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美國

證券交易委員會

華盛頓特區20549

表格 10-Q

☑          根據1934年證券交易法第13或15(d)節的季度報告 

截至季度末2024年9月28日

或

☐          根據1934年證券交易法第13或15(d)節的轉型報告書 

委託文件號碼：1-16153

Tapestry, Inc.

(根據其章程規定的註冊人準確名稱)

馬里蘭州						52-2242751
（設立或組織的其他管轄區域）						（納稅人識別號碼）

10 Hudson Yards, 紐約, NY。 10001

(主要行政辦公室地址); (郵政編碼) 

(212) 946-8400

(註冊人電話號碼，包括區號) 

在法案第12(b)條的規定下注冊的證券：

每種類別的證券

交易代碼

每個交易所的名稱

每股面值爲$0.01的普通股

TPR

請使用moomoo賬號登錄查看New York Stock Exchange

2025年到期的5.350%高級票據

TPR25A

請使用moomoo賬號登錄查看New York Stock Exchange

到期日2027年的5.375%高級票據

TPR27A

請使用moomoo賬號登錄查看New York Stock Exchange

到期日2031年的5.875%高級票據

TPR31

請使用moomoo賬號登錄查看New York Stock Exchange

請勾選以下選項以指示註冊人是否在過去12個月內(或在註冊人需要提交此類報告的較短時間內)已提交證券交易法1934年第13或15(d)條所要求提交的所有報告，並且在過去90天內已受到此類報告提交要求的影響。☑ Yes ☐ 否

請在以下勾選方框表示註冊人是否已在Regulation S-T Rule 405規定的前12個月(或在註冊人需要提交此類文件的較短期間內)提交了每個互動數據文件。☑ Yes ☐ 否

勾選標記表明報告人是大型加速申報人，加速申報人，非加速申報人，更小的報告公司還是新興成長公司。有關「大型加速公告申報人、加速公告申報人，更小的報告公司和新興成長公司」的定義，請參見《交易法》規則120億2。

大型加速報告人

☑

加速報告人

☐

非加速文件提交人

☐

較小的報告公司

☐

新興成長公司

☐

如果是新興成長型企業，請勾選複選標記，表明註冊者已選擇不使用延長過渡期來符合根據證券交易法第13(a)條規定提供的任何新財務會計準則。 ☐

請打勾表明註冊人是否爲殼公司（根據證券交易法規則12b-2定義）。 ☐是☑否

2024年6月4日，Realty Income公司（以下簡稱「公司」）發佈了一份新聞稿，公佈了截至2024年12月31日更新的收益和投資成交量預測。新聞稿的副本作爲Exhibit 99.1附在此，作爲本報告的一部分。此報告的Exhibit 99.1作爲第7.01項目，根據8-K表格的規定提供，不視爲1934年證券交易法第18條的「報告文件」，無論此後公司做出的任何註冊文件，也不管任何這類文件的一般包含語言，都不作爲參考依據。2024年10月25日註冊人持有未行使的普通股份，這是註冊人唯一的普通股類別。 233,035,750 未行使的普通股份數，這是註冊人唯一的普通股類別。

---

TAPESTRY, INC.

指數

						頁碼
第一部分 — 財務信息（未經審計）
第 1 項。			財務報表：
			簡明合併資產負債表			1
			簡明合併運營報表			2
			綜合收益（虧損）簡明合併報表			3
			簡明合併現金流量表			4
			簡明合併財務報表附註			5
第 2 項。			管理層對財務狀況和經營業績的討論和分析			28
第 3 項。			關於市場風險的定量和定性披露			41
第 4 項。			控制和程序			41
第二部分 — 其他信息
第 1 項。			法律訴訟			42
第 1A 項。			風險因素			42
第 2 項。			未註冊的股權證券銷售、所得款項的使用和發行人購買股權證券			42
第 5 項。			其他信息			42
第 6 項。			展品			43
簽名						44

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在這份10-Q表格中，「我們」，「我們的」，「我們的」，「Tapestry」和「公司」指的是包括合併子公司在內的Tapestry，Inc。 「教練」，「凱特·斯派德」，「凱特·絲蓓」，或「斯圖亞特·韋茨曼」的提及僅指所涉及的品牌。

關於前瞻信息的特別說明

本文件及本文件所引用的文件，我們的新聞稿及我們或代表我們不時發表的口頭聲明，可能包含根據聯邦證券法的"前瞻性聲明"，包括1933年證券法第27A條修訂版和1934年證券交易法第21E條修訂版，均基於管理層當前的期望，涉及可能導致我們實際結果與當前期望大不相同的風險和不確定性。在這種背景下，前瞻性聲明通常涉及預期未來業務和財務績效以及財務狀況，並常常包含"可能"，"can"，"如果"，"繼續"，"項目"，"假設"，"應該"，"期望"，"信心"，"目標"，"趨勢"，"預期"，"打算"，"估計"，"進展順利"，"未來"，"處於良好位置以"，"計劃"，"潛力"，"立場"，"交付"，"相信"，"尋求"，"看到"，"將"，"會"，"不確定"，"實現"，"戰略"，"增長"，"目標"，"預測"，"展望"，"承諾"，"創新"，"推動"，"擬收購"，"我們可以挑戰可能的事物"，類似表達，及這些詞的變體或否定形式。前瞻性聲明本質上涉及在不同程度上具有不確定性的事項。這類聲明涉及風險、不確定性和假設。如果這些風險或不確定性成真或這些假設被證明不正確，持有Tapestry，Inc.及其合併子公司的結果可能與這些前瞻性聲明和假設所表達或暗示的結果大不相同。除了歷史事實陳述之外，所有其他陳述均可視爲前瞻性聲明。Tapestry，Inc.不承擔修改或更新任何此類前瞻性聲明的義務，除非法律另有要求。

Tapestry, Inc.的實際結果可能與這些前瞻性聲明所設想的結果有實質不同，並且受到一系列可能導致實際結果與當前期望有實質不同的風險、不確定性、估計和假設影響，包括但不限於：(i)經濟狀況、衰退和通貨膨脹措施的影響；(ii)我們面臨的國際風險，包括貨幣波動和我們銷售或採購產品的市場上經濟或政治狀況的變化；(iii)我們保持品牌價值和及時響應變化時尚和零售趨勢的能力，包括我們執行電子商務和數字策略的能力；(iv)我們成功實施2025年增長策略下的各項舉措的能力；(v)市場上現有和新增競爭對我們的影響；(vi)滿足完成對Capri Holdings有限公司（「Capri」）擬議的收購的前提條件，包括按照期望條件在美國獲得監管批准的能力，完全或及時；(vii)實現收購，包括我們擬議對Capri的收購，預期的預期收益、成本節約和協同效應的能力；(viii)聯邦貿易委員會針對我們和Capri提起的反壟斷訴訟的結果；(ix)我們控制成本的能力；(x)銷售額或營業結果在季度和季度間波動的風險；(xi)網絡安全威脅、隱私或數據安全漏洞的風險；(xii)滿足未償還債務義務的能力或承擔額外債務的可能性；(xiii)氣候變化和其他公司責任問題的風險；(xiv)稅收和其他立法的影響；(xv)潛在國際貿易協議變化和對進口產品徵收額外關稅的風險；(xvi)我們保護商標和其他專有權的能力；以及(xvii)潛在的未來法律訴訟的影響；(xviii)本報告的第II部分，第1A項「風險因素」和本報告中以及截至2024年6月29日財政年度結束的公司年度報告中的其他風險因素並不一定是導致實際結果與我們任何前瞻性聲明所表達的結果有實質不同的所有因素。

 更多資訊可於以下地方找到

通過致電投資者關係部門（212）629-2618，可以獲取tapestry季度財務結果和其他重要信息。

Tapestry在其網站 www.tapestry.com 上進行維護 www.tapestry.com 投資者和其他感興趣的各方可以免費獲取新聞稿和其他信息，並查看我們向SEC提交的定期申報文件。

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TAPESTRY, INC.

簡明合併資產負債表

			9月28日, 2024						6月29日， 2024
			（百萬）
			(未經審計)
資產
流動資產：
現金及現金等價物			$	6,462.9					$	6,142.0
短期投資			842.3						1,061.8
貿易應收賬款，減少信用減值準備$7.1 和 $6.9 的壞賬準備			279.0						228.2
存貨			1,030.8						824.8
應收所得稅			262.8						236.2
預付費用			175.0						170.9
其他資產			92.7						139.8
總流動資產			9,145.5						8,803.7
固定資產淨值（扣除累計折舊$193,557）1,262.3 和 $1,263.3 的壞賬準備			513.0						514.7
經營租賃權使用資產			1,293.6						1,314.4
商譽			1,232.0						1,204.1
無形資產			1,352.0						1,353.6
延遲所得稅			47.0						44.1
其他			145.8						161.7
資產總額			$	13,728.9					$	13,396.3
負債和股東權益
流動負債:
應付賬款			$	544.0					$	452.2
應計負債			708.6						656.3
經營租賃負債流動部分			297.8						299.7
當前債務			303.4						303.4
流動負債合計			1,853.8						1,711.6
長期債務			7,008.3						6,937.2
長期經營租賃負債			1,196.0						1,224.2
延遲所得稅			247.0						251.3
其他負債			441.9						375.1
負債合計			10,747.0						10,499.4
請參閱承諾和或可能負債的備註14
股東權益：
優先股：（已授權 25.0 百萬股; $0.01 每股面值) 無已發行股數			—						—
普通股: (授權 1.0 十億股; $0.01 每股面值)已發行並流通 - 233.0500萬股，並且總成本（包括佣金和消費稅）分別爲$230.2分別爲3,670.7萬股和3,682.2萬股			2.3						2.3
股本溢價			3,789.0						3,762.7
1,102.0			(617.0)						(722.2)
累計其他綜合收益(虧損)			(192.4)						(145.9)
股東權益合計			2,981.9						2,896.9
負債和股東權益合計			$	13,728.9					$	13,396.3

請參閱附註。

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掛毯, INC.

簡明合併利潤表

			三個月已結束
			9月28日 2024						九月三十日 2023
			（百萬，每股數據除外）
			（未經審計）
淨銷售額			$	1,507.5					$	1,513.2
銷售成本			372.6						415.5
毛利潤			1,134.9						1,097.7
銷售、一般和管理費用			882.9						844.5
營業收入（虧損）			252.0						253.2
利息支出，淨額			30.7						13.3
其他費用（收入）			(4.4)						1.4
所得稅準備金前的收入（虧損）			225.7						238.5
所得稅準備金（福利）			39.1						43.5
淨收益（虧損）			$	186.6					$	195.0
每股淨收益（虧損）：
基本			$	0.81					$	0.85
稀釋			$	0.79					$	0.84
用於計算每股淨收益（虧損）的股份：
基本			231.5						228.3
稀釋			235.9						232.5

請參閱附註。

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tapestry, INC.

綜合總結的簡明總合報表

綜合收益（損失）

			結束於三個月的期間
			九月二十八日, 2024						九月三十日， 2023
			（百萬）
			（未經審計）
凈利潤（損失）			$	186.6					$	195.0
其他綜合損益（稅後淨額）：
现金流量套期工具衍生工具未实现收益（亏损）净额			(47.7)						31.3
可供出售投資的未實現收益（損失），淨額			2.4						—
外匯轉換調整			(1.2)						3.3
其他綜合收益（損失）- 稅後			(46.5)						34.6
綜合收益（損失）			$	140.1					$	229.6

參見附註。

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tapestry, INC.

簡明財務報表現金流量表

			結束於三個月的期間
			九月二十八日, 2024						九月三十日， 2023
			（百萬）
			（未經審計）
營運活動提供的現金流量（增加）減少
凈利潤（損失）			$	186.6					$	195.0
調整，以將凈利潤調整為經營活動產生的凈現金流量：
折舊與攤提			40.9						44.3
坏账准备			0.3						0.4
基於股份的報酬			19.1						19.7
雲計算服務商之攤銷			14.0						13.4
推延所得稅			12.2						36.6
與租賃相關資產負債的變化，凈值			(10.3)						(11.5)
其他非現金費用，淨值			(20.8)						4.5
營運資產和負債的變化：
交易應收帳款			(53.7)						(55.6)
存貨			(181.4)						(29.8)
應付賬款			92.9						(28.4)
應計負債			32.0						(62.0)
其他負債			(0.8)						(8.2)
其他資產			(11.5)						(43.1)
營運活動之淨現金提供（使用）量			119.5						75.3
投資活動提供的現金流量（用途）
投資購買			(1,479.2)						(1.9)
到期和出售投資的收益			1,694.9						—
購買不動產和設備			(25.6)						(20.9)
投資活動提供的（使用的）淨現金			190.1						(22.8)
融資活動提供的現金流量（用途）
支付股息			(81.4)						(80.2)
發行債務成本支付			—						(31.4)
股份獎酬的收益			41.7						0.4
償還債務			—						(6.3)
支付稅款以淨結算股份獎勵			(34.5)						(31.6)
融資租賃負債支付			(0.3)						(0.3)
籌資活動提供的淨現金			(74.5)						(149.4)
匯率變動對現金及現金等價物的影響			85.8						(7.1)
現金及現金等價物的淨（減少）增加額			320.9						(104.0)
期初現金及現金等價物餘額			6,142.0						726.1
期末現金及現金等價物			$	6,462.9					$	622.1
補充資訊：
支付所得稅淨額的現金			$	64.8					$	41.9
支付利息的現金			$	24.0					$	27.3
非現金投資活動 - 物業和設備負債			$	18.2					$	10.2

參見附註。

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tapestry, INC.

