8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549 

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of report (Date of earliest event reported): August 19, 2021

Tapestry, Inc.

(Exact Name of Registrant as Specified in Charter) 

Maryland	001-16153	52-2242751
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

    10 Hudson Yards, New York, New York 10001   

(Address of Principal Executive Offices, and Zip Code)

        (212) 946-8400       

Registrant’s Telephone Number, Including Area Code

 (Former Name or Former Address, if Changed Since Last Report) 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐    Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐    Pre-commencement communication pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐    Pre-commencement communication pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.01 par value	TPR	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On August 19, 2021, Tapestry, Inc. (“Tapestry” or the “Company”) issued a press release (the “Press Release”) in which the Company announced its financial results for its fourth fiscal quarter and full year ended July 3, 2021.  The Company also posted a slide presentation entitled “Investor Presentation” dated August 19, 2021 on the “Presentations & Financial Reports” investor section of its website (www.tapestry.com). Copies of the Press Release and slide presentation are furnished herewith as Exhibit 99.1 and Exhibit 99.2, respectively. Information on the Company’s website is not, and will not be deemed to be, a part of this Current Report on Form 8-K or incorporated into any other filings the Company may make with the Securities and Exchange Commission.

The information in this Current Report on Form 8-K, including Exhibit 99.1 and Exhibit 99.2, is being furnished to the Securities and Exchange Commission and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to liability under that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.

Item 9.01 Financial Statements and Exhibits.

(d)  Exhibits.  The following exhibits are being furnished herewith:

99.1     Text of Press Release, dated August 19, 2021

99.2     Slide Presentation entitled “Investor Presentation,” dated August 19, 2021

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated:  August 19, 2021

TAPESTRY, INC.
By:	/s/ David E. Howard
	David E. Howard
	General Counsel and Secretary

EXHIBIT INDEX

99.1            Text of Press Release, dated August 19, 2021

99.2            Slide Presentation entitled “Investor Presentation,” dated August 19, 2021

EX-99.1

Exhibit 99.1

Tapestry, Inc. Reports Fiscal 2021 Fourth Quarter and Full Year Results

Achieved Record Annual Operating Income and Margin as Tapestry, Inc.;

Announces Reinstatement of Dividend and Share Repurchase Programs with a Plan to Return Over $750 Million to Shareholders in Fiscal 2022

• Delivered Q4 Revenue of $1.62 Billion, Growing 126% vs. Prior Year and Outpacing FY19 Pre-Pandemic Levels

• Reported Q4 GAAP EPS of $0.69 and non-GAAP EPS of $0.74, Significantly Ahead of Both FY20 and FY19

• Generated Triple-Digit Global Digital Gains in FY21 to Reach Approximately $1.6 Billion in E-Commerce Sales Fueled by New Customer Acquisition

• Achieved Full Year Operating Income and EPS Increases Compared to Both FY20 and FY19 Driven by Over 300 Basis Points of Gross Margin Expansion

• Initiates Financial Outlook for Accelerated Growth and Profitability in FY22

NEW YORK--(BUSINESS WIRE)--August 19, 2021--Link to Download Q4 and Full Year 2021 Earnings Presentation, Including Brand Highlights

Tapestry, Inc. (NYSE: TPR), a leading New York-based house of modern luxury accessories and lifestyle brands, today reported results for the fiscal fourth quarter and year ended July 3, 2021.

Joanne Crevoiserat, Chief Executive Officer of Tapestry, Inc., said, “We delivered standout results in Fiscal 2021 – a transformational year for Tapestry. Through our Acceleration Program, we sharpened our focus on the consumer, leaned into digital and data and became a more agile organization. We reached customers in new ways and adapted to a rapidly changing environment, fueled by the power of our brands and passionate teams. Importantly, the traction of our strategy is clearly evidenced by our financial performance. We achieved a record annual operating margin as Tapestry, outperforming our expectations across Coach, Kate Spade and Stuart Weitzman, while investing for our future. The year was capped by a successful fourth quarter, highlighted by revenue exceeding pre-pandemic levels led by Digital and China – two areas of significant opportunity.”

“Building on this momentum and the increasing demand for our categories, we are focused on driving our next phase of growth. We are in a position of strength, supported by our clear strategy, compelling brands and differentiated platform. We believe these competitive advantages will enable us to win with consumers and capture market share. Our conviction is underscored by the plans announced today to return over $750 million to shareholders in Fiscal 2022 alone. Overall, we remain confident in our ability to accelerate growth and profitability across our portfolio long-term, enhancing value for all stakeholders.”

Capital Deployment

Given the Company’s results, including its robust balance sheet and strong free cash flow generation, as well as its outlook for growth, the Board of Directors approved the reinstatement of the Company’s shareholder return programs.

The Board declared a quarterly cash dividend of $0.25 per common share payable on September 27, 2021 to shareholders of record as of the close of business on September 7, 2021, with an anticipated annual dividend rate of $1.00 per share. Over time, the Company intends to increase its dividend at a faster rate than earnings growth. Further, the Company intends to repurchase approximately $500 million worth of stock in Fiscal 2022 under its current authorization. Taken together, Tapestry plans to deploy over $750 million to shareholders in Fiscal 2022 through dividends and share repurchases, reflecting a balanced approach to shareholder returns. The Company and its Board of Directors will evaluate its dividend and share repurchase programs on a regular basis with a target of increasing the overall level of returns upon more visibility into a normalization in the external environment.

In addition, the Company intends to repay its July 2022 bonds, totaling $400 million, at the end of Fiscal 2022. This is consistent with the Company’s goal to reduce leverage through a combination of organic profit growth and debt repayment.

These actions underscore the Company’s conviction in its ability to drive long-term, sustainable growth and commitment to enhancing value for its stakeholders.

53^rd Week Discussion

The results for the fourth quarter and fiscal year ending July 3, 2021 included 14 and 53 weeks, respectively, while the same periods in Fiscal 2020 included 13 and 52 weeks, respectively. The additional week contributed $93 million to Tapestry’s revenue and $0.09 to earnings per diluted share in Fiscal 2021. For a complete reconciliation of revenue and operating income by segment, please refer to Financial Schedules 3 and 4 included herein.

The following financial information is presented inclusive of the 14^th and 53^rd week for the fiscal fourth quarter and full year 2021, respectively, unless otherwise noted. In addition, due to the significant impact of Covid-19 on prior-year figures, this release will also include comparisons to Fiscal 2019 (‘pre-pandemic’) for additional context.

Tapestry, Inc. Fiscal Fourth Quarter and Full Year 2021 Highlights

Fourth Quarter 2021:

• Increased revenue by 126% compared to last year, exceeding pre-pandemic levels, driven by growth at Coach
• Maintained strength in Digital, which grew over 35% versus prior year and over 200% as compared to pre-pandemic levels, while improving sequential revenue trends in-stores on both a one and two-year basis
• Posted strong trends in Mainland China, with sales growth of approximately 60% compared to FY20 and over 40% versus pre-pandemic levels; realized continued topline momentum in North America, rising approximately 165% versus FY20 and a high-teens percentage against FY19
• Expanded overall gross margin through deliberate actions to lower promotional activity and raise AUR
• Re-invested structural SG&A savings in the business through higher marketing spend; achieved increased payout under the Company’s Annual Incentive Plan given its outperformance; actioned purpose-led initiatives, including a contribution of $25 million towards the endowment of the newly established Tapestry Foundation
• Delivered operating income growth and margin expansion – ahead of both FY20 and FY19 – for the fourth consecutive quarter

Full Year 2021:

• Outperformed internal expectations at each brand across revenue, gross margin, and operating income metrics
• Achieved $1.6 billion in Digital sales, representing triple-digit growth versus prior year; Increased Digital sales by $1 billion since FY19
• Realized peak operating income and operating margin as Tapestry, Inc.
• Generated $1.21 billion of free cash flow, which funded investments in the business and the full pay down of the Company’s $700 million revolver

Acceleration Program Highlights

In the fiscal fourth quarter, the Company continued to make meaningful progress against its Acceleration Program to sharpen its focus on the consumer, leverage data to lead with a digital-first mindset and transform into a leaner and more responsive organization:

• Recruited over 900,000 new customers through the Company’s e-commerce channels in North America in the fourth quarter, resulting in nearly 4 million new customers for the fiscal year, representing an increase versus prior year;
• Continued to deliver an increase in number of repeat transactions versus prior year and reactivated lapsed customers across brands;
• Drove high-single digit revenue gains with Chinese consumers globally compared to pre-pandemic levels;
• Effectively reduced SKU counts by approximately 40% and improved assortment productivity, supported by data and analytics, resulting in stronger overall AUR and gross margin through higher IMUs and lower promotional activity and increased inventory turn for the fiscal year;
• Optimized global fleet with 59 net closures in FY21 compared to FY20, representing a net decrease of 90 doors over the past two years; Achieved $200 million of gross expense savings in Fiscal 2021 through a streamlined organization and operating structure and remain on track to realize gross run-rate savings of $300 million in FY22.

