipline in promotions and effective expense management. Operating income rose to $117 million, with significant progress in customer engagement and a 700,000 increase in new e-commerce customers. Outlook remains optimistic, expecting a mid-teens revenue growth for FY21.

Tapestry, Inc. (NYSE: TPR) has appointed Scott A. Roe as Chief Financial Officer, effective June 1, 2021. Roe has a 25-year tenure at VF Corporation, where he excelled as CFO and significantly influenced finance and corporate development. He aims to enhance Tapestry's strategy and operational performance in a transforming consumer landscape. Alongside this change, Andrea Shaw Resnick transitions to Chief Communications Officer, while Christina Colone is promoted to Global Head of Investor Relations. These leadership updates indicate a focused effort on strategic growth.