 

基本報表註記

(未經查核)

1. 業務性質

Tapestry, Inc.（"公司"）是一家擁有標誌性配飾和生活方式品牌的公司。我們全球的品牌之家匯聚了Coach、kate spade new york和Stuart Weitzman的魔力。我們每個品牌都是獨特和獨立的，同時致力於通過獨特產品和不同尋常的客戶體驗在業務渠道和地理位置上的創新和真實性。我們利用我們集體的優勢來感動我們的客戶，支持我們的社區，使時尚行業更具可持續性，建立一家公平、包容和多元化的公司。就品牌而言，我們的每個品牌都是標誌性的。我們可以一起擴展可能性。

Coach、Kate Spade和Stuart Weitzman部門包括透過我們直接面向消費者（"DTC"）、批發和許可業務向客戶全球銷售產品。

2. 報告基礎及組織架構

中期基本報表

這些未經審核的中期總合財務報表已根據證券交易委員會（"SEC"）的規則和規定編製。在管理層的意見中，這些縮短的總合財務報表包含了呈現公司中期期間的簡明綜合財務狀況、營運成果、綜合收益（虧損）和現金流量所需的所有正常和經常性調整。此外，根據SEC的規則和規定，本報告中通常包含的部分信息和腳註披露已經被縮短或從中省略，這是被允許的。然而，公司認為本文提供的披露足以防止所呈現的信息具有誤導性。本報告應與公司截至2024年6月29日結束的年度報告中包含的經審計的綜合財務報表及相關附註一同閱讀，以及其他已向SEC提交的申報文件一同閱讀。

2024年9月28日結束的三個月內營運、現金流量和全面收益的結果，並不能必然反映整個財政年度預期的結果，該財政年度將在2025年6月28日結束（"2025財年"）。

財政期間

公司使用一個以最接近6月30日的星期六結束的52-53周會計年度。 2025財年將是一個52周的時間段。 2024財年於2024年6月29日結束，也是一個52周的時間段。 2025財年的第一季度於2024年9月28日結束，而2024財年的第一季度則於2023年9月30日結束，兩者皆為13周的時間段。

估計的使用

根據美國GAAP準則編製基本報表需要管理階層進行估計和假設，這些估計和假設會影響簡明綜合基本報表和相關附註中所報告的金額。實際結果可能與估計不同，差異金額可能對基本報表具有重大影響。

準備簡明合併財務報表時所包含的重要估計項目包括 用於存貨實現價值的保留金; 資產養老責任; 顧客退貨、季末降價和營運扣款; 有形及無形長期資產的使用年限和減值; 收入稅的會計處理及相關的不確定稅務處境; 業務組合的會計處理; 股票報酬獎勵和預計的沒收率的估值; 重組的保留金; 以及訴訟和其他潛在負債的保留金，等等。

合併原則

這些未經審計的暫時綜合基本報表包括了公司及所有完全擁有及控制的子公司的帳戶。所有子公司間交易和餘額在匯總中被消除。

股份回購

公司通過將回購價格劃分為普通股和留存盈餘來記錄股票回購。根據馬里蘭州法律，公司的成立地，沒有庫藏股。所有回購股票均為已授權但未發行的股票；這些股份將來可能用於一般企業和其他目的。公司可以隨時終止或限制股票回購計劃。公司根據交易日期為股票回購計劃購買的股份計提相應費用。公司的普通股的購買是通過公開市場購買進行的，包括根據第10b5-1條款的購買協議。淨股票回購的增值稅記錄在留存盈餘中作為股東權益的一部分。

5

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tapestry, INC.

 

簡明綜合財務報表附註（續）

供應商融資計劃

為提高我們的營運資金效率，本公司為某些供應商提供自願性供應鏈融資（「SCF」）計劃，讓我們的供應商以利用我們的信貸評級的利率將其從公司的應收款項出售給全球金融機構。本公司無法透過 SCF 計劃向全球金融機構再融資或修改付款條款。本公司或我們的任何附屬公司在 SCF 計劃下不提供任何保證。公司的付款義務，包括到期金額和付款條款，一般不超過 90 天數，不受供應商參與計劃的影響。 截至二零二四年九月二十八日和二零二四年六月二十九日，美元396.4百萬和美元294.9百萬元分別與合資格參與該公司的 SCF 計劃的供應商有關，並在簡明綜合資產負債表上的應付帳款中顯示。

重新分類

為符合本期財務資訊，先前期間的財務資訊已經重新分類。 與公司的雲計算安排相關的攤銷費為$13.4在2023年9月30日結束的三個月內，其他資產中的百萬美元已被重新歸類為公司簡明綜合現金流量表內的雲計算安排攤銷。

3. 最近的會計公告

最近公佈的會計準則

2023年11月，財務會計準則委員會（"FASB"）發布了ASU No. 2023-07，"報告分部（主題280）：改進可報告分部披露"，旨在通過加強對重要分部費用的披露，從而改進可報告分部披露要求。修訂將要求上市公司披露經常提供給首席營運決策者並包含在分部損益中的重要分部費用。修訂將於2025年財政年度起生效，並於2026年財政年度開始的中期內生效，允許提前採用，並將追溯應用於在基本報表中呈現的所有先前期間。公司目前正在評估該ASU，以判斷其對公司的披露的影響。

FASB於2023年12月發布ASU No. 2023-09，《所得稅（主題740）：改善所得稅披露》，其中包括進一步增強所得稅披露的修訂，主要通過對稅率協調類別和按司法管轄區支付的所得稅的標準化和分解。 修訂適用於公司於2026財政年度開始的年度期間，允許提前採納，並應採用適用於前瞻性或追溯性的方式。 公司目前正在評估ASU，以判斷對公司披露的影響。

4. 營業收入

公司主要從其品牌產品的銷售中認識營業收入，透過直接到客消費業務（包括門店和電子商務網站），以及批發業務。公司還通過與商標授權相關的版稅以及輔助業務渠道的銷售賺取營業收入。在所有情況下，營業收入是在將應承諾產品或服務的控制轉移給客戶時確認，這可能是在一個時間點或隨著時間的推移。當客戶獲得指導使用和獲得產品或服務的幾乎所有剩餘好處的能力時，控制就被轉移。確認的營業收入金額是公司預期應得的對價金額，其中包括可能在考慮中創造變動性的銷售條款的估計。受變動性影響的營收受到限制，以確保未來期間當變動性引發的不確定性解決時不會產生顯著逆轉。

公司已選擇一個實際選擇權，即在與原始期限為一年或更短，或與基於銷售的特許權安排相關的可變酬金相關的合同結束時尚未完成的剩餘履約義務無需披露。除了上述討論過的未來最低特許權金以外，沒有其他合同將交易價格分配給尚未完成的履約義務，這些履約義務不重要。

公司選擇的其他實用豁免措施包括：（i）假定在一年或更短時間內的任何合同中不存在重大的融資要素，（ii）將貨物運輸和處理列為SG&A費用內的一種履行活動，無論出貨時間與控制轉移的時機如何，以及（iii）將銷售和增值稅從交易價格中排除。

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直接面對消費者

公司在其零售店內，包括特許專櫃內的商店，在顧客獲得產品實體所有權時，即在銷售點確認營業收入。通過公司的電子商務網站訂購產品的數位營業收入，是在產品運送後由顧客收貨和簽收時確認，包括由顧客支付的運費和處理費。零售和數位營業收入扣除估計退貨後淨額，根據歷史經驗開發預期值來估計。銷售點應支付款項。

公司發行的禮品卡在被顧客兌換之前被記為負債，此時才認列營業收入。公司還使用歷史資訊來估計永遠不會被兌換的禮品卡餘額的金額，並按比例按實際顧客兌換的時間認列該金額作為營業收入，如果公司沒有法律義務向任何司法管轄區支付未兌換的禮品卡作為無人認領的財產。

公司的某些零售運營使用銷售激勵計劃，例如客戶忠誠計劃和發行優惠券。忠誠計劃為客戶提供獲得額外產品的實質權利，並導致公司擁有單獨的履行義務。此外，公司銷售的某些產品包括保證保固，不被視為單獨的履行義務。這些計劃在個別和整體上都是不重要的。

批發

公司在營業渠道內確認營業收入的時間是在產品運輸時所有權轉移且損失風險轉移給顧客的時候，通常是在產品運輸點，但在特定情況下也可能是顧客收到運輸的產品時。付款一般是在運輸後幾天到期。批發營業收入根據退貨、折扣、季末減價、合作廣告津貼以及提供給客戶的其他考量的估計淨額予以記錄。折扣根據與客戶的合同條款，而合作廣告津貼和其他考量可能基於合同條款或視情況逐案協商。退貨和折扣通常需要公司批准，並根據歷史趨勢、當季結果以及批發地點的庫存擺放、當前市場和經濟狀況以及在某些情況下的合同條款進行估計。公司對這些變量金額的歷史估計與實際結果沒有實質差異。 30 天從發票日期計算，被視為商業合理。 90 ，設在運輸後幾天到期。批發營業收入根據退貨、折扣、季末減價、合作廣告津貼以及提供給客戶的其他考量的估計淨額予以記錄。折扣根據與客戶的合同條款，而合作廣告津貼和其他考量可能基於合同條款或視情況逐案協商。退貨和折扣通常需要公司批准，並根據歷史趨勢、當季結果以及批發地點的庫存擺放、當前市場和經濟狀況以及在某些情況下的合同條款進行估計。公司對這些變量金額的歷史估計與實際結果沒有實質差異。

許可

公司在授權期間內逐步認列授權營業收入，許可商獲准存取公司商標。這些安排要求許可商支付基於銷售的特許權使用費，並且可能包括按合約保證的最低特許權使用費金額。根據合約保證的最低特許權使用費金額順均認列為特許權年收入，任何超額的基於銷售的特許權使用費在達到最低特許權保證門檻後即認列為已取得之收入。客戶的支付通常按季度到期，金額基於許可商在期間內銷售帶有特許商標的貨品，可能與期間內記錄的營業收入金額不同，因而產生合約資產或負債。與授權安排相關的合約資產和負債以及合約成本很小，因為授權業務約佔總淨銷售額的 1於2024年9月28日結束的三個月內，這些授權業務佔總營業額的

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獨立淨銷售額

以下表格將公司的淨銷售額分解為各個地理區域，以描繪經濟因素可能如何影響所呈現期間的收入和現金流量。 每個呈現的地理區域都包括與公司直營渠道、全球旅行零售業務以及在指定地理區域內的批發客戶（包括經銷商）相關的淨銷售額。

			北美						大中華區(1)						其他亞洲(2)						其他(3)						總計
			(百萬)
截至二零二四年九月二十八日止三個月
教練			$	689.0					$	213.9					$	174.4					$	93.3					$	1,170.6
凱特·斯佩德			219.6						10.5						29.5						23.6						283.2
斯圖爾特·魏茨曼			39.6						9.7						—						4.4						53.7
總計			$	948.2					$	234.1					$	203.9					$	121.3					$	1,507.5
截至二零二三年九月三十日止三個月
教練			$	686.5					$	220.3					$	175.2					$	75.4					$	1,157.4
凱特·斯佩德			240.2						10.8						30.6						21.6						303.2
斯圖爾特·魏茨曼			34.7						13.5						0.4						4.0						52.6
總計			$	961.4					$	244.6					$	206.2					$	101.0					$	1,513.2

(1)大中華包括中國大陸、臺灣、香港特別行政區和澳門特別行政區。

(2)其他亞洲包括日本，馬來西亞，澳洲，新西蘭，韓國，新加坡和亞洲其他國家。

(3)其他銷售主要代表公司在歐洲、中東的銷售以及來自公司許可合作伙伴的版稅收入。

遞延收入

遞延收入是指在承諾的商品或服務轉移之前，收到或應收的客戶現金支付，通常包括未兌換的禮品卡，減去已確認的折舊。額外的遞延收入可能來自基於銷售的特許權使用費支付，這些支付超過了合同期間確認的營業收入。截至2024年9月28日和2024年6月29日，此類金額的餘額爲$40.0 百萬美元和美元45.5 百萬，分別主要記錄在公司的濃縮合並資產負債表中的應計負債中，預計一般將在一年內確認收入。截至2024年9月28日的三個月內，確認的淨銷售額爲$12.7 百萬，這些金額是截至2024年6月29日記錄爲遞延收入的。截至2023年9月30日的三個月內，確認的淨銷售額爲$14.6百萬，這些金額是截至2023年7月1日記錄爲遞延收入的。

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5. 收購

capri holdings有限公司合併協議

本公司於 2023 年 8 月 10 日，由本公司、Tapestry（「合併子公司」）直接全資附屬公司（「合併子公司」）和卡普里控股有限公司（「卡普里」）之間簽訂合約和合併計劃（「合併協議」）。根據該合併協議的條款，Tapestry 已同意收購 Capri 的任何及全部普通股（除外）Capri 普通股（除外）在完成收購前立即發行和流出的 Capri 普通股，並且由公司或 Capri 或其任何其持有的收購完成之前立即發行和未償還的 Capri 普通股已適當行使異議者權利的持有人，以及誰已遵守英屬維爾京群島 2004 年英屬維爾京群島商業公司法（經修訂）第 179 條），以現金購買價格為 $57.00 每股，不含利息，須根據合併協議規定的任何必要預扣稅。企業價值預計約為 $8.50億元（「卡普里收購」）。2023 年 10 月 25 日，卡普里股東特別大會上，卡普里的股東批准了合併協議及其計劃的交易。除美國以外，本公司已獲得所有適用司法管轄區的監管機構批准。2024 年 4 月 22 日，FTC 向美國紐約南區地區法院針對該公司和卡普里提出投訴，旨在命令 Capri 收購的完成。FTC 的投訴指稱，Capri 收購如果完成，則違反《克萊頓法》第 7 條，並且合併協議和卡普里收購構成違反聯邦貿易委員會法例第 5 條的不良競爭方式，並應該被命令。審訊於 2024 年 9 月 9 日展開，並於 2024 年 10 月 24 日，法院發出意見和命令，批准 FTC 就合併發出初步令的要求，等待有關本質的行政審議，該審議計劃於 2024 年 12 月 9 日開始。2024 年 10 月 28 日，該公司和卡普里就 2024 年 10 月 24 日的意見和命令提出上訴通知。2024 年 11 月 6 日，美國第二巡回上訴法院發出一項命令，設定了對美國紐約南區地區法院批准合併初步令的決定提出上訴的快速簡報時間表。如需進一步資訊，請參閱註 16「後續事件」。

為了融資卡普里收購，該公司於 2023 年 11 月 27 日發行 $4.50十億元高級無抵押債券（「卡普里收購美元高級債券」）及歐元1.50 數十億歐元計價高級無抵押債券（「卡普里收購歐元高級債券」，以及卡普里收購美元高級債券，以「卡普里收購高級債券」），以及美元1.40於 2023 年 8 月 30 日執行的十億元延期抽取無抵押定期貸款機構（「Capri 收購定期貸款設施」），完成了 Capri 收購的預期融資。直到交易結束前，本公司將保留發行 Capri 收購高級債券的現金及現金等價債券及短期投資所得款項。如果 (i) Capri 收購在 2025 年 2 月 10 日前尚未完成（或公司與 Capri 之間同意之後的日期）（該日期為「特別強制贖回結束日期」），(ii) Capri 特別強制性贖回結束日期之前，合併協議將根據其條款終止或 (iii) 公司以其他方式通知受託人不會追求 Capri 收購的完成，全部收購高級債券將以相等於以下的贖回價格兌換 101其本金額的百分比，加上特別強制贖回日期但不包括特別強制贖回日期的累計及未付利息。有關我們現金等價和短期投資的進一步詳細資訊，請參閱附註 13「投資」和附註 12「公平價值評估」，以及附註 11「債務」，以取得有關我們與 Capri 收購有關現有債務工具的更多資訊。