Overview of Fourth Quarter 2021 Tapestry, Inc. Results

• Net sales totaled $1.62 billion for the fourth quarter as compared to $715 million in the prior year, representing a 126% increase. On a 13-week basis, net sales increased 113% versus prior year and rose 1% as compared to pre-pandemic levels.
• Gross profit totaled $1.17 billion on a reported basis, while gross margin was 72.2%. This compared to prior year reported gross profit of $499 million and gross margin of 69.8%. On a non-GAAP basis, gross profit was $1.16 billion, while gross margin was 71.7%, as compared to prior year gross profit of $507 million and gross margin of 71.0%.
• SG&A expenses totaled $906 million on a reported basis and represented 56.1% of sales compared to $779 million and 109.0%, respectively, in the year ago quarter. On a non-GAAP basis, SG&A expenses were $886 million and represented 54.8% of sales as compared to $577 million and 80.8%, respectively, in the year ago period. SG&A expenses for the fourth quarter of fiscal 2021 included a $25 million contribution associated with the establishment of the Tapestry Foundation as recently announced.
• Operating income was $260 million on a reported basis, while operating margin was 16.1% versus an operating loss of $280 million and an operating margin of (39.2)% in the prior year. On a non-GAAP basis, operating income was approximately $272 million, while operating margin was 16.9%, which compares to an operating loss of $70 million and an operating margin of (9.8)% in the prior year.
• Net interest expense was $16 million in the quarter as compared to approximately $20 million in the year ago period.
• Other expense was $1 million versus approximately $500 thousand in the prior year.
• Net income for the quarter was $200 million on a reported basis, with earnings per diluted share of $0.69. This compared to a net loss of $294 million with a loss per diluted share of $1.06 in the prior year period. The reported tax rate for the quarter was 17.5% compared to 2.3% in the prior year period. On a non-GAAP basis, net income for the quarter was $212 million with earnings per diluted share of $0.74. On a 13-week basis, non-GAAP earnings per diluted share was $0.65. This compared to a non-GAAP net loss of $70 million with a loss per diluted share of $0.25 in the prior year period. The non-GAAP tax rate for the quarter was 16.7% compared to 22.3% in the prior year.

Overview of Full Year 2021 Tapestry, Inc. Results

• Net sales totaled $5.75 billion for the full year 2021 as compared to $4.96 billion in the prior year, representing a 16% increase. On a 52-week basis, net sales increased 14% versus prior year and declined 6% as compared to fiscal 2019 pre-pandemic levels.
• Gross profit totaled $4.08 billion on a reported basis, while gross margin was 71.0%. This compared to prior year reported gross profit of $3.24 billion and gross margin of 65.3%. On a non-GAAP basis, gross profit was $4.07 billion, while gross margin was 70.9%, as compared to prior year gross profit of $3.36 billion and gross margin of 67.7%.
• SG&A expenses totaled $3.11 billion on a reported basis and represented 54.2% of sales compared to $3.79 billion and 76.4%, respectively, in the prior year. On a non-GAAP basis, SG&A expenses were $2.98 billion and represented 51.8% of sales as compared to $2.92 billion and 58.8%, respectively, in the prior year.
• Operating income was $968 million on a reported basis, while operating margin was 16.8% versus an operating loss of $551 million and an operating margin of (11.1)% in the prior year. On a non-GAAP basis, operating income was $1.10 billion, while operating margin was 19.1%, which compares to operating income of $438 million and an operating margin of 8.8% in the prior year.
• Net interest expense was $71 million for the full year as compared to $60 million in the prior year.
• Other income was $1 million versus an expense of $13 million in the prior year.
• Net income for the year was $834 million on a reported basis, with earnings per diluted share of $2.95. This compared to a net loss of $652 million with a loss per diluted share of approximately $2.34 in the prior year. The reported tax rate for the year was 7.0% compared to (4.5)% in the prior year. On a non-GAAP basis, net income for the year was $841 million with earnings per diluted share of $2.97. On a 52-week basis, non-GAAP earnings per diluted share was $2.88. This compared to non-GAAP net income of $271 million with earnings per diluted share of $0.97 in the prior year. The non-GAAP tax rate for the full year was 17.9% compared to 25.7% in the prior year.

Balance Sheet and Cash Flow Highlights

• Cash, cash equivalents and short-term investments totaled $2.02 billion and total borrowings outstanding were $1.59 billion.
• Inventory at year-end was $735 million versus ending inventory of $737 million a year ago.
• Free cash flow was an inflow of $1.21 billion in Fiscal 2021 as compared to $202 million in the prior year; CapEx was $116 million in Fiscal 2021 versus $205 million in Fiscal 2020.

Non-GAAP Reconciliation

During the fiscal fourth quarter of 2021, the Company recorded certain items that decreased the Company’s net income and earnings per diluted share by $13 million and approximately $0.05, respectively. On a full year basis, these charges lowered the Company’s reported net income by $7 million or $0.02 per diluted share. Please refer to the financial schedules 3, 4, 5 and 6 included herein for a detailed reconciliation of the Company’s reported to non-GAAP results. These items included:

• Impairment: $8 million of pre-tax benefits in the fourth quarter reflecting a reversal of raw material reserves, which was established in fiscal 2020 as a result of the projected impact of Covid-19. For the fiscal year, the Company recorded $38 million of pre-tax charges related mainly to impairment of store assets, primarily as a result of the continued impact of Covid-19.
• Acceleration Program: $21 million of pre-tax charges in the fourth quarter and $90 million of pre-tax charges in the full year. These charges were primarily associated with professional fees incurred as a result of the development and execution of the Company’s comprehensive strategic initiatives, share-based compensation, as well as actions to streamline the Company's organization, which include severance. The Company continues to expect to incur total pre-tax charges of $205 to $220 million over the life of the Acceleration Program, including $30 to $45 million in remaining charges, primarily consisting of professional fees and share-based compensation.
• CARES Act Tax Impact: $95 million of tax benefits recorded in the full year, with no benefit recorded in the fourth quarter. These credits were primarily related to the Coronavirus Aid, Relief, and Economic Securities Act, most notably the NOL carryback claim.

Fiscal Year 2022 Outlook

The Company’s Fiscal 2022 outlook is provided on a non-GAAP basis and excludes anticipated Acceleration Program charges as described in the “Fiscal Year 2022 Outlook - Non-GAAP Adjustments” section of this press release.

Based on current strong underlying business trends, the Company expects the following:

• Revenue of approximately $6.4 billion, representing mid-teens growth versus the prior year on a 52-week, comparable basis, which would mark a record level of sales for the Company.
• Net interest expense of approximately $65 million. The Company anticipates paying down its July 2022 bonds at the end of Fiscal 2022.
• Tax rate of approximately 18.5% assuming a continuation of current tax laws.
• Weighted average diluted share count in the area of 283 million, approximately even with prior year, with share repurchase activity expected to offset dilution.
• Earnings per diluted share of $3.30 to $3.35, reflecting leverage to the bottom line.

Please note due to the ongoing dynamic nature of the Covid-19 crisis and lack of visibility, financial results could differ materially from the current outlook due to a number of external events, including the potential for more widespread resurgences of the pandemic globally and resulting pressure on store traffic trends, as well as further supply chain disruptions, including potential continued production and distribution delays as well as increased costs, not contemplated in the Company’s estimates.

Conference Call Details

The Company will host a conference call to review these results at 8:00 a.m. (ET) today, August 19, 2021. Interested parties may listen to the conference call via live webcast by accessing www.tapestry.com/investors or calling 1-866-847-4217 or 1-203-518-9845 and providing the Conference ID 6727129. A telephone replay will be available starting at 12:00 p.m. (ET) today, for a period of five business days. To access the telephone replay, call 1-800-283-4641 or 1-402-220-0851. A webcast replay of the earnings conference call will also be available for five business days on the Tapestry website. Presentation slides have also been posted to the Company’s website at www.tapestry.com/investors.

Upcoming Events

The Company expects to report Fiscal 2022 first quarter results on Thursday, November 11, 2021. To receive notification of future announcements, please register at www.tapestry.com/investors ("Subscribe to E-Mail Alerts").

About Tapestry, Inc.

Our global house of brands unites the magic of Coach, kate spade new york and Stuart Weitzman. Each of our brands are unique and independent, while sharing a commitment to innovation and authenticity defined by distinctive products and differentiated customer experiences across channels and geographies. We use our collective strengths to move our customers and empower our communities, to make the fashion industry more sustainable, and to build a company that’s equitable, inclusive, and diverse. Individually, our brands are iconic. Together, we can stretch what’s possible. To learn more about Tapestry, please visit www.tapestry.com. For important news and information regarding Tapestry, visit the Investor Relations section of our website at www.tapestry.com/investors. In addition, investors should continue to review our news releases and filings with the SEC. We use each of these channels of distribution as primary channels for publishing key information to our investors, some of which may contain material and previously non-public information. The Company’s common stock is traded on the New York Stock Exchange under the symbol TPR.

