What changed in this filing

/stocks — the workspaceLOADING

Item 5. Market for Registrant’s Common Equity

2020-08-13 compared with 2019-08-15 · 28 added, 26 removed, 81 unchanged (40% of the section changed)

2 unchanged sentences

Tapestry, Inc.’s common stock is listed on the New York Stock Exchange and is traded under the symbol “TPR.”

As of August 2, 2019 , there were 2,193 holders of record of Tapestry’s common stock.

As of July 31, 2020 , there were 2,123 holders of record of Tapestry’s common stock.

Any future determination to pay cash dividends will be at the discretion of Tapestry’s Board and will be dependent upon Tapestry’s financial condition, operating results, capital requirements and such other factors as the Board deems relevant.

1 unchanged sentence

Performance Graph

The following graph compares the cumulative total stockholder return (assuming reinvestment of dividends) of the Company's common stock with the cumulative total return of the S&P 500 Stock Index and the “peer set" companies listed below over the five-fiscal-year period ending June 29, 2019 , the last day of Tapestry’s most recent fiscal year.

The following graph compares the cumulative total stockholder return (assuming reinvestment of dividends) of the Company's common stock with the cumulative total return of the Standard & Poor's ("S&P") 500 Stock Index and the “peer set" companies listed below over the five-fiscal-year period ending June 27, 2020 , the last day of Tapestry’s most recent fiscal year.

The graph assumes that $100 was invested on June 26, 2015 at the per share closing price in each of Tapestry’s common stock, the S&P 500 Stock Index and a peer set index tracking the peer group companies listed below, and that all dividends were reinvested.

The stock performance shown in the graph is not intended to forecast or be indicative of future performance.

During fiscal 2020, the Company established a new peer group consisting of:

L Brands, Inc.

Ralph Lauren Corporation,

Estee Lauder, Inc.,

Capri Holdings Limited

The Company's old peer group consisted of:

L Brands, Inc.,

Ralph Lauren Corporation,

Tiffany & Co.,

Estee Lauder, Inc.,

Capri Holdings Limited (formerly known as Michael Kors Holdings Limited)

Capri Holdings Limited

The Company removed Tiffany & Co.

from the peer set due to recent business updates associated with the company.

Furthermore, Tapestry management selected the "revised peer set" on an industry/line-of-business basis and believes this updated set of companies represent good faith comparables based on their history, size, and business models in relation to Tapestry, Inc.

Revised Peer Set

Stock Repurchase Program

The Company's share repurchases during the fourth quarter of fiscal 2019 were as follows:

Fiscal Period

Total Number of Shares Repurchased

Average Price per Share

Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (1)

Approximate Dollar Value of Shares that May Yet be Purchased Under the Plans or Programs (1)

(in millions, except share data and per share data)

March 31, 2019 - May 4, 2019

May 5, 2019 - June 1, 2019

June 2, 2019 - June 29, 2019

(1) The company repurchases its common shares under repurchase programs that were approved by the Board as follows:

Date Share Repurchase Programs were Publicly Announced

Total Dollar Amount Approved

Expiration Date of Plan

$1.00 billion

The Company did not repurchase any shares of common stock during the fourth quarter of fiscal 2020.

As of June 27, 2020, the Company had $600 million availability remaining in the stock repurchase program.

The Company may terminate or limit the share repurchase program at any time.

The Company is restricted from engaging in share buybacks during the Covenant Relief Period under Amendment No.1 to its Credit Facility.

SELECTED FINANCIAL DATA

5 unchanged sentences

Selling, general and administrative ("SG&A") expenses

Operating income

Net income per share:

Operating income (loss)

Net income (loss)

Net income (loss) per share:

Weighted-average basic shares outstanding

4 unchanged sentences

Operating margin

Net income (loss)

Consolidated Balance Sheet Data:

28 unchanged sentences

The Company acquired the Stuart Weitzman Canada distributor in the fourth quarter of fiscal 2016 (which included the impact of an additional 14 retail stores in North America).

The Company acquired Stuart Weitzman Holdings LLC in the fourth quarter of fiscal 2015.

The Company recorded certain items which affect the comparability of our results.

See Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” for further information on the items related to fiscal 2020 and fiscal 2019.

During fiscal 2018, the Company recorded adjustments in cost of sales and SG&A expenses of $116.4 million and $204.7 million, respectively, related to the Operational Efficiency plan and its Integration and Acquisition costs.

During fiscal 2017, the Company recorded adjustments in cost of sales and SG&A expenses of $2.9 million and $22.3 million, respectively, related to the Operational Efficiency plan and its Integration and Acquisition efforts.

1 unchanged sentence

The following table reconciles the Company's reported results presented in accordance with accounting principles generally accepted in the United States of America ("GAAP") to our adjusted results that exclude these items:

Net Income (Loss)

SG&A Expenses

1 unchanged sentence

Per Diluted Share

Excluding Non-GAAP Adjustments