與Capri收購相關，公司在2024年9月28日至2023年9月30日三個月內，分別因與融資相關的費用及專業費用而產生了預稅費用。70.8百萬和$26.3在2024年9月28日及2023年9月30日结束的三个月内，公司分别发生了「」和「」百万美元的税前费用，主要与融资相关费用和专业费用有关。

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簡明綜合財務報表附註（續）

6. 商譽及其他無形資產

商譽

公司商譽按部門的攤銷金額變動如下：

			教練						凱特·斯佩德						斯圖爾特·魏茨曼(1)						總計
			(百萬)
二零二四年六月二十九日的餘額			$	578.0					$	626.1					$	—					$	1,204.1
外匯影響			23.2						4.7						—						27.9
二零二四年九月二十八日結餘			$	601.2					$	630.8					$	—					$	1,232.0

(1)    金額已扣除截至2024年9月28日和2024年6月29日之前的累積商譽減損費用$210.7百萬。

無形資產

無形資產包括以下項目：

			2024年9月28日																		2024年6月29日
			毛  Carrying 金額						資產 Amort.						淨值						毛  Carrying 金額						積累。 攤銷。						淨值
			（百萬）
無形資產需按摊销处理：
客戶關係			$	100.3					$	(58.1)					$	42.2					$	100.3					$	(56.5)					$	43.8
受攤銷影響之無形資產總額			100.3						(58.1)						42.2						100.3						(56.5)						43.8
無形資產不受攤提影響:
商標和商號			1,309.8						—						1,309.8						1,309.8						—						1,309.8
無形資產總額			$	1,410.1					$	(58.1)					$	1,352.0					$	1,410.1					$	(56.5)					$	1,353.6

公司明確壽命無形資產的攤銷費用為$1.6百萬和$1.6百萬美元，分別為截至2024年9月28日和2023年9月30日的三個月。

截至 2024年9月28日預期的無形資產攤銷費用如下：

			攤銷費用
			（百萬）
2025財政年度的餘額			$	4.9
2026財年			6.5
財政2027年			6.5
財政2028年			6.5
財政2029年			6.5
2030財政年度及以後			11.3
總計			$	42.2

上述預期攤銷費用反映了剩餘的使用ful壽命約為 5.5 天從發票日期計算，被視為商業合理。 7.8 年，對於客戶關係。

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7. 股東權益

下面呈現股東權益對賬表：

			持有股票數量 Common 股票						普通股						額外的 實收資本 資本						留存盈利 / (累積赤字)						累計 其他 綜合 收入（損失）						總計 股东权益 股權
			（以百萬為單位，除每股數據外）
2023年7月1日的結餘			227.4						$	2.3					$	3,682.2					$	(1,216.8)					$	(189.9)					$	2,277.8
凈利潤（損失）			—						—						—						195.0						—						195.0
其他全面收益（損失）			—						—						—						—						34.6						34.6
根據股票報酬安排而發行的股份，扣除為繳納稅款而扣留的股份			1.8						—						(31.2)						—						—						(31.2)
基於股份的報酬			—						—						19.7						—						—						19.7
分派的股息 ($0.35 每股)			—						—						—						(80.2)						—						(80.2)
2023年9月30日結餘			229.2						$	2.3					$	3,670.7					$	(1,102.0)					$	(155.3)					$	2,415.7
			持有股票數量 Common 股票						普通股						額外的 實收資本 資本						留存盈利 / (累積赤字)						累計 其他 綜合 收入（損失）						總計 股东权益 股權
			（以百萬為單位，除每股數據外）
2024年6月29日餘額			230.2						$	2.3					$	3,762.7					$	(722.2)					$	(145.9)					$	2,896.9
凈利潤（損失）			—						—						—						186.6						—						186.6
其他全面收益（損失）			—						—						—						—						(46.5)						(46.5)
按股票報酬安排發行的股份，扣除用於繳納稅款的股份			2.8						—						7.2						—						—						7.2
基於股份的報酬			—						—						19.1						—						—						19.1
分派的股息 ($0.35 每股)			—						—						—						(81.4)						—						(81.4)
2024年9月28日結餘			233.0						$	2.3					$	3,789.0					$	(617.0)					$	(192.4)					$	2,981.9

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截至所示日期，累積其他綜合損益（"AOCI"）的元件如下:

			現金未實現收益（損失） 資金流向 避險衍生工具(1)						未實現收益 （損失）可供出售投資 持有至到期日出售投資收益（損失）						累計 翻譯 調整(2)												總計
			（百萬）
2023年7月1日餘額			$	34.9					$	—					$	(224.8)											$	(189.9)
其他綜合收益（虧損）（未考慮重新分類前）			31.5						—						3.3												34.8
其他綜合收益累計重分類至損益的金額減少			0.2						—						—												0.2
本期其他綜合損益			31.3						—						3.3												34.6
2023年9月30日的餘額			$	66.2					$	—					$	(221.5)											$	(155.3)
2024年6月29日結餘			$	57.1					$	(0.2)					$	(202.8)											$	(145.9)
其他全面收益（損失）在重新分類之前			(35.4)						2.9						2.7												(29.8)
減：從已實現其它全面收益調入收益的金額			12.3						0.5						3.9												16.7
本期其他綜合損益			(47.7)						2.4						(1.2)												(46.5)
2024年9月28日結餘			$	9.4					$	2.2					$	(204.0)											$	(192.4)

(1)    現金流量避險相關的AOCI結餘已扣除$（0.82023年12月31日和2024年9月30日，避險債務的攜帶金額分別為($)十億和($)十億美元。7.5）百萬的稅金分別截至2024年9月28日和2023年9月30日。從AOCI重新分類的金額已扣除$（0.6分別為2023年6月30日和2024年結束的三個月，淨所得稅（收益）支出分別為 $0.6 ）百萬的稅金，分別截至2024年9月28日和2023年9月30日。

(2)    關於公司對某些外國運營的標明為標的工具之公允價值相關的AOCI結餘，包括外幣翻譯調整，截至2024年9月28日，虧損為$56.3 百萬，在考慮$百萬的稅後淨額後，11.6 百萬的收益和損失。25.9 在2023年9月30日分別為虧損$百萬，考慮稅後淨額($5.8)百萬。

8. 衍生工具和套期保值活動

公司大部分的成品採購以美元計價，從而限制了公司對外幣匯率波動的交易影響風險。然而，公司在將美元庫存銷售給國外營運子公司以本地貨幣，以及與各種跨貨幣公司間貸款和應付款項有關的外幣兌換風險。公司還面臨外幣風險，涉及其對外國子公司的淨投資美元價值的變化。公司使用衍生金融工具來管理這些風險。這些衍生交易符合公司的風險管理政策。公司不會進行具有投機性或交易性目的的衍生交易。

公司將所有衍生合約的公平價值記錄在簡明綜合賬冊資產負債表上。外匯衍生品的公平價值基於結算基礎特定指數的遠期曲線，並包括對交易對手或公司信用風險的調整。在估計公平價值方面，管理層需要做出判斷。不同市場假設或方法的使用可能會影響估計的公平價值。

對於符合避險會計標準的現金流量衍生工具，這些工具的公允價值變動會被認列為AOCI的一部分直到避險項目於收入中認列。對於被指定為淨投資避險的衍生工具，這些工具的公允價值變動被認列為AOCI的一部分，在避險終止時，直到淨投資被出售或清算仍保留在AOCI中。

公司進入的每一項符合避險會計要求的衍生工具都預期在降低與被避險暴露相關的風險方面具有高度效果。對於每一個指定為避險的衍生工具，

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公司文件相關風險管理目標和策略，包括對避險工具、被避險項目和風險敞口的確認，以及避險效能將如何在工具期間評估。公司至少每季評估和記錄避險工具已經且預計保持高效率，以實現公允價值或現金流變化的抵消程度。

如果確定衍生工具未能有效進行避險且將繼續無法有效進行避險以避風險的指定部位，避險會計將停止並進一步增加（虧損）以外幣增益（虧損）或利息收入（費用）中承認。在停止避險會計時，現金流動衍生工具的公允價值累計變動之前錄入入其他綜合損益者，在相關的被避險項目影響淨利之時認可，符合原始避險策略，除非預期交易不再可能發生，在這種情況下，累計金額將立即在以外幣增益（虧損）或利息收入（費用）中認可。

對於未被指定為避險的外幣衍生金融工具，其公平價值變動將通過收益來記錄。這些變動通常抵銷特定基礎資產和負債的重估。

由於衍生工具的使用，公司可能面臨交易對手未能履行合約義務的風險。為了減輕這種交易對手信用風險，公司採取了只與嚴格選擇的金融機構簽訂合約的政策，該政策是基於對其信用評級等因素的評估。

公司衍生工具的公平價值以毛額記載於其簡明綜合賬冊負債表上。就現金流量報告而言，公司將衍生工具結算所收到的款項或支付的金額歸類為與被對沖的相關項目相同方式，主要在營運活動現金中。

避險投資組合

公司主要進行遠期貨幣合約，主要是為了降低其與以外貨計價的存貨交易，以及各種跨貨幣的公司間貸款和應付款項的匯率波動相關的風險。這主要包括對日圓、人民幣和歐元匯率波動的敞口。在其指定為現金流量避險工具的衍生合約在很大程度上有效地抵消了投資對象價值變動時，相關的收益（損失）最初被推遲計入權益占據的綜合損益表中，後來在被避險的存貨採購成本的一部分中在營業成本內被認列，當相關存貨被賣給第三方時。當前到期日由2024年10月至2026年6月。未被指定為公司間和其他合同義務的遠期外幣兌換合約在公司簡明綜合損益表的其他費用（收益）中被認列。截至2024年9月28日，大多數工具的到期日範圍從2024年11月至2024年12月，如果相關餘額尚未結清，這些合約通常在到期時得到續訂。

公司還進行跨貨幣掉期以減少與外國子公司的淨投資相關的匯率波動風險，包括我們在歐元計價子公司、日幣計價子公司和人民幣計價子公司的淨投資，抵禦美元與其當地貨幣之間的匯率未來波動。相關的收益（虧損）被推遲至AOCI，直到該淨投資被出售或清算，目前到期日期從2027年11月至2032年3月。

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以下表格提供了有關公司衍生工具的相關信息，該信息記錄於2024年9月28日和2024年6月29日的公司簡明合併資產負債表上：

			名義價值									衍生資產												衍生負債
															公平價值												合理價值
			2024年9月28日						2024年6月29日			綜合資產負債表分類			2024年9月28日						2024年6月29日			合併資產負債表分類			2024年9月28日						2024年6月29日
			（百萬）
指定衍生對沖工具：
FC - 存貨採購(1)			$	732.1					$	764.6		其他流動資產			$	14.2					$	58.2		應計負債			$	8.7					$	2.2
淨投資避險(2)			1,590.0						1,450.0			其他流動資產及其他資產(4)			16.4						32.2			應計負債及其他負債(5)			202.5						139.4
指定避險工具總額			$	2,322.1					$	2,214.6					$	30.6					$	90.4					$	211.2					$	141.6
非指定避險工具：
FC - 子公司間負債和貸款(3)			309.7						348.2			其他流動資產			0.2						0.1			應計負債			0.5						2.6
總避險資產			$	2,631.8					$	2,562.8					$	30.8					$	90.5					$	211.7					$	144.2

(1)代表作為現金流量避險關係中指定的衍生工具的外匯遠期合約（"FC"）的外幣兌換合約。

(2)代表將跨貨幣掉期匯率期貨合約（"CCS"）和貨幣期權（"FC"）指定為淨投資避險關係中的衍生工具。

(3)代表未指定為避險工具的外幣遠期貨幣兌換合約（"FC"）。

(4)截至2024年9月28日，公司記錄了$10.3百萬位於其他流動資產，$6.1百萬位於其他資產。截至2024年6月29日，公司記錄了$11.6百萬位於其他流動資產，$20.6百萬位於其他資產。

(5)截至2024年9月28日，公司在應計負債中記錄了$4.9百萬，而在其他負債中記錄了$197.6百萬。截至2024年6月29日，公司在應計負債中記錄了$2.2百萬，而在其他負債中記錄了$137.2百萬。

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以下的表格提供了截至2024年9月28日和2023年9月30日，公司指定之衍生工具對其簡明合併基本報表的税前收益和虧損的影響。 2023年9月30日：

			在衍生工具中認列於其他綜合收益中的利益（損失）金額
			結束於三個月的期間
			2024年9月28日						2023年9月30日
			（百萬）
現金流量避險：
庫存採購(1)			$	(36.7)					$	19.9
利率期貨 (2)			—						15.6
總現金流量避險			$	(36.7)					$	35.5
其他：
淨投資避險(3)			(79.9)						34.8
其他總計			$	(79.9)					$	34.8
總避險			$	(116.6)					$	70.3

						由其他綜合收益重新分類至損益之金額（虧損）
						營運報告 分類						結束於三個月的期間
												2024年9月28日						2023年9月30日
												（百萬）
現金流量避險：
庫存採購(1)						銷貨成本						$	13.4					$	3.7
利率期貨(2)						其他收益（費用）						(0.5)						(4.1)
現金流量避險總額												$	12.9					$	(0.4)
其他：
淨投資避險(3)						利息收入（費用）						$	4.6					$	—
其他總計
總避險												$	17.5					$	(0.4)

(1)代表作為現金流量避險關係中指定的衍生工具的外匯遠期合約（"FC"）的外幣兌換合約。

(2)代表在現金流動避險關係中指定為衍生工具的利率遠期合約（"IC"）。

(3)代表著被指定為净投资套期保值关系中衍生工具的跨货币互换合约（"CCS"）和以贴现外汇合约（"FC"）作为元件的远期外汇合约，其公允价值变动和被排除元件的定期摊销之间的差异记录在AOCI内。