This information to be made available in this press release may contain forward-looking statements based on management's current expectations. Forward-looking statements include, but are not limited to, the statements under “Fiscal Year 2022 Outlook,” and statements regarding the Acceleration Program, including future charges under and future impacts of this program, the potential impact of the Covid-19 pandemic and success of mitigating actions, statements regarding the Company’s capital deployment plans, and statements that can be identified by the use of forward-looking terminology such as "may," "will," “can,” "should," "expect," “potential,” "intend," "estimate," "continue," "project," "guidance," "forecast," “outlook,” "anticipate," “goal,” “leveraging,” “sharpening,” transforming,” “creating,” accelerating,” “enhancing,” leaning into,” “innovation,” “drive,” “targeting,” “assume,” “plan,” “progress,” “optimistic,” “confident,” “conviction,” “future,” “uncertain backdrop,” “emerge,” “on track,” “positioned to,” “look forward to,” “looking ahead,” “to acquire,” “achieve,” “strategic,” “steady recovery,” “growth,” “view,” “stretching what’s possible,” or comparable terms. Future results may differ materially from management's current expectations, based upon a number of important factors, including risks and uncertainties such as the impact of the Covid-19 pandemic, the ability to control costs and successfully execute our growth strategies, expected economic trends, the ability to anticipate consumer preferences, risks associated with operating in international markets and our global sourcing activities, our ability to achieve intended benefits, cost savings and synergies from acquisitions, the risk of cybersecurity threats and privacy or data security breaches, the impact of pending and potential future legal proceedings, and the impact of legislation, etc. Please refer to the Company’s latest Annual Report on Form 10-K, quarterly report on 10-Q and its other filings with the Securities and Exchange Commission for a complete list of risks and important factors. The Company assumes no obligation to revise or update any such forward-looking statements for any reason, except as required by law.

Schedule 1: Consolidated Statement of Operations

TAPESTRY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
For the Quarters and Years Ended July 3, 2021 and June 27, 2020
(in millions, except per share data)
	(unaudited)				(unaudited)		(audited)
	QUARTER ENDED				YEAR ENDED
	July 3, 2021		June 27, 2020		July 3, 2021		June 27, 2020
Net sales	$	1,615.4	$	714.8	$	5,746.3	$	4,961.4
Cost of sales		449.3		215.9		1,664.4		1,722.1
Gross Profit		1,166.1		498.9		4,081.9		3,239.3
Selling, general and administrative expenses		906.4		778.9		3,113.9		3,790.1
Operating income (loss)		259.7		(280.0)		968.0		(550.8)
Interest expense, net		16.4		20.3		71.4		60.1
Other expense (gain)		1.1		0.5		(0.7)		13.3
Income before provision for income taxes		242.2		(300.8)		897.3		(624.2)
Provision for income taxes		42.4		(7.0)		63.1		27.9
Net income (loss)	$	199.8	$	(293.8)	$	834.2	$	(652.1)
Net income (loss) per share:
Basic	$	0.72	$	(1.06)	$	3.00	$	(2.34)
Diluted	$	0.69	$	(1.06)	$	2.95	$	(2.34)
Shares used in computing net income (loss) per share:
Basic		279.2		276.2		277.9		278.6
Diluted		287.6		276.2		283.0		278.6

Schedule 2: Detail to Net Sales

TAPESTRY, INC.
DETAIL TO NET SALES
For the Quarters and Years Ended July 3, 2021 and June 27, 2020
(in millions)
(unaudited)
		QUARTER ENDED
		July 3, 2021		June 27, 2020		% Change vs. FY20	Constant Currency % Change vs. FY20	% Change vs. FY19
	Coach	$	1,188.9	$	517.4	130 %	125 %	8 %
	Kate Spade		341.6		164.1	108 %	106 %	3 %
	Stuart Weitzman		84.9		33.3	156 %	146 %	- %
	Total Tapestry	$	1,615.4	$	714.8	126 %	122 %	7 %
		YEAR ENDED
		July 3, 2021		June 27, 2020		% Change vs. FY20	Constant Currency % Change vs. FY20	% Change vs. FY19
	Coach	$	4,253.1	$	3,525.7	21 %	19 %	- %
	Kate Spade		1,210.0		1,149.5	5 %	5 %	(11)%
	Stuart Weitzman		283.2		286.2	(1)%	(3)%	(27)%
	Total Tapestry	$	5,746.3	$	4,961.4	16 %	14 %	(5)%

Schedule 3: Items Affecting Comparability – 4Q21

TAPESTRY, INC.
GAAP TO NON-GAAP RECONCILIATION
(in millions, except per share data)
(unaudited)
	For the Quarter Ended July 3, 2021
			Items Affecting Comparability
	GAAP Basis (As Reported)		Impairment		Acceleration Program		Non-GAAP Basis (Excluding Items)
Cost of sales
Coach		898.0		8.1		-		889.9
Kate Spade		221.0		-		-		221.0
Stuart Weitzman		47.1		-		-		47.1
Gross profit(1)	$	1,166.1	$	8.1	$	-	$	1,158.0
SG&A expenses
Coach		519.3		-		0.7		518.6
Kate Spade		185.8		-		0.1		185.7
Stuart Weitzman		50.1		-		(1.2)		51.3
Corporate		151.2		-		21.3		129.9
SG&A expenses	$	906.4	$	-	$	20.9	$	885.5
						-
Operating income (loss)
Coach		378.7		8.1		(0.7)		371.3
Kate Spade		35.2		-		(0.1)		35.3
Stuart Weitzman		(3.0)		-		1.2		(4.2)
Corporate		(151.2)		-		(21.3)		(129.9)
Operating income (loss)	$	259.7	$	8.1	$	(20.9)	$	272.5
Provision for income taxes		42.4		2.0		(2.2)		42.6
Net income (loss)	$	199.8	$	6.1	$	(18.7)	$	212.4
Net income (loss) per diluted common share	$	0.69	$	0.02	$	(0.07)	$	0.74
(1) Adjustments within Gross profit are recorded within Cost of sales.

The amounts reflected above include the impact of the additional week on the fourth quarter of Fiscal 2021. The following table quantifies the impact of the additional week on Net Sales and Operating Income by Segment:

TAPESTRY, INC.
DETAILS TO IMPACT OF 14TH WEEK
(in millions)
(unaudited)
		For the Quarter Ended July 3, 2021
		As Reported		Impact of 14th Week		Adjusted		Adjusted Net Sales % Change vs. FY20	Adjusted Net Sales % Change vs. FY19
	Net Sales
	Coach	$	1,188.9	$	67.7	$	1,121.2	117 %	2 %
	Kate Spade		341.6		21.7		319.9	95 %	(4)%
	Stuart Weitzman		84.9		3.3		81.6	146 %	(4)%
	Total Net Sales	$	1,615.4	$	92.7	$	1,522.7	113 %	1 %
	Operating Income (Loss) - Non-GAAP
	Coach	$	371.3	$	28.6	$	342.7
	Kate Spade		35.3		4.7		30.6
	Stuart Weitzman		(4.2)		0.2		(4.4)
	Corporate		(129.9)		(3.5)		(126.4)
	Total Operating Income (Loss) - Non-GAAP	$	272.5	$	30.0	$	242.5

Schedule 4: Items Affecting Comparability – FY21

TAPESTRY, INC.
GAAP TO NON-GAAP RECONCILIATION
(in millions, except per share data)
(unaudited)
	For the Fiscal Year Ended July 3, 2021
			Items Affecting Comparability
	GAAP Basis (As Reported)		CARES Act Tax Impact		Impairment		Acceleration Program		Non-GAAP Basis (Excluding Items)
Cost of sales
Coach		3,149.0		-		8.1		-		3,140.9
Kate Spade		768.4		-		-		-		768.4
Stuart Weitzman		164.5		-		-		-		164.5
Gross profit(1)	$	4,081.9	$	-	$	8.1	$	-	$	4,073.8
SG&A expenses
Coach		1,836.9		-		20.4		21.9		1,794.6
Kate Spade		659.9		-		19.3		4.4		636.2
Stuart Weitzman		173.1		-		6.1		(2.5)		169.5
Corporate		444.0		-		-		65.8		378.2
SG&A expenses	$	3,113.9	$	-	$	45.8	$	89.6	$	2,978.5
Operating income (loss)
Coach		1,312.1		-		(12.3)		(21.9)		1,346.3
Kate Spade		108.5		-		(19.3)		(4.4)		132.2
Stuart Weitzman		(8.6)		-		(6.1)		2.5		(5.0)
Corporate		(444.0)		-		-		(65.8)		(378.2)
Operating income (loss)	$	968.0	$	-	$	(37.7)	$	(89.6)		1,095.3
Provision for income taxes		63.1		(95.0)		(7.8)		(17.6)		183.5
Net income (loss)	$	834.2	$	95.0	$	(29.9)	$	(72.0)	$	841.1
Net income (loss) per diluted common share	$	2.95	$	0.31	$	(0.10)	$	(0.23)	$	2.97
(1) Adjustments within Gross profit are recorded within Cost of sales.

