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Item 5. Market for Registrant’s Common Equity

2021-08-19 compared with 2020-08-13 · 9 added, 93 removed, 16 unchanged (86% 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 July 31, 2020 , there were 2,123 holders of record of Tapestry’s common stock.

As of August 6, 2021, there were 2,039 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 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 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 July 3, 2021, the last day of Tapestry’s most recent fiscal year.

The graph assumes that $100 was invested on July 2, 2016 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.

2 unchanged sentences

• 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

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

Fiscal 2016 Fiscal 2017 Fiscal 2018 Fiscal 2019 Fiscal 2020 Fiscal 2021

TPR $100.00 $120.21 $122.24 $86.15 $35.57 $120.90

Peer Set $100.00 $95.69 $132.10 $141.16 $114.90 $217.56

S&P 500 $100.00 $117.64 $134.56 $148.57 $154.99 $227.79

Stock Repurchase Program

The Company did not repurchase any shares of common stock during the fourth quarter of fiscal 2021.

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

As of July 3, 2021, 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.

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SELECTED FINANCIAL DATA

The selected historical financial data presented below as of and for each of the fiscal years in the five-year period ended June 27, 2020 has been derived from the Company’s audited Consolidated Financial Statements.

The financial data should be read in conjunction with Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” the Consolidated Financial Statements and Notes thereto and other financial data included elsewhere herein.

Fiscal Year Ended (3)

(millions, except per share data)

Consolidated Statements of Operations:

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

Operating income (loss)

Net income (loss)

Net income (loss) per share:

Weighted-average basic shares outstanding

Weighted-average diluted shares outstanding

Dividends declared per common share

Consolidated Percentage of Net Sales Data:

SG&A expenses

Operating margin

Net income (loss)

Consolidated Balance Sheet Data:

Working capital

Cash, cash equivalents and investments

Stockholders' equity

Fiscal Year Ended

Stores open at fiscal year-end:

Coach North America stores

Coach International stores

Kate Spade North America stores

Kate Spade International stores

Stuart Weitzman North America stores

Stuart Weitzman International stores

Total stores open at fiscal year-end

Store square footage at fiscal year-end:

Coach North America stores

Coach International stores

Kate Spade North America stores

Kate Spade International stores

Stuart Weitzman North America stores

Stuart Weitzman International stores

Total store square footage at fiscal year-end

Average store square footage at fiscal year-end:

Coach North America stores

Coach International stores

Kate Spade North America stores

Kate Spade International stores

Stuart Weitzman North America stores

Stuart Weitzman International stores

Refer to Part I, Item 1, "Business" for the number of stores acquired during the respective fiscal year for each brand.

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 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.

During fiscal 2016, the Company recorded adjustments in cost of sales and SG&A expenses of $1.1 million and $122.0 million related to the Company's multi-year strategic plan to transform the Coach brand, announced in fiscal 2014, the Operational Efficiency Plan and Stuart Weitzman acquisition-related costs.

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

Operating Income

Per Diluted Share