公司預計，貨幣兌換匯率相關的$12.6將於2024年9月28日之後的下一年重新分類為收入，這包括存貨採購和利率期貨所產生的淨衍生收益金額。由於外匯匯率波動，此金額將有所變化。

公司根據即期法評估作為淨投資避險的跨貨幣掉期和遠期匯率合約。這導致跨貨幣掉期的跨貨幣基準價差和遠期匯率合約的即期匯率與遠期匯率之間的差異被排除在避險效能評估之外，並記錄為公司簡明綜合營運報表中利息費用減少的費用。因此，公司記錄了$6.1百萬和$7.2 萬的淨利息收入在截至2024年9月28日的三個月內 2023年9月30日，均未發行和流通，分別為。

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9. 每股盈利

基本每股凈利潤是通過將凈利潤除以期間內流通股份加權平均數來計算。稀釋每股凈利潤的計算方式類似，但包括來自股票期權和限制性股票單位行使以及其他潛在發生稀釋效應的工具，僅在此類效應根據庫藏股法則潛在地導致稀釋的期間內。

以下是加權平均股份的和解以及基本與稀釋每股收益的計算：

			結束於三個月的期間
			2024年9月28日						2023年9月30日
			（以百萬為單位，除每股數據外）
凈利潤（損失）			$	186.6					$	195.0
加權平均基本股份			231.5						228.3
可稀釋證券：
稀釋證券的影響			4.4						4.2
加權平均稀釋股份			235.9						232.5
每股凈收益：
基礎			$	0.81					$	0.85
稀釋			$	0.79					$	0.84

每股收益金額根據未取整數計算。在報告期內，期權購買公司普通股的行使價格高於普通股平均市價的，屬於非稀釋性，因此未納入稀釋凈利潤（損失）每股計算。此外，公司尚有未實現的限制性股票單位獎，只能在實現特定績效目標時發行。基於績效的限制性股票單位獎只有在報告期結束時（i）已滿足基礎績效條件和任何適用的市場條件調整數量，或者（ii）如果報告期結束時被視為已滿足並且結果在庫藏股法中是稀釋的情況下，根據庫藏股法納入稀釋股份計算。截至2024年9月28日和2023年9月30日，分別尚有n百萬和m百萬股額外股份可股份期權行使和基於績效的限制性股票單位獎現金支付，這些股份在稀釋股份計算中被排除。2.1 百萬和 3.7 百萬股，此外，尚有m百萬股，分別可通過行使非稀釋期權和基於績效的限制性股票單位獎現金支付而增加，這些股份未納入稀釋股份計算。

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10. 分享基於股份的補償

下表顯示了公司在所示期間的綜合損益表中承認的股份報酬支出和相關稅收優惠。

			結束於三個月的期間
			2024年9月28日						2023年9月30日
			（百萬）
股份報酬費用			$	19.1					$	19.7
與股份報酬支出相關的所得稅收益			3.6						3.7

期權

截至2024年9月28日的三個月內股票期權活動的摘要如下：

			數量 期權 傑出
			(百萬)
截至2024年6月29日的未償還款項			8.2
授予			1.0
行使			(0.6)
註銷或失效			(0.1)
截止到2024年9月28日			8.5

截至2024年9月28日和2023年9月30日的三個月內授予的期權的加權平均授予日期公允價值爲$12.06 和$10.51，分別。 每個期權授予的公允價值在授予日使用黑朔期權定價模型和以下加權平均假設進行估計：

			2024年9月28日						2023年9月30日
預期期限（年）			4.9						4.9
預期波動率			40.9		%				44.7		%
無風險利率			3.8		%				4.5		%
分紅收益率			3.5		%				4.1		%

基於服務的限制性股票單位獎勵（"RSUs"）

截至2024年9月28日的三個月內，基於服務的限制性股票單元（RSU）活動的總結如下：

			數量 未歸屬限制性股票單位
			(百萬)
截至2024年6月29日未歸屬			5.2
授予			1.8
歸屬數量			(2.1)
被註銷數量			(0.1)
截至2024年9月28日未歸屬			4.8

The weighted-average grant-date fair value of share awards granted during the three months ended September 28, 2024 and September 30, 2023 was $40.65 and $33.70, respectively.

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Notes to Condensed Consolidated Financial Statements (continued)

Performance-based Restricted Stock Unit Awards ("PRSUs")

A summary of PRSU activity during the three months ended September 28, 2024 is as follows:

			Number of Non-vested PRSUs
			(millions)
Non-vested at June 29, 2024			1.2
Granted			0.3
Change due to performance condition achievement			—
Vested			(0.3)
Forfeited			(0.1)
Non-vested at September 28, 2024			1.1

PRSU獎勵中包含的非獲授金額是基於特定公司的財務指標。由於業績控件的變化對非獲授金額的影響在業績週期結束時確認，這可能與獎勵獲得的日期不同。

截至2024年9月28日和2023年9月30日的三個月內授予的PRSU獎勵的加權平均授予日公允價值每股爲$40.66 和$33.64，分別。

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簡明綜合財務報表附註（續）

11. 債務

下表總結了公司未償還債務的元件：

			9月28日 2024						6月29日， 2024
			(百萬)
當前債務：
4.250% 2025年到期高級票據			$	303.4					$	303.4
當前總債務			$	303.4					$	303.4
長期債務：
美元指數高級票據:
7.050% 2025年到期高級票據			$	500.0					$	500.0
7.000% 2026年到期高級票據			750.0						750.0
4.125% 2027年到期的高級票據			396.6						396.6
7.350% 2028年到期的高級票據			1,000.0						1,000.0
7.700% 2030年到期的高級票據			1,000.0						1,000.0
3.050% 2032年到期的高級票據			500.0						500.0
7.850% 2033年到期高級票據			1,250.0						1,250.0
EUR高級票據：
5.350% EUR 2025年到期高級票據(1)			558.3						535.6
5.375% EUR 2027年到期高級票據(1)			558.3						535.6
5.875% EUR 2031年到期高級票據(1)			558.3						535.6
長期債務總額			7,071.5						7,003.4
減：高級票據尚未攤銷的折扣和債務發行成本			(63.2)						(66.2)
長期債務總額，淨額			$	7,008.3					$	6,937.2

(1)Capri收購EUR高級債券的賬面價值包括對美國美元與歐元匯率變化的影響。 賬面金額包括了美國美元對歐元匯率變化的影響。

在截至2024年9月28日和2023年9月30日的三個月內，公司確認了與未償債務相關的利息支出爲$123.2 百萬和$22.3分別爲百萬。

Capri Holdings Limited 收購

爲了爲卡普里收購提供資金，公司於2023年11月27日發行了4.50 十億美元的卡普里收購美元高級票據和1.50 十億歐元的卡普里收購EUR高級票據，它們與1.40 於2023年8月30日執行的十億美元的延期提款卡普里收購定期貸款設施一起，完成了卡普里收購的預期融資。有關更多信息，請參閱附註5，"收購"。

橋樑設施

關於我們進入合併協議，公司於2023年8月10日與美國銀行、摩根士丹利高級融資公司及其他承諾方簽署了一份承諾函，提供一份 364天 總本金最高達美元指數的高級無擔保橋接貸款額度（"橋接貸款"），用於支付Capri收購的購買價格及相關費用。8.00在進入Capri收購定期貸款信貸協議（如下所定義）後，由於與Capri收購定期貸款設施（如下所定義）相關的承諾，橋接貸款承諾減少至6.60美元指數。在2023年11月，隨着公司發行約6.10美元指數的Capri收購高級票據，橋接貸款被終止。請參見下面的"Capri收購美元指數高級票據"和"Capri收購EUR高級票據"段落。

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Notes to Condensed Consolidated Financial Statements (continued)

Capri Acquisition Term Loan Facilities

On August 30, 2023, the Company entered into a definitive credit agreement (such agreement, the "Capri Acquisition Term Loan Credit Agreement") whereby Bank of America, N.A, as administrative agent, and the other agents party thereto, and a syndicate of banks and financial institutions have committed to lend the Company, subject to the satisfaction or waiver of the conditions set forth in the Capri Acquisition Term Loan Credit Agreement, the Capri Acquisition Term Loan Facilities consisting of a $1.05 billion unsecured term loan facility maturing three years after the term loans thereunder are borrowed (the “Three-Year Term Loan Facility”) and a $350.0 million term loan facility maturing five years after the term loans thereunder are borrowed (the “Five-Year Term Loan Facility”). The Company plans to use borrowings under the Capri Acquisition Term Loan Facilities to pay a portion of the consideration for the Capri Acquisition and to pay related fees and expenses.

Borrowings under the Capri Acquisition Term Loan Facilities bear interest at a rate per annum equal to, at the Company’s option, either (a) an alternate base rate or (b) a rate based on the forward-looking Secured Overnight Financing Rate ("SOFR") term rate administered by CME Group Benchmark Administration Limited (or any successor administrator) plus, in each case, an applicable margin. The applicable margin will be adjusted by reference to a grid based on the ratio of (a) consolidated debt (with certain customary deductions for unrestricted cash and permitted investments) to (b) consolidated EBITDAR. The applicable margin will initially be (x) in the case of the Three-Year Term Loan Facility, 0.250% for base rate loans and 1.250% for SOFR loans and (y) in the case of the Five-Year Term Loan Facility, 0.375% for base rate loans and 1.375% for SOFR loans. Additionally, the Company will pay a ticking fee of 0.15% on the average daily amount of the unused commitments of the Capri Acquisition Term Loan Facilities. There were no outstanding borrowings on the Capri Acquisition Term Loan Facilities as of September 28, 2024.

$2.00 Billion Revolving Credit Facility

On August 30, 2023, pursuant to that certain Amendment No. 1 to Credit Agreement (the "Amendment"), the Company amended its Existing Credit Agreement (as defined below), originally dated as of May 11, 2022, among the Company, as borrower, certain of our subsidiaries, as guarantors, Bank of America, N.A., as administrative agent, and the financial institutions parties thereto as lenders (the "Existing Credit Agreement", and as amended by the Amendment, the "Amended Credit Agreement"). Under the Amended Credit Agreement, a syndicate of financial institutions and other lenders provided increases to the aggregate commitments to the revolving facility under the Existing Credit Agreement from $1.25 billion to $2.00 billion (the “Revolving Credit Facility”). The Revolving Credit Facility will mature on May 11, 2027.

循環信貸額度下的借款年利率按公司選擇的年利率等於（i）以美元借款的利率，（a）替代基準利率或（b）基於芝加哥商品交易所集團基準管理有限公司（或任何令管理機構滿意的繼任管理人）管理的前瞻性SOFR定期利率，（ii）歐元借款，即歐洲銀行同業拆借利率，（iii) 對於以英鎊借款，英鎊隔夜指數平均參考利率；（iv）對於日語借款日元、東京銀行同業拆借利率，加上每種情況下的適用按金。適用的利潤率將參照網格（「定價網格」）根據（a）合併債務與（b）合併息稅折舊攤銷前利潤的比率進行調整。此外，公司將按循環信貸額度的全額支付按年度利率計算的貸款費用，按季度拖欠的全額支付貸款費用，以及與簽發的信用證有關的某些費用。循環信貸額度可用於爲公司及其子公司的營運資金需求、資本支出、允許的投資、股票購買、分紅和其他一般公司用途（可能包括商業票據備份）提供資金。此外，最高可達 $250數百萬美元的循環信貸額度將按一定資金提供，用於爲Capri收購的收購價格提供資金並支付相關費用和開支。曾經有 不 截至2024年9月28日，循環信貸額度的未償借款。

Capri Acquisition 美元指數高級票據

2023年11月27日，公司發行了美元指數4.50 總本金金額爲億的Capri收購美元指數高級票據，其中包括500.0 百萬美元的總本金金額的 7.050%的高級無擔保票據，2025年11月27日到期， 99.890%的面值（“7.050% 2025年到期的高級票據”），750.0 百萬美元的總本金金額的 7.000$的高級無擔保票據，2026年11月27日到期， 99.803% 面值（“7.000% 2026年到期的高級票據”），$1.00 十億歐元的總本金金額 7.350% 2028年11月27日到期的高級無擔保票據，利率爲 99.724%（7.350% 2028年到期的高級票據”），$1.00 十億歐元的總本金金額 7.700% 2030年11月27日到期的高級票據，利率爲 99.712% 面值（“7.700% 2030 年到期的高級票據”）和 $1.25 十億美元的我們 7.850% 2033 年 11 月 27 日到期的高級票據， 99.475%（“7.850% 2033 年到期的高級票據”）。公司將於每年的 5 月 27 日和 11 月 27 日按半年度支付 Capri 收購美元高級票據的利息，首次支付日期爲 2024 年 5 月 27 日。

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Notes to Condensed Consolidated Financial Statements (continued)

If (i) the Capri Acquisition has not been completed by the Special Mandatory Redemption End Date, (ii) prior to the Special Mandatory Redemption End Date, the Merger Agreement is terminated in accordance with its terms or (iii) the Company otherwise notifies the trustee that it will not pursue the consummation of the Capri Acquisition, all of the Capri Acquisition USD Senior Notes will be redeemed at a redemption price equal to 101% of their principal amount, plus accrued and unpaid interest to, but excluding, the special mandatory redemption date.

Capri Acquisition EUR Senior Notes

On November 27, 2023, the Company issued €1.50 billion aggregate principal amount of Capri Acquisition Senior Notes, consisting of €500.0 million aggregate principal amount of 5.350% senior unsecured notes due November 27, 2025 at 99.878% of par (the “5.350% EUR Senior Notes due 2025”), €500.0 million aggregate principal amount of 5.375% senior unsecured notes due November 27, 2027 at 99.723% of par (the 5.375% EUR Senior Notes due 2027”) and €500.0 million aggregate principal amount of our 5.875% senior unsecured notes due November 27, 2031 at 99.248% of par (the “5.875% EUR Senior Notes due 2031"). The Company will pay interest annually on the Capri Acquisition EUR Senior Notes on November 27 of each year, commencing on November 27, 2024. As of September 28, 2024, the carrying amount for each of the Capri Acquisition EUR Senior Notes was $558.3 million.

If (i) the Capri Acquisition has not been completed by the Special Mandatory Redemption End Date, (ii) prior to the Special Mandatory Redemption End Date, the Merger Agreement is terminated in accordance with its terms or (iii) the Company otherwise notifies the trustee that it will not pursue the consummation of the Capri Acquisition, all of the Capri Acquisition EUR Senior Notes will be redeemed at a redemption price equal to 101% of their principal amount, plus accrued and unpaid interest to, but excluding, the special mandatory redemption date.