The amounts presented above include the impact of the additional week within the full year of Fiscal 2021. The following table quantifies the impact of the additional week on Net Sales and Operating Income by Segment:

TAPESTRY, INC.
DETAILS TO IMPACT OF 53RD WEEK
(in millions)
(unaudited)
		For the Fiscal Year Ended July 3, 2021
		As Reported		Impact of 53rd Week		Adjusted		Adjusted Net Sales % Change vs. FY20	Adjusted Net Sales % Change vs. FY19
	Net Sales
	Coach	$	4,253.1	$	67.7	$	4,185.4	19 %	(2)%
	Kate Spade		1,210.0		21.7		1,188.3	3 %	(13)%
	Stuart Weitzman		283.2		3.3		279.9	(2)%	(28)%
	Total Net Sales	$	5,746.3	$	92.7	$	5,653.6	14 %	(6)%
	Operating Income (Loss) - Non-GAAP
	Coach	$	1,346.3	$	28.6	$	1,317.7
	Kate Spade		132.2		4.7		127.5
	Stuart Weitzman		(5.0)		0.2		(5.2)
	Corporate		(378.2)		(3.5)		(374.7)
	Total Operating Income (Loss) - Non-GAAP	$	1,095.3	$	30.0	$	1,065.3

Schedule 5: Items Affecting Comparability – 4Q20

TAPESTRY, INC.
GAAP TO NON-GAAP RECONCILIATION
(in millions, except per share data)
(unaudited)
	For the Quarter Ended June 27, 2020
	Items Affecting Comparability
	GAAP Basis (As Reported)		ERP Implementation		Organization-related & Integration Costs		Impairment		Acceleration Program		Non-GAAP Basis (Excluding Items)
Cost of sales
Coach		381.0		-		-		-		-		381.0
Kate Spade		106.5		-		-		-		-		106.5
Stuart Weitzman		11.4		-		-		-		(8.4)		19.8
Gross profit(1)	$	498.9	$	-	$	-	$	-	$	(8.4)	$	507.3
SG&A expenses
Coach		412.0		-		0.6		58.8		18.5		334.1
Kate Spade		175.2		-		(1.0)		26.2		13.6		136.4
Stuart Weitzman		92.4		-		(0.1)		32.0		17.6		42.9
Corporate		99.3		4.9		1.8		-		28.9		63.7
SG&A expenses	$	778.9	$	4.9	$	1.3	$	117.0	$	78.6	$	577.1
Operating income (loss)
Coach		(31.0)		-		(0.6)		(58.8)		(18.5)		46.9
Kate Spade		(68.7)		-		1.0		(26.2)		(13.6)		(29.9)
Stuart Weitzman		(81.0)		-		0.1		(32.0)		(26.0)		(23.1)
Corporate		(99.3)		(4.9)		(1.8)		-		(28.9)		(63.7)
Operating income (loss)	$	(280.0)	$	(4.9)	$	(1.3)	$	(117.0)	$	(87.0)	$	(69.8)
Provision for income taxes		(7.0)		(0.3)		15.7		6.2		(8.4)		(20.2)
Net income (loss)	$	(293.8)	$	(4.6)	$	(17.0)	$	(123.2)	$	(78.6)	$	(70.4)
Net income (loss) per diluted common share	$	(1.06)	$	(0.02)	$	(0.06)	$	(0.45)	$	(0.28)	$	(0.25)
(1) Adjustments within Gross profit are recorded within Cost of sales.

Schedule 6: Items Affecting Comparability – FY20

TAPESTRY, INC.
GAAP TO NON-GAAP RECONCILIATION
(in millions, except per share data)
(unaudited)
	For the Fiscal Year Ended June 27, 2020
	Items Affecting Comparability
	GAAP Basis (As Reported)		ERP Implementation		Organization-related & Integration Costs		Impairment		Acceleration Program		Non-GAAP Basis (Excluding Items)
Cost of sales
Coach		2,411.6		-		(0.1)		(61.9)		-		2,473.6
Kate Spade		682.9		-		(1.2)		(32.3)		-		716.4
Stuart Weitzman		144.8		-		(4.3)		(9.8)		(8.4)		167.3
Gross profit(1)	$	3,239.3	$	-	$	(5.6)	$	(104.0)	$	(8.4)	$	3,357.3
SG&A expenses
Coach		1,822.2		-		0.5		116.7		18.5		1,686.5
Kate Spade		782.2		-		0.1		92.9		13.6		675.6
Stuart Weitzman		766.2		-		(2.0)		526.7		17.6		223.9
Corporate		419.5		28.5		29.2		-		28.9		332.9
SG&A expenses	$	3,790.1	$	28.5	$	27.8	$	736.3	$	78.6	$	2,918.9
Operating income (loss)
Coach		589.4		-		(0.6)		(178.6)		(18.5)		787.1
Kate Spade		(99.3)		-		(1.3)		(125.2)		(13.6)		40.8
Stuart Weitzman		(621.4)		-		(2.3)		(536.5)		(26.0)		(56.6)
Corporate		(419.5)		(28.5)		(29.2)		-		(28.9)		(332.9)
Operating income (loss)	$	(550.8)	$	(28.5)	$	(33.4)	$	(840.3)	$	(87.0)	$	438.4
Provision for income taxes		27.9		(6.0)		3.8		(55.3)		(8.4)		93.8
Net income (loss)	$	(652.1)	$	(22.5)	$	(37.2)	$	(785.0)	$	(78.6)	$	271.2
Net income (loss) per diluted common share	$	(2.34)	$	(0.08)	$	(0.13)	$	(2.82)	$	(0.28)	$	0.97
(1) Adjustments within Gross profit are recorded within Cost of sales.

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 above, as well as gross margin, SG&A expense ratio, and operating margin, have been presented both including and excluding the effect of certain items related to the tax benefit the Company received under the CARES Act, the Acceleration Program and Impairment costs for the fourth quarter and full fiscal year 2021 and ERP Implementation, Organization-related & Integration Costs, Impairment costs and the Acceleration Program for the fourth quarter and full fiscal year 2020. The Company has also presented the impact of the 53^rd week for fiscal year 2021 on revenue and operating income for the Company and each segment, and earnings per diluted share for the Company.

The Company operates on a global basis and reports financial results in U.S. dollars in accordance with GAAP. Percentage increases/decreases in net sales for the Company and each segment have been presented both including and excluding currency fluctuation effects from translating foreign-denominated sales into U.S. dollars and compared to the same periods in the prior quarter and fiscal year. The Company calculates constant currency net sales results by translating current period net sales in local currency using the prior year period’s currency conversion rate.

Net sales changes for the Company and each segment are based on absolute sales dollar changes and are not presented in accordance with the Company’s comparable sales definition utilized historically due to the uncertain business environment resulting from the impact of the Covid-19 pandemic.

Management utilizes these non-GAAP and constant currency 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. Additionally, the Company believes presenting these metrics on a constant currency basis will help investors and analysts to understand the effect of significant year-over-year foreign currency exchange rate fluctuations on these performance measures and provide a framework to assess how business is performing and expected to perform excluding these effects.

In addition to these non-GAAP measures, the Company has provided comparisons to certain fiscal year 2019 results and trends, which the Company believes is useful to investors and others in evaluating the Company’s results, due to the significant impact of the Covid-19 pandemic on the Company’s operations and financial results, notably in the second half of fiscal year 2020. The Company has also included statements regarding the Company reaching peak operating income and operating margin as Tapestry, which refers to the period since Fiscal 2018, the year in which the Company established its current house of brands and changed its corporate name.

Fiscal Year 2022 Outlook - Non-GAAP Adjustments:

The Company is not able to provide a full reconciliation of the non-GAAP financial measures to GAAP presented in this release and on the Company’s conference call because certain material items that impact these measures, such as the timing and exact amount of charges related to the Acceleration Program, which have not yet occurred or are out of the Company’s control. Accordingly, a reconciliation of our non-GAAP financial measure guidance to the corresponding GAAP measures is not available without unreasonable effort. Where possible, the Company has identified the estimated impact of the items excluded from its Fiscal 2022 guidance.

This Fiscal 2022 non-GAAP guidance excludes $30 to $45 million in Acceleration Program charges, primarily consisting of professional fees and share-based compensation.

Schedule 7: Condensed Consolidated Balance Sheets

TAPESTRY, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
At July 3, 2021 and June 27, 2020
(in millions)
	(unaudited)		(audited)
	July 3, 2021		June 27, 2020
ASSETS
Cash, cash equivalents and short-term investments	$	2,015.8	$	1,434.4
Receivables		200.2		193.3
Inventories		734.8		736.9
Other current assets		424.5		188.5
Total current assets		3,375.3		2,553.1
Property and equipment, net		678.1		775.2
Lease right-of-use assets		1,496.6		1,757.0
Other noncurrent assets		2,832.4		2,838.9
Total assets	$	8,382.4	$	7,924.2
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable	$	445.2	$	130.8
Accrued liabilities		661.2		511.0
Short-term lease liabilities		319.4		388.8
Current debt		-		711.5
Total current liabilities		1,425.8		1,742.1
Long-term debt		1,590.7		1,587.9
Long-term lease liabilities		1,525.9		1,799.8
Other liabilities		580.7		518.0
Stockholders' equity		3,259.3		2,276.4
Total liabilities and stockholders' equity	$	8,382.4	$	7,924.2