Term Loan due 2027

On May 11, 2022, pursuant to the Existing Credit Agreement, the Company entered into an unsecured $500.0 million Term Loan (the “Term Loan due 2027”) with a maturity date on May 11, 2027. The Term Loan due 2027 amortizes in an amount equal to 5.000% per annum, with payments made quarterly. Borrowings under the Term Loan due 2027 bear interest at a rate per annum equal to, at the Company’s option, either (i) an alternate base rate or (ii) a term secured overnight financing rate plus, in each case, an applicable margin. The applicable margin will be adjusted by reference to a pricing grid based on the ratio (a) consolidated debt to (b) consolidated EBITDAR. The Company repaid its outstanding borrowings under the Term Loan due 2027 on May 31, 2024.

2025, 2027, 2032 Senior Notes

In March 2015, the Company issued $600.0 million aggregate principal amount of 4.250% senior unsecured notes due April 1, 2025 at 99.445% of par (the "4.250% Senior Notes due 2025"). In June 2017, the Company issued $600.0 million aggregate principal amount of 4.125% senior unsecured notes due July 15, 2027 at 99.858% of par (the 4.125% Senior Notes due 2027"). In December 2021, the Company completed a cash tender offer for $296.6 million and $203.4 million of the outstanding aggregate principal amount under its 4.250% Senior Notes due 2025 and 4.125% Senior Notes due 2027, respectively. In addition, in December 2021, the Company issued $500.0 million aggregate principal amount of 3.050% senior unsecured notes due March 15, 2032 at 99.705% of par (the "3.050% Senior Notes due 2032").

China Credit Facility

On May 20, 2024, the Company entered into a short-term credit facility (“China Credit Facility”) with Citibank, which may be used to fund general working capital needs, not to exceed 12 months, and is subject to annual renewal. The China Credit Facility provides the Company with a maximum facility amount of up to RMB 250.0 million (approximately $35.7 million), which includes a loan of up to RMB 85.0 million (approximately $12.1 million), a bank guarantee facility of up to RMB 15.0 million (approximately $2.2 million) and Accounts payable financing of up to RMB 150.0 million (approximately $21.4 million). As of September 28, 2024, there were no borrowings, bank guarantees or Accounts Payable financing outstanding under the China Credit Facility.

Debt Covenants

Under the terms of our debt facilities, we must comply with certain restrictions limiting the Company’s ability to among other things: (i) incur certain indebtedness, (ii) create certain liens, (iii) enter into certain sale and leaseback transactions, (iv) make certain investments or payments and (v) merge, or consolidate or transfer, sell or lease all or substantially all of the Company’s assets.

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Notes to Condensed Consolidated Financial Statements (continued)

Under the Amended Credit Agreement, we are required to comply on a quarterly basis with a maximum net leverage ratio of 4.00:1.00. After giving effect to the Capri Acquisition, the Company is will be required under the Amended Credit Agreement and the Capri Acquisition Term Loan Credit Agreement to comply on a quarterly basis with a maximum net leverage ratio of (i) from and including the closing date of the Capri Acquisition to but excluding June 28, 2025, 4.75 to 1.00, (ii) from and including June 28, 2025 to but excluding June 27, 2026, 4.50 to 1.00, and (iii) from and including June 27, 2026 and thereafter, 4.00 to 1.00. As of September 28, 2024, we were in compliance with these restrictions and covenants, have met such financial ratios and have met all debt payment obligations.

Fair Value Considerations

The following table shows the estimated fair values of the senior unsecured notes at September 28, 2024 and June 29, 2024 based on external pricing data, including available quoted market prices of the instruments, and consideration of comparable debt instruments with similar interest rates and trading frequency, among other factors, and are classified as Level 2 measurements within the fair value hierarchy:

			September 28, 2024						June 29, 2024
			(millions)
USD Senior Notes:
4.250% Senior Notes due 2025			$	301.6					$	300.2
7.050% Senior Notes due 2025			510.6						508.1
7.000% Senior Notes due 2026			778.1						770.7
4.125% Senior Notes due 2027			390.6						378.2
7.350% Senior Notes due 2028			1,052.8						1,036.5
7.700% Senior Notes due 2030			1,074.2						1,042.9
3.050% Senior Notes due 2032			430.0						402.9
7.850% Senior Notes due 2033			1,358.5						1,311.3
EUR Senior Notes:
5.350% EUR Senior Notes due 2025(1)			570.3						543.8
5.375% EUR Senior Notes due 2027(1)			580.2						550.8
5.875% EUR Senior Notes due 2031(1)			586.0						556.4

(1)The fair values of the Capri Acquisition EUR Senior Notes include the impact of changes in the exchange rate of the United States Dollar against the Euro.

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簡明綜合財務報表附註（續）

12. 公允價值計量

公司將其資產和負債根據估值技術的輸入優先級分類爲以下三個級別的公允價值層次結構。這三個層級的定義如下：

第一級 — 在活躍市場中對相同資產或負債的未調整報價。

第2級 - 可觀察的輸入，除了第1級中的報價價格。第2級輸入包括非活躍市場中相同資產或負債的報價價格、活躍市場中相似資產或負債的報價價格，以及對於資產或負債的整個有效期幾乎都可觀察到的報價以外的輸入。

第三級 — 表現管理層自己假設的不可觀察的輸入，反映在對資產或負債定價中。公司沒有任何第三級投資。

下表顯示了公司在2024年9月28日和2024年6月29日的金融資產和負債的公允價值計量：

			一級												二級
			9月28日 2024						6月29日， 2024						9月28日 2024						6月29日， 2024
			(百萬)
資產：
現金等價物(1)			$	703.6					$	437.4					$	—					$	29.7
短期投資:
定期存款(2)			—						—						0.6						0.6
商業票據(2)			—						—						778.0						865.2
企業債務證券 - 美國(2)			—						—						45.0						—
政府證券 - 美國(2)			—						178.2						—						—
其他			—						—						18.7						17.8
長期投資:
其他			—						—						1.3						1.3
衍生資產:
與庫存相關的工具(3)			—						—						14.2						58.2
淨投資對沖(3)			—						—						16.4						32.2
公司間貸款和應付款(3)			—						—						0.2						0.1
負債：
衍生負債:
與庫存相關的工具(3)			—						—						8.7						2.2
淨投資對沖(3)			—						—						202.5						139.4
企業間貸款及應付款項(3)			—						—						0.5						2.6

(1)現金等價物通常包括貨幣市場基金和期限在購買日期爲 或以下的定期存款。 三個月 由於其開空到期，管理層認爲其賬面價值接近公平價值。

(2)開空期投資以公允價值記錄，公允價值接近其賬面價值，主要基於活躍市場中報價的供應商或經紀人定價證券。

(3)The fair value of these hedges is primarily based on the forward curves of the specific indices upon which settlement is based and includes an adjustment for the counterparty’s or Company’s credit risk.

Refer to Note 11, "Debt," for the fair value of the Company's outstanding debt instruments.

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Notes to Condensed Consolidated Financial Statements (continued)

Non-Financial Assets and Liabilities

The Company’s non-financial instruments, which primarily consist of goodwill, intangible assets, right-of-use assets and property and equipment, are not required to be measured at fair value on a recurring basis and are reported at carrying value. However, on a periodic basis whenever events or changes in circumstances indicate that their carrying value may not be fully recoverable (and at least annually for goodwill and indefinite-lived intangible assets), non-financial instruments are assessed for impairment and, if applicable, written-down to and recorded at fair value, considering market participant assumptions. There were no impairment charges recorded during the three months ended September 28, 2024 or three months ended September 30, 2023.

13. INVESTMENTS

The following table summarizes the Company’s U.S. dollar-denominated investments, recorded within the Company's Condensed Consolidated Balance Sheets as of September 28, 2024 and June 29, 2024:

			2024年9月28日																		2024年6月29日
			短期						長期(2)						總計						短期						長期(2)						總計
			(百萬)
可供出售的投資：
商業票據(1)			$	778.0					$	—					$	778.0					$	865.2					$	—					$	865.2
國債 - 美國(1)			—						—						—						178.2						—						178.2
公司債務證券 - 美國(1)			45.0						—						45.0						—						—						—
可供出售的投資總計			$	823.0					$	—					$	823.0					$	1,043.4					$	—					$	1,043.4
其他：
定期存款(1)			0.6						—						0.6						0.6						—						0.6
其他			18.7						1.3						20.0						17.8						1.3						19.1
總投資			$	842.3					$	1.3					$	843.6					$	1,061.8					$	1.3					$	1,063.1

(1)截至期末，這些證券的到期日均在各自的財政年度內，且以公允價值記錄。

(2)長期投資在濃縮合並資產負債表內列示於其他資產。

公司在截至2024年9月28日的三個月內確認了 $ 的稅前收益。0.5該收益包含在合併綜合損益表中的其他費用（收入）中。此外，截至2024年9月28日，公司在可供出售投資中還有 $ 的未實現收益，包含在合併綜合收益（損失）表中的綜合收益（損失）中。2.2

總共有 2024財年沒有記錄減值損失。 截至2024年6月29日的可供出售投資的材料毛收入實現和未實現的收益或損失。

14. 承諾和或有事項

capri holdings有限公司合併協議

2023年8月10日，公司簽署了一項合併協議。請參閱第5節，"收購" 以及第16節，"後續事件"以獲取更多信息。

信用證

公司在2024年9月28日和2024年6月29日分別有備用信用證、按金和銀行擔保，總額爲$百萬。28.4 百萬和$28.4這些協議的到期時間不同，直至2039年日曆年，主要用於擔保公司對第三方的義務，包括關稅、租賃、保險索賠和用於產品製造的材料。公司爲所發行的這些工具支付一定的費用。

其他

截至2024年9月28日，公司還有其他合同現金義務與債務償還相關。有關詳細信息，請參閱第11條，"債務"。

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Tapestry, Inc.

 

簡明綜合財務報表附註（續）

公司在普通業務過程中作爲原告和被告參與各種日常法律訴訟，包括保護Tapestry的知識產權的訴訟，因廣告主張或在公司控制範圍內的場所而被指控受害的人的訴訟，合同糾紛，保險索賠以及與現任或前任員工的訴訟。

儘管公司的訴訟可能導致巨額的金錢賠償，例如當民事陪審團被允許判斷補償性和/或懲罰性賠償時，但公司相信所有待決法律程序的最終結果總體上不會對公司的業務或綜合基本報表產生重大影響。

15. 分段信息

公司擁有 三 報告分部：

•Coach - Includes global sales primarily of Coach brand products to customers through our DTC, wholesale and licensing businesses.

•Kate Spade - Includes global sales primarily of kate spade new york brand products to customers through our DTC, wholesale and licensing businesses.

•Stuart Weitzman - Includes global sales of Stuart Weitzman brand products primarily through our DTC, wholesale and licensing businesses.

In deciding how to allocate resources and assess performance, the Company's chief operating decision maker regularly evaluates operating profit of these segments. Segment operating profit is the gross profit of the segment less direct expenses of the segment. Total expenditures for additions to long-lived assets are not disclosed as this information is not regularly provided to the chief operating decision maker at the segment level.

In addition to these reportable segments, the Company has certain corporate expenses that are not directly attributable to its brands ("Corporate expenses"); therefore, they are not allocated to its segments. Such costs primarily include certain overhead expenses related to corporate functions as well as certain administration, corporate occupancy, information technology, and depreciation costs.

The following table summarizes net sales of each of the company's segments for the three months ended September 28, 2024 and September 30, 2023:

			Three Months Ended
			September 28, 2024						September 30, 2023
Segment net sales:
Coach			$	1,170.6					$	1,157.4
Kate Spade			283.2						303.2
Stuart Weitzman			53.7						52.6
Total Net sales:			$	1,507.5					$	1,513.2

The following table summarizes segment operating profit of each of the company's segments and reconciliation to Income (loss) before provision for income taxes for the three months ended September 28, 2024 and September 30, 2023:

			三個月結束
			2024年9月28日						2023年9月30日
細分營業利潤：
蔻馳			$	386.6					$	371.3
凱特·絲蓓			27.0						26.6
斯圖爾特·韋茨曼			(7.4)						(8.6)
總業務營業利潤：			$	406.2					$	389.3
公司費用(1)			154.2						136.1
未分配的其他費用，淨額(2)			26.3						14.7
稅前收入（損失）			$	225.7					$	238.5

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Tapestry, Inc.

 

簡明綜合財務報表附註（續）

以下表格總結了截至2024年9月28日和2023年9月30日，公司各個部門的折舊和攤銷費用：

			三個月結束
			2024年9月28日						2023年9月30日
折舊和攤銷費用(3):
蔻馳			$	22.0					$	23.0
凱特·絲蓓			7.9						9.8
斯圖爾特·韋茨曼			2.1						2.8
公司(1)			8.9						8.7
總折舊和攤銷費用：			$	40.9					$	44.3

(1)    企業費用（不作爲可報告的部門）代表某些不直接歸屬於其品牌的費用。

(2)    包括利息支出、淨額和其他支出（收入）。

(3)    各部門的折舊和攤銷費用包括與支持多個部門的資產相關的費用分配。

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Tapestry, Inc.

 

簡明綜合財務報表附註（續）

16. SUBSEQUENT EVENTS

As previously disclosed, on August 10, 2023, Tapestry, Capri and Merger Sub, entered into the Merger Agreement, dated August 10, 2023, pursuant to which, among other things, Merger Sub will merge with and into Capri (the “Merger”), with Capri surviving the Merger and continuing as a wholly owned subsidiary of Tapestry.

The Company has received regulatory approval from all applicable jurisdictions except for the United States. On April 22, 2024, the FTC filed a complaint against the Company and Capri in the United States District Court for the Southern District of New York seeking to enjoin the consummation of the Capri Acquisition. The FTC’s complaint alleges that the Capri Acquisition, if consummated, would violate Section 7 of the Clayton Act and that the Merger Agreement and the Capri Acquisition constitute unfair methods of competition in violation of Section 5 of the Federal Trade Commission Act and should be enjoined. The trial commenced on September 9, 2024, and on October 24, 2024, the Court issued its Opinion and Order granting the FTC's request for a preliminary injunction of the Merger, pending an administrative trial on the merits which is scheduled to begin on December 9, 2024. On October 28, 2024, the Company and Capri filed a Notice of Appeal with respect to the October 24, 2024 Opinion and Order. On November 6, 2024, the United States Court of Appeals for the Second Circuit entered an order setting an expedited briefing schedule for the appeal of the decision of the United States District Court of the Southern District of New York granting the preliminary injunction of the merger. Refer to Note 5, "Acquisitions," for further information.

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ITEM 2.     MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion of the Company's financial condition and results of operations should be read together with the Company's condensed consolidated financial statements and notes to those financial statements included elsewhere in this document. When used herein, the terms "the Company," "Tapestry," "we," "us" and "our" refer to Tapestry, Inc., including consolidated subsidiaries. References to "Coach," "Stuart Weitzman," "Kate Spade" or "kate spade new york" refer only to the referenced brand.

INTRODUCTION

Management’s discussion and analysis of financial condition and results of operations (“MD&A”) is provided as a supplement to the accompanying consolidated financial statements and notes thereto to help provide an understanding of our results of operations, financial condition, and liquidity. MD&A is organized as follows:

•Overview. This section provides a general description of the business and brands as well as the Company’s growth strategy.

•Global Economic Conditions and Industry Trends. This section includes a discussion on global economic conditions and industry trends that affect comparability that are important in understanding results of operations and financial conditions, and in anticipating future trends.

•運營結果。 對2025財年第一季度與2024財年第一季度的經營結果進行分析。

•非公認會計原則指標。 本部分包括對投資者和其他人評估公司的持續運營和財務結果有用的非公認會計原則指標，這些指標與管理層對業務業績的評估一致，並幫助理解這些結果與公司的歷史業績之間的比較。

•財務狀況。 本節包括有關流動性和資本資源的討論，包括現金流、營運資金及資本支出的變化分析。

•關鍵會計政策和估計。 本節包括自2024財政年度10-K表格年度報告以來對關鍵會計政策或估計的任何重大更改或更新。

概述

Tapestry, Inc. 是一個標誌性的配飾和生活方式品牌的集合。我們的全球品牌之家將Coach、kate spade new york和Stuart Weitzman的魔力結合在一起。我們每個品牌都是獨特和獨立的，同時共享對創新和真實性的承諾，這種承諾體現在產品的獨特性和通過業務渠道和地理位置提供的差異化客戶體驗上。我們利用我們的共同優勢來吸引客戶，賦權社區，使時尚行業更加可持續，並打造一個公平、包容和多樣化的公司。我們的品牌各具標誌性，團結在一起，我們可以拓展可能的邊界。

公司有三個可報告的部門：

•教練 - 包括通過我們的直銷（"DTC"）、批發和許可業務向消費者銷售的主要教練品牌產品的全球銷售。

•凱特·絲蓓 - 包括主要通過我們的DTC、批發和許可業務向客戶銷售kate spade new york品牌產品的全球貨幣銷售。

•斯圖爾特·韋茨曼 - 包括通過我們的DTC、批發和許可業務進行的斯圖爾特·韋茨曼品牌產品的全球貨幣銷售。

我們每個品牌都獨特且獨立，同時在各個業務渠道和地域中，皆承諾以獨特的產品和差異化的客戶體驗來定義創新和真實性。我們的成功並不單單依賴於某一個業務渠道、地理區域或品牌的表現。

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Capri Holdings Limited 收購

2023年8月10日，公司與Tapestry的全資子公司Sunrise Merger Sub, Inc.和Capri簽署了合併協議，以每股57.00美元現金收購，企業總價值約爲85亿。完成Capri收購後，將匯聚六個高度互補的品牌，利用公司的數據豐富的客戶參與平台和多元化的直銷運營模式，拓展全球市場。爲了爲Capri收購融資，2023年11月27日，公司發行了45億美元的美元計價高級無擔保票據（「Capri收購美元高級票據」）和15亿歐元的歐元計價高級無擔保票據（「Capri收購歐元高級票據」，與Capri收購美元高級票據合稱「Capri收購高級票據」），以及2023年8月30日簽署的14億美元延期提款無擔保定期貸款設施（「Capri收購定期貸款設施」），完成Capri收購所需的預計融資。公司已獲得所有相關司法管轄區的監管批准，除了美國。2024年4月22日，聯邦貿易委員會（FTC）在紐約南區地方法院對公司和Capri提起訴訟，尋求禁止Capri收購的完成。FTC的投訴稱，如果Capri收購完成，將違反克萊頓法第7條，並且合併協議和Capri收購構成違反聯邦貿易委員會法第5條的不公平競爭手段，應該被禁止。審判於2024年9月9日開始，2024年10月24日，法院發佈意見函和命令，批准FTC對合並初步禁令的請求，等待定於2024年12月9日開始的案件實質審理。2024年10月28日，公司和Capri對2024年10月24日的意見和命令提交了上訴通知。2024年11月6日，美國第二巡迴上訴法院發佈命令，設定了針對紐約南區地方法院批准合併初步禁令的裁決上訴的加快審理時間表。有關更多信息，請參見注釋5「收購」和註釋16「後續事件」。

2025 Growth Strategy

In the first quarter of fiscal 2023, the Company introduced the 2025 growth strategy (“futurespeed”), designed to amplify and extend the competitive advantages of its brands, with a focus on four strategic priorities:

•Building Lasting Customer Relationships: The Company’s brands aim to leverage Tapestry’s transformed business model to drive customer lifetime value through a combination of increased customer acquisition, retention and reactivation.

•Fueling Fashion Innovation & Product Excellence: The Company aims to drive sustained growth in core handbags and small leathergoods, while accelerating gains in footwear and lifestyle products.

•Delivering Compelling Omni-Channel Experiences: The Company aims to extend its omni-channel leadership to meet the customer wherever they shop, delivering growth online and in stores.

•Powering Global Growth: The Company aims to support balanced growth across regions, prioritizing North America and China, its largest markets, while capitalizing on opportunities in under-penetrated geographies such as Southeast Asia and Europe.

GLOBAL ECONOMIC CONDITIONS AND INDUSTRY TRENDS

The environment in which we operate is subject to a number of different factors driving global consumer spending. Consumer preferences, macroeconomic conditions, foreign currency fluctuations and geopolitical events continue to impact overall levels of consumer travel and spending on discretionary items, with inconsistent patterns across business channels and geographies.

我們將繼續監測以下趨勢，評估並調整我們的運營戰略和成本管理機會，以減少對我們經營業績的相關影響，同時專注於我們業務的長期增長，並保護我們品牌的價值。

有關可能導致我們實際結果與預期存在重大差異的重要風險因素的詳細討論，請參閱本文件第一部分第1A項「風險因素」，以及我們截至2024年6月29日的10-K表年度報告中披露的內容。

當前的宏觀經濟狀況及展望

在2025財年的第一季度，宏觀經濟環境仍然具有挑戰性和波動性。包括國際貨幣基金組織在內的多個監測全球經濟的組織繼續預測全球經濟增長，並且自2024財年第四季度以來保持不變。該預測低於歷史增長平均水平，反映出當前的波動環境，包括更嚴格的貨幣和財政政策。

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繼續緩解通貨膨脹、金融市場波動以及世界某些地區地緣政治不穩定帶來的負面經濟影響。

在2025財年的第一季度，美元對我們開展業務的地區外幣繼續波動。這一趨勢對我們的業務造成了影響，包括但不限於淨銷售額減少了600萬美元，毛利率受益於公司的對沖活動，約增加了40個點子，營業利潤率也約提升了10個點子。

貨幣波動、政治不穩定，例如與美國總統選舉可能實施的新政策相關的不確定性以及可能對貿易協議或關稅變化產生的影響，也可能導致宏觀經濟環境惡化或對我們的業務產生不利影響。自2019財政年度以來，美國和中國都對某些產品類別的進口徵收關稅，談判在減少或取消關稅方面進展有限。

在2024財年，一些地緣政治事件影響了紅海的交易路線，這稍微增加了在途庫存的時間和成本。公司已採取措施以最小化潛在的干擾，目前預計對我們的業務或運營結果不會產生重大影響。我們將繼續密切關注情況。

鑑於當前環境，公司繼續採取戰略行動，考慮近期緊急情況，並堅持維護品牌和業務的健康。

稅收立法

2022年8月16日，拜登政府簽署了2022年通貨膨脹減少法案，該法案的稅收條款主要集中在對全球調整金融報表收入實施15%的全球貨幣替代稅（CAMT）和對股份回購徵收1%的消費稅上。全球貨幣替代稅於2024財年初生效，對公司的實際稅率沒有產生重大影響。

在2022年12月12日，歐盟成員國也達成了一項協議，實施經合組織的國際稅收改革，稱爲GloBE，該改革大體上反映了《通貨膨脹減少法》，對跨國公司徵收15%的全球最低稅。根據我們在2025年1月1日生效的已立法國家，我們預計這些變化對2025財政年的影響不會很大。一些其他國家也在實施類似的立法，生效日期從2026年開始。因此，我們確實預計公司有效稅率會受到輕微的負面影響，然而，隨着其他國家實施類似立法以及進一步的指導發佈，這種情況可能會改變。我們繼續密切關注監管動態，以評估潛在的影響。

季節性

公司的業績通常受季節性趨勢的影響。在第一個財季，我們通常爲冬季和假日季節積累庫存。在第二個財季，由於我們在假日季節特別產生更高的淨銷售額和營業收入，營運資金需求大幅減少。

公司在任何財務季度的淨銷售額、營業收入和經營現金流的波動可能會受到批發出貨時間及其他影響零售銷售的事件的影響，包括天氣和宏觀經濟事件。

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經營成果

2025財年第一季度與2024財年第一季度的比較

下表總結了2025財年第一季度與2024財年第一季度的運營結果。下表中顯示的所有百分比以及隨後的討論均是使用未四捨五入的數字計算得出的。

			三個月結束
			2024年9月28日												2023年9月30日												差異
			(百萬，除每股數據外)
			金額						% 的 淨銷售額						金額						% 的 淨銷售額						金額						%
淨銷售額			$	1,507.5					100.0		%				$	1,513.2					100.0		%				$	(5.7)					(0.4)		%
毛利潤			1,134.9						75.3						1,097.7						72.5						37.2						3.4
銷售及管理費用			882.9						58.6						844.5						55.8						38.4						4.5
營業收入（損失）			252.0						16.7						253.2						16.7						(1.2)						(0.5)
利息支出，淨額			30.7						2.0						13.3						0.9						17.4						NM
其他費用（收入）			(4.4)						(0.3)						1.4						0.1						(5.8)						NM
所得稅的準備（收益）			39.1						2.6						43.5						2.9						(4.4)						(10.3)
淨利潤（虧損）			186.6						12.4						195.0						12.9						(8.4)						(4.3)
每股淨利潤（虧損）:
基本			$	0.81											$	0.85											$	(0.04)					(5.6)
稀釋			$	0.79											$	0.84											$	(0.05)					(5.7)

Nm - 沒有意義

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GAAP與非GAAP的調節

公司的報告結果是按照美國公認會計原則（"GAAP"）呈現的。2025財年第一季度和2024財年的報告結果反映了某些影響我們結果可比性的項目，具體見下表。有關非GAAP指標的進一步討論，請參見本文件中的"非GAAP指標"。

2025財年第一季度項目

			截至2024年9月28日的三個月
			影響可比性的項目
			GAAP基礎 (如報告)						收購成本						非GAAP基礎 (不包括項目)
			(百萬，除每股數據外)
蔻馳			$	386.6					$	—					$	386.6
凱特·絲蓓			27.0						—						27.0
斯圖爾特·韋茨曼			(7.4)						—						(7.4)
公司			(154.2)						(33.4)						(120.8)
營業收入（損失）			$	252.0					$	(33.4)					$	285.4
淨利潤（虧損）			$	186.6					$	(55.0)					$	241.6
每股攤薄普通股的淨利潤（虧損）			$	0.79					$	(0.23)					$	1.02

在2025財年的第一季度，公司發生瞭如下費用：

•收購成本 - 與Capri收購相關的總稅前費用爲7080萬美元。這些費用包括3740萬美元的融資費用，計入利息支出，以及3340萬美元的專業費用，計入企業的銷售、管理和一般費用（SG&A）。

這些行動共同導致營業收入減少3340万美元，增加利息支出3740万美元，減少所得稅準備金1580万美元，最終導致淨利潤減少5500万美元，或每稀釋股每股減少0.23美元。

補充段數據

			截至2024年9月28日的三個月
			影響可比性的項目
			GAAP基礎 (按報告)						收購成本						非GAAP基礎 (不包括項目)
			(百萬)
蔻馳			$	529.5					$	—					$	529.5
凱特·絲蓓			162.6						—						162.6
斯圖爾特·韋茨曼			36.6						—						36.6
公司			154.2						33.4						120.8
銷售及管理費用			$	882.9					$	33.4					$	849.5

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2024財年第一季度事項

			截至2023年9月30日的三個月
			影響可比性的項目
			GAAP基礎 (如報告)						收購成本						非GAAP基礎 (不包括項目)
			(百萬，除每股數據外)
蔻馳			$	371.3					$	—					$	371.3
凱特·絲蓓			26.6						—						26.6
斯圖爾特·韋茨曼			(8.6)						—						(8.6)
公司			(136.1)						(19.6)						(116.5)
營業收入（損失）			$	253.2					$	(19.6)					$	272.8
淨利潤（虧損）			$	195.0					$	(21.3)					$	216.3
每股攤薄普通股的淨利潤（虧損）			$	0.84					$	(0.09)					$	0.93

在2024財年第一季度，公司發生瞭如下費用：

•收購成本 - 總計2630万美元的稅前費用與Capri收購相關。這些費用包括1960万美元，主要是與公司銷售、一般及行政費用中的專業費用相關，還有670万美元與融資相關，計入利息費用。

這些行動共同對營業利潤造成了1960万美元的負面影響，增加了670万美元的利息支出，並減少了500万美元的所得稅準備金，導致淨利潤減少2130万美元，即每股稀釋後0.09美元。

補充段數據

			截至2023年9月30日的三個月
			影響可比性的項目
			GAAP基礎 (如報告)						收購成本						非GAAP基礎 (不包括項目)
			(百萬)
蔻馳			$	496.3					$	—					$	496.3
凱特·絲蓓			172.3						—						172.3
斯圖爾特·韋茨曼			39.8						—						39.8
公司			136.1						19.6						116.5
銷售及管理費用			$	844.5					$	19.6					$	824.9

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Tapestry, Inc. 摘要 – 2025 財年第一季度

貨幣波動影響

截至2025財年第一季度與2024財年第一季度比較的淨銷售變化，均考慮了貨幣波動的影響。以下表格中顯示的所有百分比及隨後的討論均使用未四捨五入的數字計算。

淨銷售額

			三個月結束												差異
			9月28日 2024						9月30日 2023						金額						%						恒定貨幣變動
			(百萬)
蔻馳			$	1,170.6					$	1,157.4					$	13.2					1.1		%				1.6		%
凱特·絲蓓			283.2						303.2						(20.0)						(6.6)						(6.3)
斯圖爾特·韋茨曼			53.7						52.6						1.1						2.1						2.0
總Tapestry			$	1,507.5					$	1,513.2					$	(5.7)					(0.4)						—

Net sales in the first quarter of fiscal 2025 decreased 0.4% or $5.7 million to $1.51 billion. Excluding the impact of foreign currency, Net sales were even compared to the prior year.