Schedule 8: Condensed Statement of Cash Flows

TAPESTRY, INC.
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
For the fiscal years ended July 3, 2021 and June 27, 2020
(in millions)
	(unaudited)		(audited)
	July 3, 2021		June 27, 2020
Cash Flows from Operating Activities
Net income (loss)	$	834.2	$	(652.1)
Adjustments to reconcile net income (loss) to net cash flows from operating activities:
Depreciation and amortization		218.7		248.3
Impairment charges		45.8		813.5
Other non-cash items		(5.3)		77.6
Changes in operating assets and liabilities		230.3		(80.3)
Net cash provided by operating activities		1,323.7		407.0
Cash Flows from Investing Activities
Purchases of property and equipment		(116.0)		(205.4)
Other items		25.0		249.7
Net cash provided by investing activities		(91.0)		44.3
Cash Flows from Financing Activities
Dividend payments		-		(380.3)
Proceeds from revolver		-		700.0
Repayment of debt		(711.5)		-
Repurchase of common stock		-		(300.0)
Other items		45.5		(13.8)
Net cash provided by financing activities		(666.0)		5.9
Effect of exchange rate on cash and cash equivalents		14.7		(0.1)
(Decrease) increase in cash and cash equivalents		581.4		457.1
Cash and cash equivalents at beginning of year	$	1,426.3	$	969.2
Cash and cash equivalents at end of year	$	2,007.7	$	1,426.3

Schedule 9: Store Count by Segment – 4Q21

TAPESTRY, INC.
STORE COUNT
At March 27, 2021 and July 3, 2021
(unaudited)
	As of			As of
Directly-Operated Store Count:	March 27, 2021	Openings	(Closures)	July 3, 2021
Coach
North America	357	1	(4)	354
International	587	6	(8)	585
Kate Spade
North America	211	1	(2)	210
International	202	2	(7)	197
Stuart Weitzman
North America	49	-	(1)	48
International	54	2	-	56

Schedule 10: Store Count by Segment – FY21

TAPESTRY, INC.
STORE COUNT
At June 27, 2020 and July 3, 2021
(unaudited)
	As of			As of
Directly-Operated Store Count:	June 27, 2020	Openings	(Closures)	July 3, 2021
Coach
North America	375	2	(23)	354
International	583	34	(32)	585
Kate Spade
North America	213	4	(7)	210
International	207	11	(21)	197
Stuart Weitzman
North America	58	1	(11)	48
International	73	10	(27)	56

Contacts

Tapestry, Inc.
Media:
Andrea Shaw Resnick
Chief Communications Officer
212/629-2618
aresnick@tapestry.com
Analysts and Investors:
Christina Colone
Global Head of Investor Relations
212/946-7252
ccolone@tapestry.com

EX-99.2

Exhibit 99.2

 © 2021 Tapestry, Inc.  2  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,” “focus,” “strategic vision,” “growth opportunities,” “Acceleration Program,” “we are accelerating” 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:    the impact of the Covid-19 pandemic, including impacts on our supply chain due to temporary closures of our manufacturing partners and shipping and fulfillment constraints;the ability to control costs and successfully execute our growth strategies and our Acceleration Program; the impact of economic conditions;the ability to anticipate consumer preferences and retain the value of our brands, including our ability to execute on our e-commerce and digital strategies;the risks associated with operating in international markets and global sourcing activities;the ability to achieve intended benefits, cost savings and synergies from acquisitions; the risk of cybersecurity threats and privacy or data security breaches;the impact of pending and potential future legal proceedings; and, the impact of legislation.  Please refer to the Company’s latest Annual Report on Form 10-K, Quarterly Report on Form 10-Q 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. 

 3  © 2021 Tapestry, Inc.  Stretch What’s Possible   STRETCH speaks to how tensions challenge and pull us in new directions. These tensions compel us to look beyond ourselves and embrace new perspectives, experiences and ideas. WHAT’S POSSIBLE refers to what happens when we embrace the creative tensions within each other, in our industry and in society. We push past boundaries, pull out the unexpected and expand what’s possible.   PURPOSE 

 © 2021 Tapestry, Inc.  4  DEDICATED TO THE DREAM  HOLD TO HIGH STANDARDS  EMBRACE DIFFERENCE BY DESIGN  BREAK THROUGH WITH MAGIC AND LOGIC  STAND TALLER TOGETHER  Built by go-getters who saw unseen needs and took daring leaps, we channel that same passion today, doing what it takes to make the dream happen and refusing to settle for anything less.   From how we source, to how we sew, to how we sell, we insist on the highest integrity at each step, doing things right, no matter what; because when it’s hard is when it matters most.   The kind of ingenuity that turns heads, that turns objects into icons, comes only from the places few have looked before—so diverse perspectives are the greatest assets we have.   Art and science. Design and data. Delight and discipline. For us, in the balance of these forces is where breakthroughs lie, and where our name was built.   At Tapestry, we create the roof under which our people can share knowledge and learning with each other and we set the foundation that frees our brands to shine on their own.   VALUES           

 5  established 1986STYLISH, CONFIDENT, SOPHISTICATED  established 1941AUTHENTIC, COURAGEOUS, INCLUSIVE  © 2021 Tapestry, Inc.            established 1986STYLISH, CONFIDENT, SOPHISTICATED  established 1941AUTHENTIC, COURAGEOUS, INCLUSIVE  established 1993JOYFUL, OPTIMISTIC, COLORFUL 

 © 2021 Tapestry, Inc.  6  Tapestry Revenue Breakdown    Global house of brands with strong direct to consumer distribution  Figures as of FY21. 

 7  Leadership Team    © 2021 Tapestry, Inc.  JOANNE CREVOISERATChief Executive Officer    TODD KAHNCEO & Brand President, Coach      LIZ FRASERCEO & Brand President, Kate Spade    GIORGIO SARNÉCEO & Brand President, Stuart Weitzman     ANDREA SHAW RESNICKChief Communications Officer  TOM GLASERChief Operations Officer    NOAM PARANSKYChief Digital Officer    DAVID HOWARDGeneral Counsel and Secretary    SARAH DUNNGlobal Human Resources Officer    YANN BOZECPresident, Tapestry Asia Pacific; CEO & President, Coach China      SCOTT ROECFO & Head of Strategy 

 FY21 Overview & FY22 Outlook  © 2021 Tapestry, Inc.  8 

           9  Fourth quarter results exceeded expectations, building on recent momentum  Announced reinstatement of capital return programs, with a plan to return over $750 million to shareholders through dividends and share repurchases in FY22Ended the year with a strong balance sheet and cash positionInitiated outlook for accelerated growth and profitability in FY22  Maintained strength in Digital, while sequentially improving revenue trends in-stores on both a one and two-year basis Posted strong trends in Mainland China; realized continued topline momentum in North AmericaExpanded overall gross margin through deliberate actions to lower promotional activity and raise AUR Generated operating income growth and margin expansion above both FY20 and FY19 levels for the fourth consecutive quarter  REMAIN CONFIDENT IN OUR ABILITY TO ACCELERATE GROWTH & PROFITABILITY  DELIVERED STRONG RESULTS TO CLOSE OUT THE YEAR, INCLUDING REVENUE AHEAD OF PRE-PANDEMIC LEVELS  Non-GAAP Financials.  

 10  © 2021 Tapestry, Inc.    80 bps  GROSS MARGIN EXPANDED BY  VS. FY20 AND 450 BPS VS. FY19, SUPPORTED BY HIGHER AUR    900,000  IN NORTH AMERICA, RECRUITED OVER  NEW CUSTOMERS ACROSS BRANDS THROUGH E-COMMERCE CHANNELS    113%  DELIVERED Q4 REVENUE GROWTH OF  AGAINST FY20, EXCEEDING PRE-PANDEMIC SALES    35%  DROVE GLOBAL DIGITAL SALES   ABOVE FY20 ON LAST YEAR’S STRONG BASE    60%  MAINLAND CHINA REVENUE INCREASED APPROXIMATELY  COMPARED TO FY20    445%  REALIZED OPERATING INCOME GROWTH OF OVER  COMPARED TO LAST YEAR, A 9% INCREASE VS. FY19    Fourth Quarter Highlights  Performance highlights the traction of our Acceleration Program and the power of our brands  Non-GAAP Financials. FY21 4Q figures exclude the impact of the additional week (full reconciliation in the appendix).  

 © 2021 Tapestry, Inc.  11  Delivered four consecutive quarters of operating income growth vs. FY20 and FY19, as revenue trends continued to improve sequentially    OPERATING INCOME (% GROWTH)  VS. FY20  REVENUE (% GROWTH)  Non-GAAP financials. Historical results include the headwinds associated with Covid-19 beginning in the third quarter of FY20. FY21 figures exclude the impact of the additional week in 4Q (full reconciliation in the appendix).     679%  113%  1Q21  2Q21  3Q21  4Q21  FY21  143%    447%  VS. FY19  1Q21  2Q21  3Q21  4Q21  FY21 

 12  Realized revenue growth of 117% versus prior year, representing an increase of 2% compared to pre-pandemic levelsDrove over 55% Digital growth on top of the prior year’s triple-digit increaseRecruited approximately 600,000 new customers through e-Commerce channels in North AmericaAchieved high single-digit global handbag AUR growth, representing an increase of roughly 35% on a two-year basisDeepened engagement with consumers by leaning into our brand values of inclusivity and authenticity to drive increased reactivationContinued to develop the brand’s iconic families, creating a foundation for our product pipeline in future seasons  Coach: 4Q Highlights  FY21 4Q figures exclude the impact of the additional week (full reconciliation in the appendix).  