•Coach Net Sales increased 1.1% or $13.2 million to $1.17 billion in the first quarter of fiscal 2025. Excluding the impact of foreign currency, Net sales increased 1.6% or $18.3 million. This increase in Net sales was primarily due to an increase of $32.9 million in DTC sales driven by e-commerce sales globally. The increase in DTC sales was partially offset by a net $11.7 million decrease in wholesale sales driven by North America, which was partially offset by an increase in international wholesale sales.

•Kate Spade Net Sales decreased 6.6% or $20.0 million to $283.2 million in the first quarter of fiscal 2025. Excluding the impact of foreign currency, Net sales decreased 6.3% or $18.9 million. This decrease in Net sales was due to a decrease of $24.4 million in DTC sales as a result of lower store and to a lesser extent, e-commerce sales. The decrease in DTC sales was partially offset by an increase of $4.9 million in wholesale sales.

•Stuart Weitzman Net Sales increased 2.1% or $1.1 million to $53.7 million in the first quarter of fiscal 2025. Excluding the impact of foreign currency, Net sales increased 2.0% or $1.0 million.

Gross Profit

			Three Months Ended
			September 28, 2024												September 30, 2023												Variance
			(millions)
			Amount						% of Net Sales						Amount						% of Net Sales						Amount						%
Coach			$	916.1					78.3		%				$	867.6					75.0		%				$	48.5					5.6		%
Kate Spade			189.6						67.0						198.9						65.6						(9.3)						(4.7)
Stuart Weitzman			29.2						54.4						31.2						59.2						(2.0)						(6.3)
Tapestry			$	1,134.9					75.3						$	1,097.7					72.5						$	37.2					3.4

Gross profit increased 3.4% or $37.2 million to $1.13 billion in the first quarter of fiscal 2025 from $1.10 billion in the first quarter of fiscal 2024. Gross margin increased 280 basis points to 75.3% in the first quarter of fiscal 2025 from 72.5% in the first quarter of fiscal 2024. This increase in Gross margin was primarily attributed to net pricing improvements, lower freight costs and favorable currency impacts. Refer to "Current Macroeconomic Conditions and Outlook" for further information.

The Company includes inbound product-related transportation costs from our service providers within Cost of sales. The Company, similar to some companies, includes certain transportation-related costs due to our distribution network in SG&A expenses rather than in Cost of sales; for this reason, our gross margins may not be comparable to that of entities that include all costs related to their distribution network in Cost of sales.

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Selling, General and Administrative Expenses ("SG&A")

			Three Months Ended
			September 28, 2024												September 30, 2023												Variance
			(millions)
			Amount						% of Net Sales						Amount						% of Net Sales						Amount						%
Coach			$	529.5					45.3		%				$	496.3					42.9		%				$	33.2					6.7		%
Kate Spade			162.6						57.3						172.3						56.7						(9.7)						(5.6)
Stuart Weitzman			36.6						68.1						39.8						75.5						(3.2)						(8.0)
Corporate(1)(2)			154.2						NA						136.1						NA						18.1						13.3
Tapestry			$	882.9					58.6						$	844.5					55.8						$	38.4					4.5

SG&A expenses increased 4.5% or $38.4 million to $882.9 million in the first quarter of fiscal 2025 as compared to $844.5 million in the first quarter of fiscal 2024. As a percentage of net sales, SG&A expenses increased to 58.6% during the first quarter of fiscal 2025 from 55.8% during the first quarter of fiscal 2024. Excluding items affecting comparability of $33.4 million in the first quarter of fiscal 2025, SG&A expenses increased 3.0% or $24.6 million to $849.5 million from $824.9 million in the first quarter of fiscal 2024. SG&A as a percentage of net sales increased 190 basis points to 56.4% compared to 54.5% during the first quarter of fiscal 2024. This increase in SG&A as a percentage of net sales was primarily due to higher marketing spend and increased compensation costs.

(1)In the first quarter of fiscal 2025, Corporate incurred charges affecting comparability of $33.4 million. Excluding those items affecting comparability, SG&A expenses increased 3.6% or $4.3 million to $120.8 million in the first quarter of fiscal 2025 as compared to $116.5 million in the first quarter of fiscal 2024.

(2)Corporate expenses, which are included within SG&A expenses discussed above but are not directly attributable to a reportable segment.

Operating Income (Loss)

			Three Months Ended
			September 28, 2024												September 30, 2023												Variance
			(millions)
			Amount						% of Net Sales						Amount						% of Net Sales						Amount						%
Coach			$	386.6					33.0		%				$	371.3					32.1		%				$	15.3					4.1		%
Kate Spade			27.0						9.6						26.6						8.8						0.4						1.4
Stuart Weitzman			(7.4)						(13.7)						(8.6)						(16.3)						1.2						14.2
Corporate			(154.2)						NA						(136.1)						NA						(18.1)						(13.3)
Tapestry			$	252.0					16.7						$	253.2					16.7						$	(1.2)					(0.5)

Operating income decreased $1.2 million to $252.0 million in the first quarter of fiscal 2025 as compared to $253.2 million in the first quarter of fiscal 2024. Operating margin remained even at 16.7% in the first quarter of fiscal 2025 as compared to the first quarter of fiscal 2024. Excluding items affecting comparability of $33.4 million in the first quarter of fiscal 2025, operating income increased $12.6 million to $285.4 million in the first quarter of fiscal 2025 from $272.8 million in the first quarter of fiscal 2024; and operating margin increased 90 basis points to 18.9% in the first quarter of fiscal 2025 as compared to 18.0% in the first quarter of fiscal 2024. This increase in operating margin was primarily attributed to a 280 basis points increase in gross margin partially offset by an increase of 190 basis points in SG&A as a percentage of sales.

•Coach Operating Income increased $15.3 million to $386.6 million in the first quarter of fiscal 2025, resulting in an operating margin increase of 90 basis points to 33.0%, as compared to $371.3 million and 32.1%, respectively, in the first quarter of fiscal 2024. This increase in operating margin was primarily attributed to:

◦Gross Margin, increased 330 basis points mainly due to net pricing improvements, favorable currency impacts and lower freight costs;

◦SG&A expenses as a percentage of net sales, increased 240 basis points mainly due to higher marketing spend and increased compensation costs.

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•Kate Spade Operating Income increased $0.4 million to $27.0 million in the first quarter of fiscal 2025, resulting in an operating margin increase of 80 basis points to 9.6%, as compared to $26.6 million and operating margin of 8.8% in the first quarter of fiscal 2024. This increase in operating margin was primarily attributed to:

◦Gross Margin, increased 140 basis points mainly due to lower freight costs;

◦SG&A expenses as a percentage of net sales, increased 60 basis points mainly driven by higher occupancy costs due to one time corporate headquarter relocation, higher marketing spend, partially offset by lower depreciation.

•Stuart Weitzman Operating Loss decreased $1.2 million to a loss of $7.4 million in the first quarter of fiscal 2025, resulting in an operating margin increase of 260 basis points to (13.7)%, as compared to an operating loss of $8.6 million in the first quarter of fiscal 2024 and an operating margin of (16.3)%.

•Corporate Operating Expenses increased 13.3% or $18.1 million to $154.2 million in the first quarter of fiscal 2025. Excluding items affecting comparability, Corporate operating expenses increased $4.3 million to $120.8 million from $116.5 million in the first quarter of fiscal 2024. This increase in operating expenses was attributed to an increase in SG&A expenses primarily due to higher compensation costs and higher professional fees, partially offset by lower occupancy costs.

Interest Expense, net

Net interest expense increased $17.4 million to $30.7 million in the first quarter of fiscal 2025 as compared to $13.3 million in the first quarter of fiscal 2024. Excluding items affecting comparability, net interest expense decreased $13.3 million to $(6.7) million from $6.6 million in the first quarter of fiscal 2024. This decrease in Interest expense, net, was due to a decrease in interest expense on the Term Loan due 2027 as a result of repayment in fiscal 2024 and higher interest income.

Other Expense (Income)

Other income increased $5.8 million to $4.4 million in the first quarter of fiscal 2025 as compared to Other expense of $1.4 million in the first quarter of fiscal 2024. This increase in other income was related to an increase in foreign exchange gains.

Provision (Benefit) for Income Taxes

The effective tax rate was 17.3% in the first quarter of fiscal 2025 as compared to 18.2% in the first quarter of fiscal 2024. Excluding items affecting comparability, the effective tax rate was 18.5% in the first quarter of fiscal 2025 as compared to 18.3% in the first quarter of fiscal 2024.

Net Income (Loss)

Net income decreased 4.3% or $8.4 million to $186.6 million in the first quarter of fiscal 2025 as compared to $195.0 million in the first quarter of fiscal 2024. Excluding items affecting comparability, net income increased $25.3 million to $241.6 million in the first quarter of fiscal 2025 from $216.3 million in the first quarter of fiscal 2024.

Net Income (Loss) per Share

Net income per diluted share was $0.79 in the first quarter of fiscal 2025 as compared to net income per diluted share of $0.84 in the first quarter of fiscal 2024. Excluding items affecting comparability, net income per diluted share increased $0.09 to $1.02 in the first quarter of fiscal 2025 from $0.93 in the first quarter of fiscal 2024, primarily due to higher net income.

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NON-GAAP MEASURES

The Company’s reported results are presented in accordance with GAAP. The reported SG&A expenses, operating income, interest expense, provision for income taxes, net income and earnings per diluted share in the first quarter of fiscal 2025 and fiscal 2024 reflect certain items affecting comparability, including the impact of Acquisition costs. As a supplement to the Company's reported results, these metrics are also reported on a non-GAAP basis to exclude the impact of these items along with a reconciliation to the most directly comparable GAAP measures.

These non-GAAP performance measures were used by management to conduct and evaluate its business during its regular review of operating results for the periods affected. Management and the Company’s Board utilized these non-GAAP measures to make decisions about the uses of Company resources, analyze performance between periods, develop internal projections and measure management performance. The Company’s internal management reporting excluded these items. In addition, the human resources committee of the Company’s Board uses these non-GAAP measures when setting and assessing achievement of incentive compensation goals.

The Company operates on a global basis and reports financial results in U.S. dollars in accordance with GAAP. Fluctuations in foreign currency exchange rates can affect the amounts reported by the Company in U.S. dollars with respect to its foreign revenues and profit. Accordingly, certain material increases and decreases in operating results for the Company and its segments have been presented both including and excluding currency fluctuation effects. These effects occur from translating foreign-denominated amounts into U.S. dollars and comparing to the same period in the prior fiscal year. Constant currency information compares results between periods as if exchange rates had remained constant period-over-period. The Company calculates constant currency revenue results by translating current period revenue in local currency using the prior year period's currency conversion rate.

We believe these non-GAAP measures are 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, we believe presenting certain increases and decreases in constant currency provides a framework for assessing the performance of the Company's business outside the United States and helps investors and analysts understand the effect of significant year-over-year currency fluctuations. We believe excluding these items assists investors and others in developing expectations of future performance.

By providing the non-GAAP measures, as a supplement to GAAP information, we believe we are enhancing investors’ understanding of our business and our results of operations. The non-GAAP financial measures are limited in their usefulness and should be considered in addition to, and not in lieu of, GAAP financial measures. Further, these non-GAAP measures may be unique to the Company, as they may be different from non-GAAP measures used by other companies.

For a detailed discussion on these non-GAAP measures, see the GAAP to Non-GAAP Reconciliation discussions above in this Item 2. "Management’s Discussion and Analysis of Financial Condition and Results of Operations."

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FINANCIAL CONDITION

Cash Flows

						Three Months Ended
						September 28, 2024						September 30, 2023						Change
						(millions)
Net cash provided by (used in) operating activities						$	119.5					$	75.3					$	44.2
Net cash provided by (used in) investing activities						190.1						(22.8)						212.9
Net cash provided by (used in) financing activities						(74.5)						(149.4)						74.9
Effect of exchange rate changes on cash and cash equivalents						85.8						(7.1)						92.9
Net increase (decrease) in cash and cash equivalents						$	320.9					$	(104.0)					$	424.9

The Company’s cash and cash equivalents increased by $320.9 million in the first quarter of fiscal 2025 as compared to a decrease of $104.0 million in the first quarter of fiscal 2024, as discussed below.

Net cash provided by (used in) operating activities

Net cash provided by operating activities increased $44.2 million primarily due to changes in operating assets and liabilities of $104.6 million, lower impact of non-cash adjustments of $52.0 million, as well as lower net income of $8.4 million.

The $104.6 million increase in changes in operating asset and liability balances were primarily driven by the following:

•Accounts payable were a source of cash of $92.9 million in the first quarter of fiscal 2025 compared to a use of cash of $28.4 million in the first quarter of fiscal 2024, primarily driven by higher in-transit inventory and the timing of payments compared to the prior year.

•Accrued liabilities were a source of cash of $32.0 million in the first quarter of fiscal 2025 compared to a use of cash of $62.0 million in the first quarter of fiscal 2024, primarily driven by an increase in accrued interest due to issuance of the Capri Acquisition Senior Notes, partially offset by accrued incentive compensation.

•Other assets were a use of cash of $11.5 million in the first quarter of fiscal 2025 compared to a use of cash of $43.1 million in the first quarter of fiscal 2024, primarily driven by a decrease in prepaid expenses due to the timing of renewed information technology projects and insurance prepayments.

•Inventories were a use of cash of $181.4 million in the first quarter of fiscal 2025 compared to a use of cash of $29.8 million in the first quarter of fiscal 2024, primarily driven by higher in-transit inventory.