 © 2021 Tapestry, Inc.  13  Realized sequential improvement in revenue – growing 95% vs. prior year – fueled by improvements in the Direct business (excluding wholesale), which outpaced pre-pandemic levelsReactivated 550,000 customers in North America Digital channels, an increase of nearly 35% compared to the prior yearContinued to re-energize our core handbag offering while reducing SKU counts and remaining disciplined on promotionsGrew global handbag AUR by mid-single-digits for the quarterIncreased engagement on social channels, most notably with the viral happy dance campaign on TikTok, which has garnered 11 billion views and counting  Kate Spade: 4Q Highlights  © 2021 Tapestry, Inc.  13  Update imagery  FY21 4Q figures exclude the impact of the additional week (full reconciliation in the appendix).  

 14  Realized a revenue increase of 146% compared to prior yearDrove engagement with new and younger customers through innovative takes on our iconic familiesIncreased penetration of dress styles as in-person socialization began to returnFueled continued momentum in China – growing over 50% compared to FY20 – through tailored product offering, relevant marketing and a focus on Digital platformsStrengthened our relationship with Wholesale partners, which fueled North America Wholesale ahead of pre-pandemic levels  Stuart Weitzman: 4Q Highlights  FY21 4Q figures exclude the impact of the additional week (full reconciliation in the appendix).  

 © 2021 Tapestry, Inc.  15  TAPESTRY  COACH  KATE SPADE  STUART WEITZMAN  NET REVENUE  $1.52B+113% vs. LY  $1.12B+117% vs. LY  $320M+95% vs. LY  $82M146% vs. LY  GROSS PROFIT  $1.09B71.7% margin  $840M74.9% margin  $208M64.9% margin  $45M55.2% margin  SG&A EXPENSES  $850M55.8% of sales   $497M44.3% of sales   $177M55.4% of sales   $49M60.5% of sales   OPERATING INCOME  $242M15.9% margin  $343M30.6% margin   $31M9.6% margin   $(4)M(5.3)% margin   EARNINGS PER DILUTED SHARE  $0.65vs. $(0.25) LY          Non-GAAP Financials. Tapestry SG&A includes Corporate segment expenses of $126M (not shown). FY21 4Q figures exclude the impact of the additional week (full reconciliation in the appendix).   4Q P&L Overview By Brand (13-Week Basis) 

 16  © 2021 Tapestry, Inc.    300 bps  GROSS MARGIN EXPANDED BY OVER  AGAINST BOTH FY20 AND FY19    4M  IN NORTH AMERICA, RECRUITED NEARLY  NEW CUSTOMERS ACROSS BRANDS THROUGH E-COMMERCE CHANNELS    60%  DROVE CONTINUED STRENGTH IN MAINLAND CHINA, AS SALES GREW  VERSUS FY20, OR +40% COMPARED TO PRE-PANDEMIC LEVELS    $1.6B  REALIZED GLOBAL DIGITAL SALES OF  OR APPROXIMATELY 30% OF TOTAL SALES    14%  TOTAL COMPANY REVENUE GROWTH OF   COMPARED TO FY20    $1.2B  GENERATED FREE CASH FLOW OF  WHICH FUNDED INVESTMENTS AND THE FULL PAYDOWN OF OUR REVOLVER    FY21 Highlights  Delivered standout results, achieving record operating margin as Tapestry through fundamental changes to drive long-term, sustainable growth  Non-GAAP Financials. FY21 figures exclude the impact of the additional week in Q4 (full reconciliation in the appendix).  

 © 2021 Tapestry, Inc.  17    Anticipated annual dividend rate of $1.00 per shareGoal to increase dividend at a faster rate than earnings growth over time    Reinstatement of Returns Programs    Announced a plan to return over $750M to shareholders in FY22, underscoring conviction in our ability to drive long-term sustainable gains     DECLARED QUARTERLY CASH DIVIDEND OF $0.25    REINSTATED SHARE REPURCHASE PROGRAM  Expect to repurchase approximately $500 million of stock in FY22 under the current authorization    OVER TIME, WITH FURTHER VISIBILITY INTO THE ENVIRONMENT, WE EXPECT TO MORE AGGRESSIVELY RETURN CASH TO SHAREHOLDERS 

 © 2021 Tapestry, Inc.  18    Capital Allocation Priorities  Committed to driving organic growth, profitability and shareholder value over the long-term  to support strong returns and long-term profitable growth     REINVEST IN THE BUSINESS  through dividends and share repurchases    RETURN CAPITAL TO SHAREHOLDERS  In FY22, our dividend, share repurchase and the repayment of our July 2022 bonds are intended to approximately equal our projected free cash flow  1  2 

 19    REVENUE  Mid-teens growth to ~$6.4B  GROSS MARGIN  Sustained strong margins  SG&A EXPENSE  Growth relatively in-line with sales, reflecting further investments, notably in marketing & Digital  OPERATING MARGIN  Modest expansion vs. prior year; mid-teens operating income growth  NET INTEREST EXPENSE  Approximately $65 million  TAX RATE  Approximately 18.5%  SHARE COUNT  Even with prior year, with share repurchase activity expected to offset dilution  DILUTED EPS  $3.30 to $3.35, reflecting leverage to the bottom line   CAPEX  Approximately $220M, with a focus on store development in China and Digital initiatives  FY22 EXPECTATIONS  Financial Outlook  Initiated financial outlook for accelerated growth and profitability in FY22, reflecting strong underlying business trends  © 2021 Tapestry, Inc.  Non-GAAP Financials. Outlook presented on a comparable 52-week basis. Due to the ongoing dynamic nature of the Covid-19 crisis and lack of visibility, financial results could differ materially from the current outlook due to a number of external events, including the potential for more widespread resurgences of the pandemic globally, further supply chain disruptions including potential production and distribution delays, or increased costs not contemplated in the Company’s estimates.  

 Acceleration Program  © 2021 Tapestry, Inc.  20 

   21  © 2021 Tapestry, Inc.    acceleration  we are accelerating growth & profitabilitywe are accelerating our focus on the consumerwe are accelerating with agility & urgency together  /akˌseləˈrāSH(ə)n/noun  the act of accelerating; increase of speed or velocity.  

 22  © 2021 Tapestry, Inc.    Build significant data and analytics capabilities to drive decision-making and increase efficiencyOffer immersive customer experiences across our e-commerce and social channels Reevaluate the role of stores with an intent to optimize our fleet   Move with greater agilitySimplify internal processesEmpower teams to act quickly to meet the rapidly changing needs of the consumer  Operate with a clearly defined purpose and strategy for each brand and an unwavering focus on the consumer at the core of everything we do      LEVERAGE DATA & LEAD WITH A DIGITAL-FIRST MINDSET      TRANSFORM INTO A LEANER & MORE RESPONSIVE ORGANIZATION      SHARPEN OUR FOCUS ON THE CONSUMER  The Acceleration Program is focused on better meeting the needs of our customers  RESULTING IN ACCELERATING GROWTH & ENHANCED PROFITABILITY ACROSS THE PORTFOLIO 

 23  © 2021 Tapestry, Inc.    Acceleration Program: 4Q Highlights  Non-GAAP Financials.  Continued to deliver an increase in number of repeat transactions versus prior year and reactivated lapsed customers across brands  Drove high-single digit revenue gains with Chinese consumers globally compared to pre-pandemic levels   Effectively reduced SKU counts by approximately 40% and improved assortment productivity, supported by data and analytics, resulting in strong overall AUR and gross margin  Optimized global fleet with 59 net closures in FY21 compared to FY20; Achieved $200 million of gross expense savings in FY21 through a streamlined organization and operating structure and remain on track to realize gross run-rate savings of $300 million in FY22  Recruited over 900,000 new customers through our e-commerce channels in North America, resulting in nearly 4 million new customers for the fiscal year, representing gains versus prior year 

 SUSTAINABLE GAINSSustainably higher AUR and significant gross margin expansionImproved SKU productivity, in turn increasing inventory turn and providing clearer messages to consumers$300M in gross run-rate SG&A savings targeted for FY22, which, will help to fund investments in high-growth areas  FOUNDATIONAL CHANGESReduced total SKU counts by 40-45% across brands for the fiscal yearImplemented tighter inventory management; inventory turn now tied to compensationRaised profitability threshold of stores; focused on optimizing the fleet, resulting in 59 net closures in FY21Streamlined organization and operating structureContinued to embed and utilize data across the organization to increase agility and responsiveness, notably through optimized assortment planning, informed pricing decisions and door clustering efforts  © 2021 Tapestry, Inc.  24  The foundational changes we have made through our Acceleration Program are fueling profit gains & structurally higher margins…       

         © 2021 Tapestry, Inc.  25  …and we are transitioning to a period of sustainable, demand-driven revenue and profit growth to fully unlock the flywheel  Channels  Products  Brands  DRIVING RECRUITMENT OF NEW CUSTOMERS  INCREASING RETENTION AND LIFETIME VALUE OF EACH CUSTOMER      Revenue & Profit Growth    Purpose-ledAccessible luxury  Design-forwardFocused assortmentInformed by data  Direct to consumer modelOutsized opportunity in China & digital 

   © 2021 Tapestry, Inc.  26        CONSUMER INSIGHTS  GLOBALLY DIVERSIFIED SUPPLY CHAIN  DIGITAL INFRASTRUCTURE & CAPABILITIES  ACCESS TO GLOBAL TALENT  TAPESTRY’S DIFFERENTIATED PLATFORM PROVIDES:  Tapestry is an enabling platform that enhances opportunities for our brands 

 © 2021 Tapestry, Inc.  27  “We delivered standout results in Fiscal 2021 – a transformational year for Tapestry. Through our Acceleration Program, we sharpened our focus on the consumer, leaned into digital and data and became a more agile organization. Overall, we remain confident in our ability to accelerate growth and profitability across our portfolio long-term, enhancing value for all stakeholders .”   JOANNE CREVOISERAT, CHIEF EXECUTIVE OFFICER 

 Overview by Brand  © 2021 Tapestry, Inc.  28 

 © 2021 Tapestry, Inc.  29   

   © 2021 Tapestry, Inc. 

 © 2021 Tapestry, Inc.  Being genuine and real has always been part of our ethos and part of the impact we make. Today, our customers seek meaningful connection and something real. This can only happen when they feel like they can be their true selves. Over time, we’ve learned that courage is contagious, and that when you are vulnerable enough to be yourself, you inspire others to do the same. Today the need in the world we fulfill is to inspire the… Courage to be real.  OUR VISION 

 © 2021 Tapestry, Inc.  32  As of FY21. FY21 revenue figure excludes the impact of the additional week in Q4 (full reconciliation in the appendix).   50+  COUNTRIES  9,900  EMPLOYEES  DIRECTLY OPERATED STORES  939  NET SALES  $4.2B 

 © 2021 Tapestry, Inc.  33  Coach Revenue Breakdown    As of FY21.  Direct to consumer focused brand with diversified product categories & geographies  Women’s handbags 

 © 2021 Tapestry, Inc.  34  Coach FY22 Growth Strategies    GROW MEN’S  Expand lifestyleBuild brand awarenessIncrease presence in AsiaDeliver revenue of $1B in the category over the planning horizon  CONTINUE TO DRIVE GROWTH IN CHINA  Capitalize on market trends of the emerging middle class and increased digitalizationDrive brand heat and increase awareness through investment dedicated capsules and marketing activations  INVEST AND GROW IN DIGITAL  Deliver differentiated and compelling omni-channel experiencesPioneer innovative formats to sustain digital leadership and recruit younger customers  INCREASE MARKET SHARE  Drive AUR and unit growthContinue to develop iconic familiesEmphasize approachable and inclusive messaging and consistent global positioning  

 © 2021 Tapestry, Inc.  35   

 © 2021 Tapestry, Inc.  JOY COLORS LIFESince its launch in 1993 with a collection of six essential handbags, Kate Spade New York has always been colorful, bold and optimistic. Today it is a global lifestyle brand that designs extraordinary things for the everyday, delivering seasonal collections of handbags, ready-to-wear, jewelry, footwear, gifts, home décor and more. Known for its rich heritage and unique brand DNA, Kate Spade New York offers a distinctive point of view and celebrates communities of women around the globe who live their perfectly imperfect lifestyles.  OUR VISION 

 38  40+  COUNTRIES  4,000  EMPLOYEES  DIRECTLY OPERATED STORES  407  NET SALES  $1.2B  As of FY21. FY21 revenue figure excludes the impact of the additional week in Q4 (full reconciliation in the appendix).  

 © 2021 Tapestry, Inc.  39  Kate Spade Revenue Breakdown    As of FY21.  Opportunity to build out handbag offering, while maximizing positioning as a lifestyle brand 

 © 2021 Tapestry, Inc.  40  Kate Spade FY22 Growth Strategies    MAXIMIZE LIFESTYLE POSITIONING  Strengthen the foundation of ready-to-wear, footwear and jewelry  GROW DIGITAL  Improve omni-channel experience and store productivityElevate strong digital platform to engage customers through a full brand expression   DRIVE BRAND HEAT  Reinforce brand messaging through unique, best-in-class storytelling on a multi-category platformDeploy marketing focused on our Kate Spade community, particularly in social channels  CONTINUE TO BUILD OUT CORE PRODUCT PLATFORMS  Amplify recent product introductions  MAINTAIN A CONSUMER-CENTRIC APPROACH  Fulfill our promise as a lifestyle brand representing joy, optimism and colorEngage newly acquired, re-activated and existing customers to drive higher lifetime value 

 © 2021 Tapestry, Inc.  41   

 42 

 © 2021 Tapestry, Inc.  43  Stuart Weitzman shoes are designed for high fashion and high function. Known for over 35 years for its artisanal Spanish craftsmanship and precisely-engineered fit, the luxury footwear brand inspires women around the world to shine with confidence with every step.  OUR VISION 

 44    30+  COUNTRIES  800  EMPLOYEES  DIRECTLY OPERATED STORES  104  NET SALES  $280M  As of FY21. FY21 revenue figure excludes the impact of the additional week in Q4 (full reconciliation in the appendix).  

 © 2021 Tapestry, Inc.  45    As of FY21.  Remain focused on key geographies & channels with a compelling footwear assortment  STUART WEITZMAN REVENUE BREAKDOWN 

 © 2021 Tapestry, Inc.  46  STUART WEITZMAN FY22 GROWTH STRATEGIES    FUEL CONTINUED GROWTH IN CHINA  Expand our footprint and further invest in digitalIncrease cultural relevance with dedicated capsules  ACCELERATE WHOLESALE PARTNERSHIPS  Build upon momentum in FY21Continue to expand footprint in key accounts  DRIVE BRAND HEAT  Emphasize consistent content and cultural relevance anchored in key stylesWin share of voice with high-impact talent and culturally relevant moments  RECRUIT AND ENGAGE CUSTOMERS  Create product that sparks desireFocus on ‘must-have’ launches, featuring icons, key items and capsule collectionsLean into bridal and dress categories as in-person socialization begins to return  RETURN TO PROFITABILITY  Build on momentum to realize operating incomeFocus on high-growth areas, including Digital and China Leverage foundational changes made in FY21 

 Our Social FabricCorporate Responsibility Strategy & 2025 Goals  © 2021 Tapestry, Inc.  47 

 Corporate Responsibility Strategy & Goals  Built on our values, our 2025 Corporate Responsibility strategy & 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.  © 2021 Tapestry, Inc.  48  OUR PEOPLE. OUR PLANET. OUR COMMUNITIES. 

 49  Introduced New, Bold ESG Commitments  Combating climate change and advancing equity and opportunity through newly established $50 million Tapestry Foundation  Tying 10% of Tapestry leadership’s annual incentive compensation to equity, inclusion and diversity goals beginning in FY22   Providing all global employees one paid volunteer day per year  Doubling the scale of our prior 2025 goal to give workers in factories across our supply chain access to empowerment programs, increasing reach to 100,000 people  Committing to 100% renewable electricity in Tapestry’s stores, offices and fulfillment centers by 2025 

   © 2021 Tapestry, Inc.  50  2025 GOALSBuild 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.  Our People  OUR SOCIAL FABRIC  1 

   51  RECENT MILESTONESBeginning in September 2021, all U.S. Tapestry employees will earn a wage of at least $15 per hour. Established four Employee Resource Groups (ERGs), including our newest ERG, The Asian Heritage Alliance. Maintained a Board of Directors with ethnic, gender and nationality diversity. 92% of store managers, 97% of leadership and 96% of U.S. Corporate teams completed eLearning on inclusion.Recognized on the Forbes 2020 Best Employers for Diversity List for the third consecutive year. Achieved sixth consecutive score of 100 on the Human Rights Campaign Corporate Equality Index; designated as a Best Place to Work for LGBTQ Equality.   OUR SOCIAL FABRIC  Our People  1 

   52  2025 GOALSAchieve 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.  Photo courtesy of Friends of the High Line.  OUR SOCIAL FABRIC  Our Planet  2 

   53  RECENT MILESTONESInitiated supply chain mapping and began working towards achieving 95% traceability and mapping of raw materials.Achieved 87% landfill diversion for corporate and distribution center locations.Sourced 67% of leather from Leather Working Group Silver- and Gold-rated tanneries, with 94% achieving a PASS or higher.Repaired 28,258 Coach products – roughly 85% of all products sent to the brand – and partnered with graduate students to research the lifecycle impact of extending the life of products through repair and design.   OUR SOCIAL FABRIC  Our Planet  2 

   © 2021 Tapestry, Inc.  54  2025 GOALSDedicate 100,000 volunteer service hours completed by our employees around the globe.Give $75M in financial and product donations to nonprofit organizations globally.Provide 100,000 people crafting Coach, kate spade new york and Stuart Weitzman products access to empowerment programs during the workday.  OUR SOCIAL FABRIC  Our Communities  3 

   55  RECENT MILESTONESCommitted more than $28 million in charitable giving from Tapestry, its brands, the Coach Foundation and the kate spade new york foundation in fiscal 2020, which included over $10.5 million for Covid-19 global relief and recovery efforts. In FY21, employees volunteered over 31,000 hours, bringing the cumulative total to over 42,000 hours since establishing the goal in 2019. Matched $350,000 in charitable donations through our Foundations’ employee matching gift program.Supported 55 organizations addressing racial and social justice issues through the Company’s 2:1 employee charitable matching gifts program.  OUR SOCIAL FABRIC  Our Communities  3 

 Appendix  © 2021 Tapestry, Inc.  57 

 © 2021 Tapestry, Inc.  58  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 impacting comparability related to the CARES Act Tax Impact in fiscal 2021, Impairment costs and Acceleration Program costs in fiscal 2021 and 2020, and ERP Implementation and Organization-related and Integration charges in fiscal 2020. The Company has also presented the impact of the 14th week for the fourth quarter of fiscal year 2021 on revenue, gross profit, SG&A and operating income for the Company and each segment, and earnings per diluted share for the Company. 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.    