Net cash provided by (used in) investing activities

Net cash provided by investing activities in the first quarter of fiscal 2025 was $190.1 million as compared to a use of cash of $22.8 million in the first quarter of fiscal 2024, resulting in a $212.9 million increase in net cash provided by investing activities.

The $190.1 million of cash provided in the first quarter of fiscal 2025 was primarily due to maturities and sales of investments of $1.7 billion, partially offset by purchases of investments of $1.5 billion, mainly related to the proceeds of the Capri Acquisition Senior Notes.

The $22.8 million use of cash in the first quarter of fiscal 2024 was primarily due to capital expenditures of $20.9 million.

Net cash provided by (used in) financing activities

Net cash used in financing activities was $74.5 million in the first quarter of fiscal 2025 as compared to a use of cash of $149.4 million in the first quarter of fiscal 2024, resulting in a net decrease in use of cash for financing activities of $74.9 million.

The $74.5 million of cash used in the first quarter of fiscal 2025 was primarily due to dividend payments of $81.4 million and taxes paid to net settle share-based awards of $34.5 million, partially offset by proceeds from share-based awards of $41.7 million.

The $149.4 million of cash used in the first quarter of fiscal 2024 was primarily due to dividend payments of $80.2 million and taxes paid to net settle share-based awards of $31.6 million as well as debt issuance costs of $31.4 million.

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Effect of exchange rate changes on cash and cash equivalents

Effect of exchange rate changes on cash and cash equivalents was $85.8 million as compared to $(7.1) million in the first quarter of fiscal 2024 primarily driven by the impact of changes in the exchange rate of the United States Dollar against the Euro on the Capri Acquisition EUR Senior Notes.

Working Capital and Capital Expenditures

The following table presents our financial condition as of September 28, 2024 and June 29, 2024:

			September 28, 2024						June 29, 2024						Change
			(millions)
Cash and cash equivalents(1)			$	6,462.9					$	6,142.0					$	320.9
Short-term investments(1)			842.3						1,061.8						(219.5)
Current debt(2)			(303.4)						(303.4)						—
Long-term debt(2)			(7,008.3)						(6,937.2)						(71.1)
Total			$	(6.5)					$	(36.8)					$	30.3

(1)    As of September 28, 2024, approximately 3.9% of our cash and short-term investments were held outside the United States.

(2)    Refer to Note 11, "Debt" for discussion of the carrying values of our debt.

Sources of Liquidity

Our primary sources of liquidity are the cash flows generated from our operations, our cash and cash equivalents and short-term investments, availability under our credit facilities, and other available financing options.

The following table presents the total availability, borrowings outstanding and remaining availability under our credit facilities as of September 28, 2024:

			Total Availability						Borrowings Outstanding						Remaining Availability
			(millions)
Revolving Credit Facility(1)			$	2,000.0					$	—					$	2,000.0
Capri Acquisition Term Loan Facilities(1)			1,400.0						—						1,400.0
China Credit Facility(1)(2)			35.7						—						35.7
Total			$	3,435.7					$	—					$	3,435.7

(1)    Refer to Note 11, "Debt" for further information on these instruments.

(2)     The carrying amounts of the China Credit Facility include the impact of changes in the exchange rate of the United States Dollar against the RMB.

We believe that our Revolving Credit Facility is adequately diversified with no undue concentrations in any one financial institution. As of September 28, 2024, there were 18 financial institutions participating in the Revolving Credit Facility and 24 financial institutions participating in the Capri Acquisition Term Loan Facilities, with no one participant maintaining a combined maximum commitment percentage in excess of 10%. We have no reason to believe at this time that the participating institutions will be unable to fulfill their obligations to provide financing in accordance with the terms of the facility in the event we elect to draw funds in the foreseeable future.

We have the ability to draw on our credit facilities or access other sources of financing options available to us in the credit and capital markets for, among other things, acquisition or integration-related costs, our restructuring initiatives, settlement of a material contingency, or a material adverse business or macroeconomic development, as well as for other general corporate business purposes.

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If (i) the Capri Acquisition has not been completed by February 10, 2025 (or such later date mutually agreed between the Company and Capri) (such date, the “Special Mandatory Redemption End Date”), (ii) prior to the Special Mandatory Redemption End Date, the Merger Agreement is terminated in accordance with its terms or (iii) the Company otherwise notifies the trustee that it will not pursue the consummation of the Capri Acquisition, all of the Capri Acquisition Senior Notes will be redeemed at a redemption price equal to 101% of their principal amount, plus accrued and unpaid interest to, but excluding, the special mandatory redemption date.

Management believes that cash flows from operations, access to the credit and capital markets and our credit lines, on-hand cash and cash equivalents and our investments will provide adequate funds to support our operating, capital and debt service requirements for fiscal 2025 and beyond. There can be no assurance that any such capital will be available to the Company on acceptable terms or at all. Our ability to fund working capital needs, planned capital expenditures and scheduled debt payments, as well as to comply with all of the financial covenants under our debt agreements, depends on future operating performance and cash flow. This future operating performance and cash flow are subject to prevailing economic conditions, and to financial, business and other factors, some of which are beyond the Company's control.

Reference should be made to our most recent Annual Report on Form 10-K and other filings with the SEC for additional information regarding liquidity and capital resources.

Supply Chain Finance

To improve our working capital efficiency, we make available to certain suppliers, a voluntary supply chain finance (“SCF”) program that enables our suppliers to sell their receivables from the Company to a global financial institution on a non-recourse basis at a rate that leverages our credit rating. We do not have the ability to refinance or modify payment terms to the global financial institution through the SCF program. No guarantees are provided by the Company or any of our subsidiaries under the SCF program. Refer to Note 2, "Basis of Presentation and Organization," for additional information.

Capital Expenditures

During the first quarter of fiscal 2025 capital expenditures and cloud computing implementation costs were $29.6 million. The Company expects total fiscal 2025 capital expenditures and cloud computing cost to be approximately $190 million. Certain cloud computing implementation costs are recognized within Prepaid expenses and Other assets on the Condensed Consolidated Balance Sheets.

Stock Repurchase Plan

On May 12, 2022, the Company announced the Board of Directors authorized the additional repurchase of up to $1.50 billion of its common stock (the "2022 Share Repurchase Program"). Pursuant to this program, purchases of the Company's common stock will be made subject to market conditions and at prevailing market prices, through open market purchases. Repurchased shares of common stock will become authorized but unissued shares. These shares may be issued in the future for general corporate and other purposes. In addition, the Company may terminate or limit the stock repurchase program at any time. As of September 28, 2024 the Company had $800.0 million of additional shares available to be repurchased as authorized under the 2022 Share Repurchase Program. In August 2023, the Company suspended its share repurchase activity in connection with the Capri Acquisition. Refer to Note 5, "Acquisitions," for further information. There were no shares repurchased during the first quarter of fiscal 2025.

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CRITICAL ACCOUNTING POLICIES AND ESTIMATES

The Company's significant accounting policies are described in Note 3 to the audited consolidated financial statements in our Annual Report on Form 10-K for fiscal 2024. Our discussion of results of operations and financial condition relies on our condensed consolidated financial statements that are prepared based on certain critical accounting policies that require management to make judgments and estimates which are subject to varying degrees of uncertainty. While we believe that these accounting policies are based on sound measurement criteria, actual future events can and often do result in outcomes that can be materially different from these estimates or forecasts.

For a complete discussion of our critical accounting policies and estimates, see the "Critical Accounting Policies and Estimates" section of the Management's Discussion and Analysis of Financial Condition and Results of Operations in our Annual Report on Form 10-K for fiscal 2024. As of September 28, 2024, there have been no material changes to any of the critical accounting policies.

The Company performs its annual impairment assessment of goodwill as well as brand intangibles at the beginning of the fourth quarter of each fiscal year. In all fiscal years, the fair values of our Coach brand reporting units significantly exceeded their respective carrying values. The fair values of the Kate Spade brand reporting unit and indefinite-lived brand as of the fiscal 2024 testing date exceeded their carrying values by approximately 20% and 55%, respectively. Several factors could impact the Kate Spade brand's ability to achieve expected future cash flows, including the optimization of the store fleet productivity, the success of international expansion strategies, the impact of promotional activity, continued economic volatility and potential operational challenges related to macroeconomic factors, the reception of new collections in all channels, and other initiatives aimed at increasing profitability of the business. Given the relatively small excess of fair value over carrying value as noted above, if profitability trends decline during fiscal 2025 from those that are expected, it is possible that an interim test, or our annual impairment test, could result in an impairment of those assets.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

There have been no significant changes to the Company's market risk or the way the Company manages these exposures as set forth in Part II, Item 7A. "Quantitative and Qualitative Disclosures About Market Risk" in the Company’s Annual Report on Form 10-K for the fiscal year ended June 29, 2024. Refer to Note 8, "Derivative Investments and Hedging Activities," Note 11, "Debt," and Note 13, "Investments," included in Part I of this Form 10-Q for additional information.

ITEM 4. CONTROLS AND PROCEDURES

Disclosure Controls and Procedures

We have evaluated under the supervision and with the participation of management, including our principal executive and principal financial officers, the effectiveness of our disclosure controls and procedures, as is defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as amended, as of the end of the fiscal quarter covered by this quarterly report. Based on that evaluation, our principal executive and principal financial officers have concluded that the Company's disclosure controls and procedures were effective at the reasonable assurance level as of the fiscal quarter-end covered by this quarterly report on Form 10-Q.

Changes in Internal Control over Financial Reporting

There were no changes in the Company's internal control over financial reporting during the first quarter of 2025 that were identified in connection with management's evaluation required by paragraph (d) of Rules 13a-15 and 15d-15 under the Securities Exchange Act of 1934, as amended, that have materially affected, or are reasonably likely to materially affect, the Company's internal control over financial reporting.

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PART II – OTHER INFORMATION

ITEM 1.     LEGAL PROCEEDINGS

The Company is involved in various routine legal proceedings as both plaintiff and defendant incident to the ordinary course of its business, such as to protect Tapestry, Inc.'s intellectual property rights, litigation instituted by persons alleged to have been injured by advertising claims or upon premises within the Company’s control, contract disputes, insurance claims and litigation, including wage and hour litigation, with present or former employees.

Although the Company's litigation can result in large monetary awards, such as when a civil jury is allowed to determine compensatory and/or punitive damages, the Company believes that the outcome of all pending legal proceedings in the aggregate will not have a material effect on the Company's business or condensed consolidated financial statements. There have been no material developments with respect to any previously reported proceedings.

However, as previously disclosed, on August 10, 2023, the Company entered into a Merger Agreement by and among the Company, Merger Sub and Capri, pursuant to which, among other things, Merger Sub will merge with and into Capri (the “Merger”) with Capri surviving the Merger and continuing as a wholly owned subsidiary of the Company. In connection with the Company’s proposed acquisition of Capri, we have been named as a defendant in legal proceedings by the FTC. On April 22, 2024, the FTC filed a lawsuit in the United States District Court for the Southern District of New York against us and Capri seeking to block the proposed acquisition of Capri, claiming that the proposed acquisition would violate Section 7 of the Clayton Act and that the Merger Agreement and the Merger constitute unfair methods of competition in violation of Section 5 of the Federal Trade Commission Act and should be enjoined. The trial commenced on September 9, 2024, and on October 24, 2024, the Court issued its Opinion and Order granting the FTC's request for a preliminary injunction of the Merger, pending an administrative trial on the merits which is scheduled to begin on December 9, 2024. On October 28, 2024, the Company and Capri filed a Notice of Appeal with respect to the October 24, 2024 Opinion and Order. On November 6, 2024, the United States Court of Appeals for the Second Circuit entered an order setting an expedited briefing schedule for the appeal of the decision of the United States District Court of the Southern District of New York granting the preliminary injunction of the merger.

ITEM 1A. RISK FACTORS

Refer to Part I, Item 1A, "Risk Factors" in our Annual Report on Form 10-K for the fiscal year ended June 29, 2024 for a description of certain significant risks and uncertainties to which our business, financial condition and results of operations are subject.

ITEM 2.     UNREGISTERED SALES OF EQUITY SECURITIES, USE OF PROCEEDS AND ISSUER PURCHASES OF EQUITY SECURITIES

On May 12, 2022, the Company announced that its Board of Directors authorized a common stock repurchase program to repurchase up to $1.50 billion of its outstanding common stock (the "2022 Share Repurchase Program"). Purchases of the Company's common stock were executed through open market purchases, including through purchase agreements under Rule 10b5-1. The authorized value of shares available to be repurchased under this program excludes the cost of commissions and excise taxes. As of September 28, 2024 the Company had $800 million of additional shares available to be repurchased as authorized under the 2022 Share Repurchase Program. In August 2023, the Company suspended its share repurchase activity in connection with the Merger Agreement with Capri. Refer to Note 5, "Acquisitions," for further information. There were no shares repurchased during the three months ended September 28, 2024.

ITEM 5. OTHER INFORMATION

There was no adoption, modification or termination of any Rule 10b5-1 plan or other trading arrangements by our directors and officers during the quarter ended September 28, 2024.

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ITEM 6.     EXHIBITS

31.1*			Rule 13(a)-14(a)/15(d)-14(a) Certification of the Company's Chief Executive Officer
31.2*			Rule 13(a)-14(a)/15(d)-14(a) Certification of the Company's Chief Financial Officer
32.1**			Section 1350 Certification of the Company's Chief Executive Officer
32.2**			Section 1350 Certification of the Company's Chief Financial Officer
101.INS*			Inline XBRL Instance Document
Note: the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCH*			Inline XBRL Taxonomy Extension Schema Document
101.CAL*			Inline XBRL Taxonomy Extension Calculation Linkbase
101.LAB*			Inline XBRL Taxonomy Extension Label Linkbase
101.PRE*			Inline XBRL Taxonomy Extension Presentation Linkbase
101.DEF*			Inline XBRL Taxonomy Extension Definition Linkbase
104			Cover Page Interactive Data File (embedded within the Inline XBRL document)

*    Filed Herewith

** Furnished Herewith

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SIGNATURES

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, thereunto duly authorized.

			TAPESTRY, INC.
			(Registrant)
			By:			/s/ Manesh B. Dadlani
			Name:			Manesh B. Dadlani
			Title:			Corporate Controller
						(Principal Accounting Officer)

Dated: November 7, 2024

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