 © 2021 Tapestry, Inc.  59  GAAP to non-GAAP reconciliation  For the quarter ended July 3, 2021    in millions, except per share data; unaudited  GAAP BASIS(AS REPORTED)  IMPAIRMENT  ACCELERATION PROGRAM  NON-GAAP BASIS(EXCLUDING ITEMS)  Coach  $898.0  $8.1  $—  $889.9  Kate Spade  221.0  —  —  221.0  Stuart Weitzman  47.1  —  —  47.1   Gross profit(1)  1,166.1  8.1  —  1,158.0            Coach  519.3  —  0.7  518.6  Kate Spade  185.8  —  0.1  185.7  Stuart Weitzman  50.1  —  (1.2)  51.3  Corporate  151.2  —  21.3  129.9   Selling, general and administrative expenses  906.4  —  20.9  885.5            Coach  378.7  8.1  (0.7)  371.3  Kate Spade  35.2  —  (0.1)  35.3  Stuart Weitzman  (3.0)  —  1.2  (4.2)  Corporate  (151.2)  —  (21.3)  (129.9)   Operating income (loss)  259.7  8.1  (20.9)  272.5            Provision for income taxes  42.4  2.0  (2.2)  42.6  Net income (loss)  199.8  6.1  (18.7)  212.4  Net income (loss) per diluted common share  0.69  0.02  (0.07)  0.74  (1) Adjustments within Gross profit are recorded within Cost of sales. 

 © 2021 Tapestry, Inc.  60    in millions, except per share data; unaudited  NON-GAAP BASIS(EXCLUDING ITEMS)  COACH  KATE SPADE  STUART WEITZMAN  CORPORATE  NON-GAAP BASIS(EXCLUDING ITEMS & 14TH WEEK)  Net revenue  $1,615.4  $67.7  $21.7  $3.3  $—  $1,522.7  Gross profit  1,158.0  50.3  13.3  2.0  —  1,092.4  Selling, general and administrative expenses  885.5  21.7  8.6  1.8  3.5  849.9  Operating Income  272.5  28.6  4.7  0.2  (3.5)  242.5  EPS  0.74  —  —  —  —  0.65  (1) Adjustments within Gross profit are recorded within Cost of sales.  FY21 14th Week Impact on Q4 Results(Non-GAAP) 

 © 2021 Tapestry, Inc.  61  GAAP to non-GAAP reconciliation  For the year ended July 3, 2021    (1) Adjustments within Gross profit are recorded within Cost of sales.  in millions, except per share data; unaudited  GAAP BASIS(AS REPORTED)  CARES ACT TAX IMPACT  IMPAIRMENT  ACCELERATION PROGRAM  NON-GAAP BASIS(EXCLUDING ITEMS)  Coach  $3,149.0  $—  $8.1  $—  $3,140.9  Kate Spade  768.4  —  —  —  768.4  Stuart Weitzman  164.5  —  —  —  164.5   Gross profit(1)  4,081.9  —  8.1  —  4,073.8              Coach  1,836.9  —  20.4  21.9  1,794.6  Kate Spade  659.9  —  19.3  4.4  636.2  Stuart Weitzman  173.1  —  6.1  (2.5)  169.5  Corporate  444.0  —  —  65.8  378.2   Selling, general and administrative expenses  3,113.9  —  45.8  89.6  2,978.5              Coach  1,312.1  —  (12.3)  (21.9)  1,346.3  Kate Spade  108.5  —  (19.3)  (4.4)  132.2  Stuart Weitzman  (8.6)  —  (6.1)  2.5  (5.0)  Corporate  (444.0)  —  —  (65.8)  (378.2)   Operating income (loss)  968.0  —  (37.7)  (89.6)  1,095.3              Provision for income taxes  63.1  (95.0)  (7.8)  (17.6)  183.5  Net income (loss)  834.2  95.0  (29.9)  (72.0)  841.1  Net income (loss) per diluted common share  2.95  0.31  (0.10)  (0.23)  2.97 

 © 2021 Tapestry, Inc.  62  GAAP to non-GAAP reconciliation  For the quarter ended June 27, 2020    (1) Adjustments within Gross profit are recorded within Cost of sales.  in millions, except per share data; unaudited  GAAP BASIS(AS REPORTED)  ERP IMPLEMENTATION  ORGANIZATION-RELATED & INTEGRATION COSTS  IMPAIRMENT  ACCELERATION PROGRAM  NON-GAAP BASIS(EXCLUDING ITEMS)  Coach  $381.0  $—  $—  $—  $—  $381.0  Kate Spade  106.5  —  —  —  —  106.5  Stuart Weitzman  11.4  —  —  —  (8.4)  19.8   Gross profit(1)  498.9  —  —  —  (8.4)  507.3                Coach  412.0  —  0.6  58.8  18.5  334.1  Kate Spade  175.2  —  (1.0)  26.2  13.6  136.4  Stuart Weitzman  92.4  —  (0.1)  32.0  17.6  42.9  Corporate  99.3  4.9  1.8  —  28.9  63.7   Selling, general and administrative expenses  778.9  4.9  1.3  117.0  78.6  577.1                Coach  (31.0)  —  (0.6)  (58.8)  (18.5)  46.9  Kate Spade  (68.7)  —  1.0  (26.2)  (13.6)  (29.9)  Stuart Weitzman  (81.0)  —  0.1  (32.0)  (26.0)  (23.1)  Corporate  (99.3)  (4.9)  (1.8)  —  (28.9)  (63.7)   Operating income (loss)  (280.0)  (4.9)  (1.3)  (117.0)  (87.0)  (69.8)                Provision for income taxes  (7.0)  (0.3)  15.7  6.2  (8.4)  (20.2)  Net income (loss)  (293.8)  (4.6)  (17.0)  (123.2)  (78.6)  (70.4)  Net income (loss) per diluted common share  (1.06)  (0.02)  (0.06)  (0.45)  (0.28)  (0.25) 

 © 2021 Tapestry, Inc.  63  GAAP to non-GAAP reconciliation  For the year ended June 27, 2020    (1) Adjustments within Gross profit are recorded within Cost of sales.  in millions, except per share data; unaudited  GAAP BASIS(AS REPORTED)  ERP IMPLEMENTATION  ORGANIZATION-RELATED & INTEGRATION COSTS  IMPAIRMENT  ACCELERATION PROGRAM  NON-GAAP BASIS(EXCLUDING ITEMS)  Coach  $2,411.6  $—  $(0.1)  $(61.9)  $—  $2,473.6  Kate Spade  682.9  —  (1.2)  (32.3)  —  716.4  Stuart Weitzman  144.8  —  (4.3)  (9.8)  (8.4)  167.3   Gross profit(1)  3,239.3  —  (5.6)  (104.0)  (8.4)  3,357.3                Coach  1,822.2  —  0.5  116.7  18.5  1,686.5  Kate Spade  782.2  —  0.1  92.9  13.6  675.6  Stuart Weitzman  766.2  —  (2.0)  526.7  17.6  223.9  Corporate  419.5  28.5  29.2  —  28.9  332.9   Selling, general and administrative expenses  3,790.1  28.5  27.8  736.3  78.6  2,918.9                Coach  589.4  —  (0.6)  (178.6)  (18.5)  787.1  Kate Spade  (99.3)  —  (1.3)  (125.2)  (13.6)  40.8  Stuart Weitzman  (621.4)  —  (2.3)  (536.5)  (26.0)  (56.6)  Corporate  (419.5)  (28.5)  (29.2)  —  (28.9)  (332.9)   Operating income (loss)  (550.8)  (28.5)  (33.4)  (840.3)  (87.0)  438.4                Provision for income taxes  27.9  (6.0)  3.8  (55.3)  (8.4)  93.8  Net income (loss)  (652.1)  (22.5)  (37.2)  (785.0)  (78.6)  271.2  Net income (loss) per diluted common share  (2.34)  (0.08)  (0.13)  (2.82)  (0.28)  (0.97) 

XML

Document and Entity Information	Aug. 19, 2021
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Aug. 19, 2021
Entity Registrant Name	Tapestry, Inc.
Entity Incorporation, State or Country Code	MD
Entity File Number	001-16153
Entity Tax Identification Number	52-2242751
Entity Address, Address Line One	10 Hudson Yards
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10001
City Area Code	212
Local Phone Number	946-8400
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Entity Central Index Key	0001116132
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	TPR
Security Exchange Name	NYSE